but because this is the most dynamic economic region in the world, what we do will have an impact on everywhere else. some barriers are left over from a different time and haven't changed to reflect new economic realities or concepts of justice. some seek to preserve an economic order that ensures that men have the higher paying jobs to support their families. and some reflect lingering cultural norms, the belief that women need to be protected are from work that is thought to be dangerous or unhealthy for them. in truth, what is dangerous is denying ourselves the level of economic growth we need to build stronger societies. and what is unhealthy is for women to be denied the chance to contribute fully to that growth. that denies everyone, first and foremost, their games, a chance at greater prosperity. economic orders do not perpetuate themselves. they are made and remade through countless decisions, small and large, by economic policy makers, political leaders and business executives. so if we want to see opportunities for women improve, we must begin with sound economic policies th

the economic club of new york is the nation's leading non-partisan forum for economic policy. more than 1,000 speakers have appeared before this club in more than a century. establishing a strong tradition of excellence and importance. this tradition has been supported by the contributions from 158 members of the club's centennial society. their names are listed in the program and i thank you. tonight, we are pleased to welcome back to the club treasury secretary timothy geithner. secretary geithner last spoke to the club in june of 2008 when he was the club trustee and more importantly he was president of federal reserve bank of new york. secretary geithner was sworn in as the 75th secretary of the united states treasury on june 26th, 2009. he previously had served in the treasury department under three administrations. before coming to the federal reserve, he was at the imf. earlier in his career, he worked for kissinger associates. secretary geithner graduated from dartmouth college and from the johns hopkins school advance of national studies. we're pleased to have secretar

but looking forward, the question is what's the right economic strategy for the united states? what's the mix of investments and reforms and policies that will make growth stronger and economic opportunity broader in the future? the three most important imperatives we face today are to support economic growth now, to make the right investments in reforms, to make our economy more competitive over time, and to restore fiscal sustainability. these imperatives will require that we resolve the fundamental political divide in this country that exists today over the appropriate role of the government in the economy. first, important to remain focused on this we have to stay relent esly focused on strengthening the economy in the short-term. even though growth is gradually getting stronger, of course we have a long way to go to repair the damage caused by the crisis. we face the additional challenges of europe facing a severe and very protracted crisis. and the world engaged in the critical struggle with iran, which is adding to upward pressure on oil prices. for these reasons we thin

we have not put together the positive economic solutions. the cultural importance of lite light in terms of defining the community and attracting the people of all ages to this city, having diversity in the city, in the lgbt community, the importance of my life to building community when people come out of the closet and thereafter. i requested that the city economist conducted this study and they will be presenting this study shortly. this study required a lot of thinking outside the box and a lot of hard work. i want to thank mr. eagan for his very strong work around this study. in the future, it is my view that this study will provide us and others with a quick, actual data with which to make policy decisions. sometimes with nightlife entertainment, we make decisions based on assumptions and stereotypes without always looking at the actual facts as much as we should. this will provide us with not all of the facts, but many more facts than we had before. i also want to stress, and i believe that mr. eagan will stress this, this number is qu

the first is alan blinder, prof. of economics and public affairs at princeton and has served as vice chairman of the federal reserve board. the second is john lexi who is the distinguished visiting scholar -- john lipsky. he is at johns hopkins university and recently left the imf as the acting managing director. if you have any questions that you might want to lob in here, you can e-mail them to janhopkins@questiona@ econclub.org. gentlemen? [laughter] >> who is first? >> i am. mr. secretary, thank you very much for being here tonight. one of my favorite tim geithner quotes -" we saved the economy but lost the public doing it."icku i'm wondering whether it's possible to get the public backs. . >> people saw their lives depended by a set of choices mostly they did not make. they saw the world burning around them, a broad run -- the first time in memory that people face a risk of losing their savings or the steps of loss in wealth and employment. then they saw the government forced to act to rescue the people they thought were res

