Global Finance Crisis: Plugging equity leaks - A painful decade of stagnation for America lies ahead
Oct 29th, 2008 | By Finfacts Ireland Business & Finance Portal | Category: News worldwide
Global Finance Crisis: The US must carry out fundamental reforms of its financial system to plug the equity leaks and recover investors' confidence, according to Hans-Werner Sinn, Professor of Economics and Finance, University of Munich and President of the Ifo Institute for Economics Research. However, even then it will have a hard time continuing to sell financial assets to the rest of the world. American households will need to learn to accumulate wealth by cutting consumption rather than speculating on real estate. Sinn says a painful decade of stagnation for America lies ahead.