| 00:00:03 |
Unidentified Speaker, -
BOOKTV PRESENTS "AFTER WORDS," AN HOUR-LONG PROGRAM WILL BE INVITED GUEST HOSTS TO INTERVIEW AUTHORS. ACCLAIM ECONOMIST DAMBISA MOYO DISCUSSES HER LATEST...
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| 00:00:41 |
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DAN MITCHELL AT THE CATO INSTITUTE AND WE ARE HERE TO TALK WITH DAMBISA MOYO, ADIS ON AUTHOR ABOUT HER NEW BOOK, "HOW THE WEST WAS LOST." WELCOME TO...
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| 00:01:02 |
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INTERESTING BECAUSE THIS IS A BIZARRE TIME IN THE SOCIETY. WITH ALMOST UPSET WITH WHAT IS GOING ON IN THE EAST AND WHAT'S GOING ON IN CHINA AND OTHER...
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| 00:01:36 |
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TRACK. >> Host: IS ALMOST LIKE THERE'S A COUPLE OF DIFFERENT BOOKS IN ONE BOOK. THERE IS YOUR STORY OF THE DECLINE OF THE WEST. THE RISE OF THE EAST,...
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| 00:01:50 |
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THERE IS AN ABSOLUTE PART TALKING ABOUT THE WEST AND ITS ISOLATION AND WITH THE ISSUES ARE GOING ON THERE AND OF COURSE WE LIVE IN AN EASING TIME WHEN...
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| 00:02:11 |
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TALKING ABOUT WHAT IS GOING ON IN THE WEST. >>
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| 00:02:15 |
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Guest: SURE. I THINK IT'S IMPORTANT THAT IN TERMS OF THE CONTEXT OF MY WORK I TALKED ABOUT THE UNINTENDED CONSEQUENCES, THINGS THAT SEEMINGLY UNDERSURFACE...
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| 00:03:28 |
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Host: WHEN YOU TALK ABOUT WHAT WAS DONE WRONG IN AMERICA BUT ALSO OTHER WESTERN NATIONS AS WELL, PART OF IT IS THAT WE HAVE MOVED FOR TODAY AND CONSUMED,...
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| 00:03:42 |
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WHAT WE ARE ALSO FACING RIGHT NOW IN PLACES LIKE THE UNITED STATES IS THE COMPETITION OVER THE SORT OF TEST BETWEEN THE CURRENT GENERATION AND THE FUTURE...
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| 00:04:27 |
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HAPPENS IF WE DON'T MAKE THE SACRIFICE BECAUSE THIS THAT IS YOUR WARNING IN THE BOOK IS WE ON THIS WRONG PATH AND BECAUSE THEY'RE SEEMS TO BE THIS SHORT-TERM...
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| 00:04:40 |
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Guest: THE MAIN PROBLEM OF THE CONSUMPTION AS WE KNOW BOTH THE PUBLIC AND THE GOVERNMENT LEVEL AND THE INDIVIDUAL LEVEL IN THIS COUNTRY AND THE EUROPE...
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| 00:05:30 |
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WORDS, IN YOUR BOOK IF WE DON'T FIX THINGS IN THE UNITED STATES AND OTHER PLACES AS WELL GREECE IS OUR FUTURE? >>
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| 00:05:40 |
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Guest: IT'S EVIDENT PEOPLE PERHAPS DON'T APPRECIATE ALSO COMING FROM A DIFFERENT BACKGROUND, THE FACT OF THE MATTER IS YOU HARDING INCREASES IN THE INEQUALITY,...
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| 00:06:17 |
Unidentified Speaker, -
IS DEMOGRAPHIC? IS IT JUST A RESULT OF THE BIG BABY BOOM GENERATION RETIRING AND A ONETIME SPITE IN COST FOR AN ELDERLY POPULATION OR IS THEIR SOMETHING...
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| 00:06:31 |
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THINK THERE'S A LOT OF THINGS THAT ARE DEMOGRAPHICALLY LINKED. CLEARLY EVEN THE PROPERTY BOOM, THE PRICING IS CLEARLY SUPPORTED BY BABY BOOMERS WHO...
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| 00:07:54 |
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Host: YOU TALK ABOUT PENSIONS THERE ARE MANY PIECES TO THAT. THERE IS THE FEDERAL GOVERNMENT, SOCIAL SECURITY PROGRAM, THERE ARE UNDERFUNDED PENSIONS...