the media. he is a frequent commentator on economic policy issues. he received his undergraduate degree from the university of illinois and holds a ph.d. in economics from northwestern university. today he will provide a national overview and update us on what to expect as we go forward in 2012. goo[applause] >> good morning, san francisco. i love visiting san francisco. i get a lot of my ideas from here. not far from here is a place i liked to stay. goothe last time i was there, my door said, people who live within their means have no imagination, and that is not really responsible, but i liked that idea of imagination, because for people like me, it requires a lot of imagination, and the reason for that is when you are watching the economy, but you do not see is more important than what you do see. the damage is very visible from a recession. what you do not see is the healing that is helping us get back on our feet. of when i think about the stock market, it is the place where the imagination is the lifeblood of voters. as you can tell, we do not n

there was a gap in ones focused on the economic success. that is where our network came up with this policy platform which looks that supporting families economically through unit family support, two generations strategy. we're talking about supporting the parents to obtain the education and skills they need for jobs that provide living wages to support themselves and their families as well as we're talking about supporting the children to be well prepared for future of learning and learning. that is what -- why our policy platform is very broad, including school readiness to supporting the improvement of english as a second language education for the many immigrant families in the city for whom esl is critical in obtaining jobs that can provide living wages for themselves and their families. this policy platform which was developed five years ago, hard to believe already, is not a document that lives on the shelves. it is actively implemented on a daily basis by the many stakeholders in the city who work on these issues. every year, we hold

for one thing, it's a tough sell to the american people. they have an economic objective and it's very important, somewhat important or not important. and, treatmently very important category, to grow and expand the economy, 82% and increase the quality of opportunity for people who get ahead. 70%, the income in wealth gaps between rich and poor, 46%. . americans have become more skeptical with the solutions rather than less and they're each less likely to embrace a new birth of progress of performance than some thought to endorse in 2008. what's more is this is president obama's re-election template. it opens a wide space for the republicans, admittedly, usually inarticulate and as yet ununified and makes the broader case for economic opportunity and the reforms that better the conditions to the american people and solved the real problems we faced as op posed to tired centric policies despite they make everything equal and end up with everyone rising. . that case, the argument for opportunity has been made by folks like paul ryan with the progressive and a wee

i appreciate all the fed has done to ensure continued economic recovery. chairman bernanke, i look forward to hearing more from you on the fed's recent actions and possible future actions to protect our economy. congress also has an important role in making sure the economy continues to grow and more americans continue to find the jobs they need. this week, the full senate continues to consider the transportation bill. this bill includes the bipartisan effort of this committee to update a nation's public transit infrastructure and create jobs. i'm also hopeful that the senate can find a consensus and initiatives, the topic of another hearing next week before this committee. to promote more job creation and protecting investors. with so many americans in search of work, it's no too late for a bipartisan committee to create jobs. i look forward to your views on these and other steps congress can take to improve our nation's economy. opening statement also be limited to the chair and ranking member. however, i would like to remind my colleagues that the record

one of the consequences was economic life in africa was completely distorted. as the slave trade grew, the political and economic infrastructure of africa had to be reorganized in order to accommodate this new kind of economic activity. entire societies were transformed from traditional ways of functioning to slave catching societies and the entire lives of people were organized around making war and capturing people to sell in the sl

janks we've seen from the high school of peking university says the brics countries led by the economic powerhouse of china are changing the global economy for the better right now it's much too reliant on the american and european european markets and as we all know. american in europe and europe right now are just barbarous first sluggish so china for its long term economic interest is very interested in markets around the world as well as diversifying its gets its manufacturing sector you know the appeal of russia is obvious russia is as a as a lamb both immense natural wealth and china's for much in need of resources the appeal of south africa is that's a marker is really much the financial center of africa so there has been provided as you point out for our chinese banks want to give peace to the rest of africa seems the same is true for brazil. so polo is really my nucleus of furniture capital of most of america so it's not that china is they can make powerhouse it's down to each of these countries stand to benefit from some of the mutual benefit of those recommendations we have f

