Gerald Baker in the Financial Times (subscribers only) reaches some sobering conclusions on US Treasury secretary John Snow:
“Mr Snow himself has been larking about with US currency policy for some time. Over breakfast, the US favours a strong dollar; at lunchtime it wants to leave it to the market; by suppertime it wants other countries to do something to get their currencies to rise. Once it was easy to blame the verbal nonsense on Paul O’Neill, Mr Snow’s predecessor. It is now impossible to resist the conclusion that this is not just an unfortunate sort of economic dyslexia.
“The infelicitous outbursts are, rather, a reflection of an economic approach on all fronts that is characterised by disdain for serious policy decision-making, disarray among the people responsible for it and dishonesty with the voters and the markets that have to live with its consequences.”
How to Hate Microsoft. Robert Scoble on what may well be a new attitude up in Redmond.