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Congress and the Obama administration face an excruciating dilemma. To restore the crippled financial system, they are told, they must put up still more public money--hundreds of billions more--to rescue [...]

The US view of the Asian economic crisis is opportunistic, with Asian problems seen as opportunities for purchasing assets cheaply and increasing market shares. The International Monetary Fund has acted like a policeman and provided help if countries can accept the US system. Unregulated capital markets can promote instability, and international capital controls should be introduced. There is also a need for wage reflation to allow the economic system to function.

Pres. Bill Clinton should terminate Federal Reserve Chmn. Alan Greenspan if he wants to be reelected in 1996. Otherwise, he will lose because Americans' real per capita disposable personal income, the yardstick by which voters base their presidential choices, declined in 1995 as a result of Greenspan's financial market-based monetary and fiscal policies.

For roughly 50 years, the U.S. government has served as the tolerant and broad-shouldered leader that articulates the global trading system's putative rules and values and scolds (or sometimes punishes) [...]