{"id":227613,"date":"2020-04-10T17:06:15","date_gmt":"2020-04-10T09:06:15","guid":{"rendered":"https:\/\/magicalbits.net\/?p=227613"},"modified":"2020-04-10T17:06:15","modified_gmt":"2020-04-10T09:06:15","slug":"paul-volcker-ray-dalio-state-of-the-us-economy-government","status":"publish","type":"post","link":"https:\/\/magicalbits.net\/?p=227613","title":{"rendered":"Paul Volcker &#038; Ray Dalio | State of the US Economy &#038; Government"},"content":{"rendered":"<p><span class=\"embed-youtube\" style=\"text-align:center; display: block;\"><iframe loading=\"lazy\" class=\"youtube-player\" width=\"800\" height=\"450\" src=\"https:\/\/www.youtube.com\/embed\/mMN17uBzCw4?version=3&#038;rel=1&#038;showsearch=0&#038;showinfo=1&#038;iv_load_policy=1&#038;fs=1&#038;hl=en-GB&#038;autohide=2&#038;wmode=transparent\" allowfullscreen=\"true\" style=\"border:0;\" sandbox=\"allow-scripts allow-same-origin allow-popups allow-presentation allow-popups-to-escape-sandbox\"><\/iframe><\/span><\/p>\n<p>31:49<br \/>\nAnd the third name I was going to mention is,<br \/>\n31:52<br \/>\nI don&#8217;t know how much you ran into Zhu Rongji.<br \/>\n31:56<br \/>\n&#8211; He&#8217;s been a hero of mine, I didn&#8217;t know him personally.<br \/>\n31:58<br \/>\n&#8211; Well, he was a hero of mine.<br \/>\n32:00<br \/>\nThis was in the 1990s when I was in China quite a lot,<br \/>\n32:04<br \/>\nI don&#8217;t go to China, very little now,<br \/>\n32:07<br \/>\nand I don&#8217;t know the leaders now.<br \/>\n32:08<br \/>\nBut I knew the leaders in the 90s,<br \/>\n32:11<br \/>\nwhen they seemed to be a blossoming, capitalist economy,<br \/>\n32:16<br \/>\nto exaggerate a bit.<br \/>\n32:17<br \/>\nWith hopes for an open, democratic society.<br \/>\n32:21<br \/>\nDoesn&#8217;t look that way, quite, now,<br \/>\n32:22<br \/>\nbut back when Dung and Zhu Rongji were there,<br \/>\n32:28<br \/>\nit looked very promising.<br \/>\n32:30<br \/>\nAnd they&#8217;d come to us for advice,<br \/>\n32:32<br \/>\nthey don&#8217;t come to us for advice anymore.<br \/>\n32:35<br \/>\nThey might come to us and tell us what to do, but. (laughs)<br \/>\n32:38<br \/>\n&#8211; Well, they seem to be doing pretty good&#8211;<br \/>\n32:40<br \/>\n&#8211; Yeah, that&#8217;s right.<br \/>\n32:41<br \/>\nThat&#8217;s right, they say we don&#8217;t have to follow you anymore.<br \/>\n32:44<br \/>\nBut Lee Kuan Yew, of course, is a special case.<br \/>\n32:48<br \/>\nHere he is&#8211;<br \/>\n32:48<br \/>\n&#8211; But what are those qualities?<br \/>\n32:50<br \/>\n&#8211; Well, he knew what he wanted to get done and he did it.<br \/>\n32:55<br \/>\nAnd in a small, relative enclave<br \/>\n32:59<br \/>\nand he did a lot of things that we tutted about,<br \/>\n33:02<br \/>\nin terms of democracy, he was<br \/>\n33:05<br \/>\na little too eager to put people in jail<br \/>\n33:07<br \/>\nto quiet down opposition<br \/>\n33:10<br \/>\nand worry about what the newspapers said about him<br \/>\n33:13<br \/>\nand so forth.<br \/>\n33:14<br \/>\nBut he had a drive to develop Singapore<br \/>\n33:18<br \/>\nwith a very strong civil service,<br \/>\n33:22<br \/>\nvery effective, corrupt-free government,<br \/>\n33:25<br \/>\nas near as I can see, and he pulled it off,<br \/>\n33:28<br \/>\nand he maintained a very strong position.<br \/>\n33:31<br \/>\nAnd Singapore is, economically, I don&#8217;t know<br \/>\n33:35<br \/>\nwhere it ranks in the world by pro-capita income, but it&#8217;s&#8211;<br \/>\n33:39<br \/>\n&#8211; Way up there.<br \/>\n33:40<br \/>\n&#8211; [Paul] Very high, come up from nothing.<br \/>\n33:41<br \/>\n&#8211; So, your principles, if I get it correctly,<br \/>\n33:44<br \/>\nyour principles would be a great leader<br \/>\n33:46<br \/>\nhas an accurate vision of where to go.<br \/>\n33:50<br \/>\nA great leader has,<br \/>\n33:52<br \/>\nwill fight the opposition<br \/>\n33:57<br \/>\nin pursuit of that, and deliver.<br \/>\n33:59<br \/>\nA great leader has a deep caring for the people<br \/>\n34:02<br \/>\nthat they&#8217;re leading.