"the definition of insanity is doing the same thing over and over and expecting different...
TRANSCRIPT
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"The definition of insanity is doing the same thing over and over and expecting different results.”
- attributed to Benjamin Franklin
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UNCERTAINTY
INSECURITY
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The Global Contexthas changed.
G-7 / G-20Creditors vs. Debtors
Pent-up vs. OversuppliedShort vs. Long-term Strategies
Cost of Empire
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NAFTA215191158
ASIA116118136
EUROPE158178188
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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
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North American ContextIs changing.
Debt – HouseholdDebt – FederalDebt – States
Debt – Cities and Counties
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Lack of Demand DriversDecline in consumption
Less RetailLess Industrial
Less OfficeLess Hotel
Greater Price Sensitivity
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The Real Estate Marketis in Decline.
DeleveragingTight Credit
Diminished Demand
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"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
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