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Submerging Nations: Three Memos - Ernie Nounou, June 2008
Memo to the IMF and World Bank:
It's time to add another category to your country classifications, "Submerging Nation" to be defined as the reciprocal of Emerging Nation, or 1/Emerging Nation. An Emerging Nation is generally a Third World country, whose economy is growing and evolving towards developed nation status. It stands to reason that a Submerging Nation is a developed country whose economy is evolving in the opposite direction towards Third World status.
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Guilt by Association - Memo to Senator Obama by Ernie Nounou, June 2008
More serious than the Reverend Wright controversy and your San Francisco gaffe on guns and religion, was touting the endorsement of 200 economists on the merits of your position on the gas tax holiday. I'm with Hillary on this one, not on the merits of the policy, but on your voluntary guilt by association with economists. Senator Obama, in recent history when have economists gotten it right in forward-looking mode, except by accident or broken clock metaphor? Their monthly job data, economic growth, and capital spending predictions have been embarrassingly off base; providing ample evidence why economics is referred to as the dismal science. Maybe their dismal record results from the faulty data they deal with. Remember the expression "garbage in, garbage out"?
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*A graduate of Wharton, Ernie is a Founding Partner of Catalytic Group, Inc., a Technology consulting and execution firm. A former banker he enjoys writing on business topics and can be reached at ernie@catalyticgroup.com.
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