<br \/>\n34:04<br \/>\nA great leader also seems to be leading<br \/>\n34:07<br \/>\nwith an effective management<br \/>\n34:12<br \/>\nof civil service<br \/>\n34:14<br \/>\nin government, or a effective bureaucracy<br \/>\n34:18<br \/>\nto carry those things through.<br \/>\n34:20<br \/>\nAre those the principles?<br \/>\n34:22<br \/>\n&#8211; Well, I think we have to add a principle, the one you had,<br \/>\n34:25<br \/>\nyou gotta have a respect for the people.<br \/>\n34:28<br \/>\nI don&#8217;t know if you included that.<br \/>\n34:31<br \/>\nSome of the qualities you mentioned,<br \/>\n34:32<br \/>\nyou could apply to Adolf Hitler.<br \/>\n34:35<br \/>\nBut we don&#8217;t want an Adolf Hitler,<br \/>\n34:38<br \/>\nwe want somebody who&#8217;s got some democratic instincts<br \/>\n34:41<br \/>\nand recognizes that he&#8217;s only there temporarily.<br \/>\n34:44<br \/>\nAnd that he wants to lead the country effectively,<br \/>\n34:51<br \/>\nbut peaceably,<br \/>\n34:53<br \/>\nand without dictatorial demands.<br \/>\n34:59<br \/>\nSo, it&#8217;s a nice balance to be in charge,<br \/>\n35:01<br \/>\nand maybe less efficient when you have to deal with<br \/>\n35:06<br \/>\npublic opinion and different points of view.<br \/>\n35:09<br \/>\nBut it&#8217;s obviously essential if democracies going to last.<br \/>\n35:13<br \/>\nWe legitimately worry about democracy now.<br \/>\n35:16<br \/>\nMy mother, who was quite a character herself,<br \/>\n35:19<br \/>\nI recall, vaguely, whining to her when I was,<br \/>\n35:24<br \/>\nprobably, a young man in government,<br \/>\n35:26<br \/>\nVietnam War or something, rioting in the streets&#8230;<br \/>\n35:32<br \/>\nWe were threatened, the country was threatened<br \/>\n35:34<br \/>\nto survive all these tensions.<br \/>\n35:37<br \/>\nShe said, sonny boy, she didn&#8217;t call me sonny boy, (laughs)<br \/>\n35:42<br \/>\nshe said we&#8217;re 200 years of democracy,<br \/>\n35:46<br \/>\nwe&#8217;ve been a longer democracy<br \/>\n35:47<br \/>\nthan anybody else in the world,<br \/>\n35:49<br \/>\nwe&#8217;ve gotten over worse than this before,<br \/>\n35:51<br \/>\ngo get back to work and do something.<br \/>\n35:54<br \/>\nAnd I take a little comfort in that thought,<br \/>\n35:57<br \/>\nthat we can straighten ourselves out<br \/>\n35:59<br \/>\nafter this little turmoil, not so little turmoil.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>31:49 And the third name I was going to mention is, 31:52 I don&#8217;t know how much you ran into Zhu Rongji. 31:56 &#8211; He&#8217;s been a hero of mine, I didn&#8217;t know him personally. 31:58 &#8211; Well, he was a hero of mine. 32:00 This was in the 1990s when I was in China [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"ep_exclude_from_search":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[],"tags":[],"class_list":["post-227613","post","type-post","status-publish","format-standard","hentry"],"jetpack_featured_media_url":"","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/magicalbits.net\/index.php?rest_route=\/wp\/v2\/posts\/227613","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/magicalbits.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/magicalbits.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/magicalbits.net\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/magicalbits.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=227613"}],"version-history":[{"count":1,"href":"https:\/\/magicalbits.net\/index.php?rest_route=\/wp\/v2\/posts\/227613\/revisions"}],"predecessor-version":[{"id":227614,"href":"https:\/\/magicalbits.net\/index.php?rest_route=\/wp\/v2\/posts\/227613\/revisions\/227614"}],"wp:attachment":[{"href":"https:\/\/magicalbits.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=227613"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/magicalbits.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=227613"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/magicalbits.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=227613"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}