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| 00:08:16 |
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I HAVE WRITTEN A LOT ABOUT THIS PROVIDING THAT THEY ARE ALL OVERARCHING UMBRELLA OF THE TENSIONS IS THE PROMISE IS UNSUSTAINABLE. AND IT'S CALLED THEM...
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| 00:09:13 |
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ABOUT PROMISES THAT ARE NOT ABLE TO BE PAID, AT SOME POINT, IF YOU ARE CALIFORNIA, WHEN HE BECOME GREECE IN THE SENSE WHEN DO INVESTORS DECIDE WE DON'T...
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| 00:09:47 |
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THAT THE ONE THING I'M CONSTANTLY REMINDED OF HIS POLITICS TEND TO BAIL OUT THESE SITUATIONS AND ALL THE WAY IT IS A STATE IT DOESN'T STAND ALONE IN...
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| 00:11:07 |
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SAYING IS THAT DESPITE WHAT WE ARE SEEING NOW IN WISCONSIN THAT THE GOVERNMENT IN PLENTY UNION AND THE THE STATE LEGISLATURE AND GOVERNOR THAT'S GOING...
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| 00:11:19 |
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ISSUE IS COLLECTIVE BARGAINING BUT IT IS REFLECTIVE OF A GREAT PROBLEM IN THE UNITED STATES WHICH EVERYBODY KNOWS THAT MANY OF THE STATES AND THE...
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| 00:12:32 |
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IT IS AMAZING. EVERY SINGLE EUROPEAN WHICH WE THINK OF AS THE HIGH TAX, THEY HAVE IN THE WEST BY SIGNIFICANT MARGINS MORE THAN TEN PERCENTAGE POINTS....
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| 00:13:10 |
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Guest: IT'S NOT ABOUT QUANTITY OF MONEY IT'S THE EDUCATION BEING DELIVERED. AND I HAVE TO SAY HAVING SPENT A LOT OF TIME READING ABOUT THE AMERICAN EDUCATION...
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| 00:14:29 |
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PROBLEM STRUCTURAL THOUGH? TALK ABOUT HOW THE U.S. HAS TIGER CORPORATE TAX RATES WHICH SURPRISES PEOPLE, BUT ALSO IN EUROPE TO FIND A LOT MORE SCHOOLS...
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| 00:14:56 |
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NEED PARENTS MORE INVOLVED AND THE QUESTION BECOMES WHAT CAN WE DO TO MAKE THE GOVERNMENT AND PARENTS MORE INVOLVED TO MAKE SURE THIS DOESN'T HAPPEN....
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| 00:16:32 |
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DHAKA THE EDUCATION OF THESE OTHER AREAS SIMPLY THE FACT THAT ONCE THE COUNTRY'S BECOME RICH DeGETTE PLEASE SEE? >> Guest: I
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| 00:16:38 |
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HOPE NOT. I ACTUALLY DON'T SUBSCRIBE TO THAT AT ALL. SINGAPORE LAST YEAR WAS THE FASTEST-GROWING ECONOMY ON THE PLANET. ABOUT 15% OF GROWTH OF GDP GROWTH...
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| 00:17:52 |
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AN EXAMPLE WHAT ARE THEY DOING RIGHT THAT THE U.S. IS DOING WRONG AND ACTUALLY WHAT BROUGHT IN THAT LITTLE THAT YOU TALK OF HOW THE WEST WAS LOST SO...
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| 00:18:23 |
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REALLY KNOWS HOW AS ECONOMISTS WE DON'T HAVE A SOLNIT SOLUTION FOR ALL THE COUNTRIES FOR SURE, AND I THINK IT'S AGAIN QUITE FASCINATING TO LOOK OF...
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| 00:20:45 |
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ONE OF THE THINGS IN YOUR BOOK THAT BROUGHT ME TO THE WRONG WAY. IT WAS ALMOST LIKE THE TERM ARGUMENT THAT THE CHINESE HAVE IT SO MUCH BETTER BECAUSE...
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| 00:21:16 |
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NOBODY IS SAYING GET RID OF DEMOCRACY. WE ARE IN THE SPACE PROCESS NEEDS TO THINK ABOUT HOW CAN WE REWORD AND INCENTIVIZE PENALIZE AS NECESSARY POLICY...
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| 00:22:05 |
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TO PUT YOUR FINGER ON THE PROBLEM IN THE NEXT ELECTION? >> Guest: VERY
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| 00:22:13 |
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RATIONAL. BUT LOOK AROUND AMERICA. THE OF SPACE PROCESSES IN SOME COUNTRIES AND THEY MEAN WHEN YOU ARE ELECTED AS A PRESIDENT TO HAVE A LONGER TERM...
