<blockquote>'I have pointed out what I believe is the solution on many occasions. Rather than tariffs I have supported a return to the gold standard. I saw no need to bring it up yet again, but perhaps I should have.
..
To that I would add we desperately need to get rid of fractional reserve lending.
I also want to add a note that peak oil (some say "peak everything") will impact China's ability to have an investment led economy based forever expanding infrastructure. Add peak oil to the list of reasons China will slow, whether they like it or not.'
Mike "Mish" Shedlock,
Global Trade Wars, Smoot-Hawley, and Peak Oil Followup to 12 Predictions from Michael Pettis, August 22, 2011 (
Context)</blockquote>
Context<blockquote>
'..a truly stable financial and monetary system..'</blockquote>