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"The definition of insanity is doing the same thing over and over and expecting different results.”
- attributed to Benjamin Franklin
UNCERTAINTY
INSECURITY
The Global Contexthas changed.
G-7 / G-20Creditors vs. Debtors
Pent-up vs. OversuppliedShort vs. Long-term Strategies
Cost of Empire
NAFTA215191158
ASIA116118136
EUROPE158178188
The Competition:
“TO BECOME THE WORLD CENTER OF FINANCE,TRADE, AND CULTURE IN THE 21st CENTURY”
Mission Statement of Shanghai, Chinaas reported by the secretary of transportation, Joseph Perkins,State of Alaska, following a recent visit to China June, 2001
North American ContextIs changing.
Debt – HouseholdDebt – FederalDebt – States
Debt – Cities and Counties
Lack of Demand DriversDecline in consumption
Less RetailLess Industrial
Less OfficeLess Hotel
Greater Price Sensitivity
The Real Estate Marketis in Decline.
DeleveragingTight Credit
Diminished Demand
"Without changing our pattern of thought, we will not be able to solve the problems we created with our current patterns of thought."
- Albert Einstein