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| 00:23:00 |
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THIS IS SOMETHING YOU DRESSED IN THE BOOK OR MAYBE I FORGOT, THE LONGER TERMS ACTUALLY RESULT IN BETTER POLICYMAKING. I GET THE FEELING THAT IF YOU...
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| 00:23:30 |
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THINK -- PERHAPS THE ARGUMENT HAS CREDIBILITY BUT THERE ARE A LOT OF PEOPLE IN THE UNITED STATES STILL HUNGRY AND FOR THAT GROUP I THINK WE SHOULD...
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| 00:24:49 |
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YOU'RE SAYING WE WANT TO INVENT WAYS PEOPLE TO DO THE RIGHT THING IS THAT AN INDICTMENT OF A HIGH-TECH THE ATTACKS WELFARE'S IT BECAUSE IF YOU HAVE...
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| 00:25:19 |
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ABOUT THIS IN THE BOOK FOR SURE. LOOK, THE MANNER WHERE THE CHIPS FALL SHOULD BE IN THE RULE OF THE STATES REALLY IS A PERSONAL AND BY THAT I MEAN A...
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| 00:26:57 |
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I SOMETIMES THINK OF THE WELFARE STATE WHERE PEOPLE GET STOCK AND BECOME INDEPENDENT AND EVEN THOUGH THEY WANT TO CLIMB THE LADDER THE GOVERNMENT POLICIES...
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| 00:27:40 |
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LOWER. [LAUGHTER] >> Host: SO, I AM A
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| 00:27:43 |
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GOOD LIBERTARIAN. THIS IS A PHILOSOPHICAL PRINCIPLE. BUT IF YOU ARE GOING TO HAVE THE BIG GOVERNMENT, IT CERTAINLY SEEMS THAT SWEDEN IS MUCH MORE OF...
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| 00:27:56 |
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LOOK THERE IS SOMETHING TO BE SAID TO THE FACT THAT IN THIS ROUND, THE LAST ROUND OF THE CRISIS SWEDEN HAS DONE BETTER. THEY HAD THEIR OWN FINANCIAL...
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| 00:29:36 |
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THE HONG KONG AND SINGAPORE. TO EITHER GREECE OR SWEDEN. HONG KONG AND SINGAPORE BY THE GLOBAL STANDARDS OF THE INDUSTRIALIZED NATIONS HAVE VERY SMALL...
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| 00:29:58 |
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ABOUT THIS IN THE BOOK. IT IS THE CASE OF SINGAPORE. THIS IS AGAIN THESE DISCUSSIONS AND DECISIONS THAT THE SOCIETY HAS TO MAKE A LETTER TO FLEE. THERE...
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| 00:30:28 |
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Host: >> Guest: IT IS THE VERSION
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| 00:30:31 |
Unidentified Speaker, -
OF MATCH.COM. IF YOU THINK ABOUT IT, THAT IS MAYBE INFRINGING ON PERSONAL RIGHTS. BUT THE GOVERNMENT SAYS WE AREN'T PUTTING A GUN TO ANYBODY'S HEAD...
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| 00:31:08 |
Unidentified Speaker, -
Host: I THINK BOYS HAVE BEEN MEETING RULES FOR A MILLENNIUM, AND SOMEHOW I DON'T THINK SINGAPORE NEEDS TO BE FELT. THE TO GO BACK TO EUROPE BECAUSE...
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| 00:31:54 |
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HAPPENED? >> Guest: THIS IS A BIG QUESTION AND I THINK WE WILL HAVE TO SEE WHO WINS NEXT YEAR. MY PERSONAL PREFERENCE IS IF YOU CAN'T AFFORD IT, BUT...
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| 00:34:02 |
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THE U.S. FISCAL FORECAST IS IT'S BASED ON LOWER INTEREST RATES AND IF INTEREST RATES GO BACK UP TO TRADITIONAL LEVELS ESPECIALLY IF YOU START GETTING...
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| 00:34:25 |
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EXPECT THEM TO GO UP THE BASIS POINTS WITHOUT SOMETHING HAVING TO GIVE, AND THE THING IS AS I SAID EARLIER MY BOOKS APPEAL TO THE RATIONAL THINKING....
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| 00:35:23 |
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AND THIS IS THE OPTIMISTIC STORY PEOPLE TELL ME, AND SOMETIMES I BELIEVE IT AND SOMETIMES I DON'T. IF YOU ARE CHINA AND YOU HAVE THIS PORTFOLIO OF THE...
