In the last 21 months, if you've learnt anything, it's that the state is back. If the free market fails, it's not because it's been defeated by state capitalism; the only people that can defeat the free market is us, we're the only ones who can destroy it.
Authoritarian governments are now trying to ensure that the increasingly free flow of ideas and information through cyberspace fuels their economies without threatening their political power.
State capitalism is about more than emergency government spending, implementation of more intelligent regulation, or a stronger social safety net. It's about state dominance of economic activity for political gain.
The free market tide has now receded. In its place has come state capitalism, a system in which the state functions as the leading economic actor and uses markets primarily for political gain.
Everyone's talked about Bank of America and Citigroup and the rest being too big to fail, but no, no, no. The most important point.. Is that the US must be perceived to be too big to fail.
An emerging market is a country where politics matters at least as much as economics to the market.
The great thing about the U.S. Economy right now is that we are the smart kids in the stupid-kid class. America has fiscal problems and gridlock issues and polarity and partisanship in Congress -- and yet, compared to Japan and Europe, the U.S. Looks great.
Up until now Washington has worried that terrorists will become hackers. Perhaps we all should worry that hackers will become terrorists.