Chinafotopress

The biggest policy debate this year has thus far been when and how fast to exit from last year's stimulus policies. Last year, in a moment of panic over the global financial crisis, central banks and governments poured monetary and fiscal stimulus into the global economy. The side effects of these misguided policies are already showing up: asset speculation has engulfed the global financial market again and consumer price inflation is creeping up uncomfortably fast, especially in emerging economies. Despite the visible need for tightening, the consensus is demanding a slow and d ......His so-called accomplishment — stabilizing the financial system — comes from throwing trillions of taxpayers' dollars at financial firms. He has behaved like a Wall Street trader: spending other people's money with no thought of consequences. Anyone can do that. Hopefully Obama has fundamentally changed his approach.

Reform, not stimulus, is the solution. Only by limiting financial speculation can the foundations be laid for a healthy recovery, and to prevent another crisis.