America has had to turn to foreigners to finance its debt - not surprising since household saving in the last years has plummeted to zero. China is one of the largest holders of American debt.

This Iraq war has been the most "privatized" war in America's history. It has seen the most extensive use of contractors. The contractors have increased the costs; but they have been necessary - the military simply could not have done it on their own. we would have had to increase the size of the military. But the George W. Bush Administration wanted America to believe that it could have a war, essentially for free, without raising taxes, without increasing the size of the armed forces.

The IMF insisted that both Russia and Brazil maintain their currency at over-valued levels. Who are you protecting when you try to maintain that exchange rate by having high interest rates? You're protecting domestic and foreign firms that have gambled on the exchange rate. And who is paying the price? The small businesses that did not gamble [and no longer can afford loans], the workers who are going to be put out of jobs.

Governments can enhance growth by increasing inclusiveness. A country's most valuable resource is its people. So it is essential to ensure that everyone can live up to their potential, which requires educational opportunities for all.

Moreover, because we chose to finance the way by borrowing, our deficits and debt has soared, and this means we have less room for maneuver, less money available to stimulate the eocnomy in the way needed.

I grew up in a family in which political issues were often discussed, and debated intensely.

Development is about transforming the lives of people, not just transforming economies.