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| 00:35:45 |
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A NUMBER OF THINGS GOING ON. CHINA RIGHT NOW LENDING TO OTHER COUNTRIES AS WE KNOW QUITE SIGNIFICANTLY TO OTHER COUNTRIES AROUND THE WORLD. NOTHING...
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| 00:36:54 |
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Host: WHAT DO YOU THINK ABOUT THE ASSERTION THAT CHINA IS ARTIFICIALLY KEEPING ITS VALUE OF ITS CURRENCY LOW FOR TRADE PURPOSES? >> Guest: I THINK THAT...
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| 00:37:03 |
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A FAIT ACCOMPLI IN THE SENSE THAT MOST PEOPLE ACKNOWLEDGE THAT TRADITIONALLY CHINA'S EXCHANGES HAS BEEN ARTIFICIALLY MANIPULATE THERE'S A FEW THINGS...
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| 00:39:43 |
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Host: IT'S KIND OF HARD TO THROW ROCKS -- >>
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| 00:39:47 |
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Guest: EXACTLY. [LAUGHTER] >>
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| 00:39:48 |
Unidentified Speaker, -
Host: LET ME GO BACK TO THE U.S. AND EUROPE. A COUPLE OF YEARS AGO, YOU WERE SORT OF SUGGESTING CHINA WOULD BEGIN TO MOVE OUT OF THE DOLLAR INTO THE HERO....
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| 00:40:32 |
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PUT THE BEST AND SAID YOU KNOW, WHEN YOU ARE TREATING THE MARKET'S WHAT SORT OF KEY DRIVER ARE YOU ON THE DECISION MAKING. WHENEVER I HAVE TO DEAL...
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| 00:42:21 |
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A SECULAR RELIGION IN EUROPE TO HAVE EUROPEAN CENTRALIZATION AND THE HERO IS PART OF THAT. ALL OF THE PERIPHERAL COUNTRIES TO KEEP THE YEAR-AGO ALIVE....
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| 00:42:37 |
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TO CHINA AND SOME OF THE THINGS I WILL DISAGREE WITH AND YOU ARE MENTIONING SOME OF THESE IN THE BOOKS. CHINA HAS RAPID GROWTH FOR A COUPLE OF DECADES...
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| 00:43:33 |
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YOU REMEMBER IN MY INTRODUCTORY REMARKS I SAID PRECISELY IT'S NOT HOW CHINA, IT IS HOW THE WEST WOULD LOOK. THERE IS A SUCCESSION OF LOOK AT WHAT CHINA...
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| 00:45:19 |
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CONVERGENT. >> Guest: OF
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| 00:45:21 |
Unidentified Speaker, -
COURSE. THE QUESTION IS CAN CHINA CONVERGE TO AMERICAN LEVELS OF PER CAPITA INCOME. WE DON'T KNOW. WE DON'T EVEN KNOW IF IT IS POSSIBLE BECAUSE WE HAVE...
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| 00:46:19 |
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NOT SITTING IN YOUR BOOK THE WEST IS BEING LOST BECAUSE OF CHINA YOU ARE SAYING IT'S BEEN LOST BECAUSE OF HOMEGROWN MISTAKES AS AN EXAMPLE OF THE COUNTRY...
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| 00:46:38 |
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RIGHT. THE CLASSIFIED AS 50 YEARS OF ECONOMIC FOLLY OF THE CHOICES AHEAD. AMERICA DOES HAVE STORCH THIS IS TO MAKE AND WE NEED TO FOCUS ON THESE CHOICES...
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| 00:47:43 |
Unidentified Speaker, -
JOKE THESE TWO GUYS ARE OUT CAMPING AND A BUYER COMES OVER AND ONE GUY STARTS PUTTING ON HIS SNEAKERS AND THE OTHER SAYS YOU CAN'T OUTRUN THE AIR....
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| 00:47:56 |
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EXACTLY. >> Host: I
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| 00:47:57 |
Unidentified Speaker, -
AM SURE YOU HAVE HEARD THE THEORY THAT CHINA WILL GET OLD BEFORE IT GETS RICH. IN OTHER WORDS LIKE WE HAVE THE DEMOGRAPHIC PROBLEMS IN THE U.S. WITH...
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| 00:48:32 |
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COMPARE CHINA AND INDIA WHICH IS COMPARABLE IN MANY WAYS, INDIA'S DEMOGRAPHIC IS MUCH MORE FAVORABLE IN THE MIDTERM. I THINK THE CHINESE GOVERNMENT...
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| 00:50:04 |
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Host: LIT SECURE OFF INTO THE ASPECT OF THE ONE CHILD POLICY. APPARENTLY THERE IS A MISMATCH@p BETWEEN THE NUMBER OF BOYS AND GIRLS IN CHINA AND CERTAIN...
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| 00:50:28 |
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MIDDLE EAST CLASS EXAMPLE OF THIS. >> Host:
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| 00:50:30 |
Unidentified Speaker, -
THIS CHINA FACED CHALLENGES? IF YOU HAVE I DON'T KNOW WHETHER IT IS 20 MILLION OR 50 MILLION BUT IF YOU HAVE A YOUNG MAN WITH NO WAY TO CHANNEL THEIR...
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| 00:50:44 |
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SAID, THE MIDDLE EAST IS A CLASSIC EXAMPLE OF THIS. YOU HAVE A LARGE PROPORTION OF YOUNG PEOPLE, A LOT OF YOUNG MEN IN PARTICULAR WHO ARE DISAFFECTED,...
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| 00:52:06 |
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THE 1980'S. YOU ARE PROBABLY TOO YOUNG TO REMEMBER -- I'M SURE THAT YOU READ ABOUT IT. [LAUGHTER] IN THE 1980'S, EVERYONE IN AMERICA IT SEEMED WAS...
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| 00:52:44 |
Unidentified Speaker, -
REALpG0GpO0G0G0G ANSWER IS IDLED BECAUSE IF I KNEW I WOULD HAVE TREATED THATpOPOpO0G0GPOPOPOPOPG ALREADY. pOpGpG0GPOPGPGqO0GpG0GpGpO0GpGPGPGPG0GpGpG0G0GpG0GpO0gpGPO0GpG0G...
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| 00:53:33 |
Unidentified Speaker, -
Guest: THEY HAVE ISSUES AROUND DEMOGRAPHICS, BUT I THINK THE FACT OF THE MATTER IN WHICH THE GOVERNMENT IS DEALING WITH THESE THINGS I THINK BODES WELL...
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| 00:53:51 |
Unidentified Speaker, -
MINUTES LEFT. LET'S FOCUS ON SOLUTIONS THAT OUR U.S. AUDIENCE MIGHT NOT BE INTERESTED IN. YOU MENTIONED THE HOUSING CRISIS, AND WHEN I THINK OF THE...
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| 00:55:00 |
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STATES GOVERNMENT HAD DONE NOTHING AROUND THE UNITED STATES FISCAL CRISIS, WHAT THIS WORLD AND THE COUNTRY WOULD HAVE FACED WOULD HAVE BEEN MUCH WORSE....
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| 00:56:44 |
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THAT BECAUSE I THINK TAXES WERE GOING UP, AND LET ME ASK YOU, WE'RE IN THE MIDDLE OF THE FISCAL FIGHT IN WASHINGTON, AND THE LAST TEN YEARS, THE FEDERAL...
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| 00:57:40 |
Unidentified Speaker, -
I HOPE THERE IS BECAUSE IF THERE ISN'T, IT'S THE WHOLE WORLD IN FOR A WILD RIDE. WE NEEDED U.S. TO GET IT RIGHT. WHEN I DO READ THE PAPERS AND SEE THE...
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| 00:58:02 |
Unidentified Speaker, -
THE NUMBERS THEY TALK ABOUT. >>
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| 00:58:04 |
Unidentified Speaker, -
Guest: EXACTLY. OF COURSE, NOWHERE NEAR WHERE THEY SHOULD BE. YES, IT'S NOT A COMFORTABLE FEELING, BUT UNFORTUNATELY THE POLITICS HAVE A HOLD. WE HAVE...
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| 00:58:56 |
Unidentified Speaker, -
THAT SEMIOPTIMISTIC NOTE. >> Guest: I
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| 00:59:00 |
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AM OPTIMISTIC AMERICANS GET IT RIGHT. >> Host: THANK YOU FOR
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| 00:59:04 |
Unidentified Speaker, -
BEING HERE, HER BOOK WITH LOTS OF GOOD DATA AND BIG IDEAS AND PROPOSALS. THANK YOU VERY MUCH FOR BEING WITH US, AND THANK YOU FOR WATCHING. >> Guest:...
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| 00:59:22 |
Unidentified Speaker, -
YOU. >> THAT WAS "AFTER
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NOTE: The transcript for this program was compiled from uncorrected Closed Captioning.