the economic crisis in greece has vicious spiral. spending. the last few years the. protests have damaged the greece is welcoming tourist destination and some people are afraid to visit. the country. trying to get the industry back on track they say prices are reasonable and service remains high moreover in the tourist. cretin. the whole experience is the same as it ever was as they helped untouched by the turmoil in the mainland . mr revis calumet a sad. day and spicy bush personally thank you for being with us today. also like this starts with the image of greece which we have been seeing in the media lately. it doesn't look very optimistic with news of the crisis mass protests and unrest in the streets talk how does that affect the inflow of tourists from which a vital for the greek economy especially in your part of the country. he your eight those media reports about greece having a hard time this is seriously a terror image especially as a tourist destination after in fact. in greece in general is a very friendly region. we have been into or is in for many year

transformation areality the foundations of this economic policy have their roots in the shop royson will try. he says that coincided with the dimmer putin's first presidential term however moves to stimulate private business and lessen the economy's dependence on commodities especially oil and gas became a challenge to in two thousand and four the current state of russian economy is the same as it used to be one year ago five years ago basically economies very dependent on oil. on commodities and their price. basically we don't see any significant developments in the transformation of the economy but words higher value added in the eight is since two thousand and four certain things have changed in the russian political landscape determination to implement reforms and reduce the budgets reliance on high oil prices is still there and if you go to overlooked sectors of the economy can be developed and the economy diversified one making threats to the country's fiscal health commodity price all the tilted risk will be reduced greatly and such risks were clearly demon

community summit when we stop the customs union and launched the common economic space which ran higher integration level as of generally does cheer question came up on the further reactions to regarding euro sept thirtieth of this bill as it seemed to have played its rule which was to establish the customs union when we didn't just establish the customs union we also created become an economic space that included three members which wanted to join it and were prepared to do so and had provided very quired legal framework for it but this wasn't an easy job to do as a client having to pass certain laws in their parliaments it took us quite a long time to match everything it took us years so worthless that there were three states like that if you're sick as five states including could you stand and to teach you stand so the three countries overcame his barrier. kyrgyzstan cannot become a euro circle or a come an economic space member to be. it's a w t o member. but when i joined it doubly practically cancelled its import duties for commodities. and the customs union has a

we'll have key reports on business sentiment, the economic climate, also confidence. andrew, those are the things that will move the markets in the next few days to come. >> absolutely, nina. and markets on this side of the world as well. speaking of moving, there wasn't much movement here in asia at the start of the trading week. virtually flat, australia down by less than a fifth of 1%. japan holding its head above water, the nikkei recovering from its biggest fall of the year. most of these markets had their biggest weekly fall of the year. despite, we're getting some uptick out of new york on friday, it hasn't really translated through to this part of the world. losses for the banks limiting the gaichbs here gains here in >>> investing your money wisely in the current climate is certainly a complex task. so it's vital to get good advice. one man who's spent his life investing and writing books about it is jim rogers. he's well known for finding the offshore quantum fund as well as george seros and the author of five books on money. jim joins us on the hong kong set

in the 2012 economic report of the president, the council of economic advisers predicted that 2 million jobs would be added to the economy in 2012. if this forecast proves to be correct, we would have the strongest job growth in six years. although my crystal ball is no clearer than anyone else's, i think some economists have been too quick to dismiss recent job growth as a statistical fluke. just a you few months ago, many commentators were arguing the strong job growth reported in 2011, was an aberration due to a jump in partial delivery jobs caused by the proliferation of internet shopping during the holiday season. these fear faded when january and february showed stronger jobs growth and revisions to december's data erased the surge in the courier and messenger industry. the evidence suggests that the recent job gains have been more robust than would be suggested if they were merely a result of favorable weather. for example, if we look at reasons of the u.s. with more temperate climates, the job in the uninsurance claims and rate of job growth were about as strong or stronger than

for the send racing -- generation of innovation, economic dinism is the elixir of economic life. the conception of crews keynesianism that by pushing buttons, we can do whatever we want, and construction projects to employ strong-back labor. that's discredited by cross section studies of what explains high employment and low employment among nations. what this dynamism would require is efforts to incurrent more entrepreneurship and finance in startup companies and to encourage students and young graduates to devote themselves to imagining, creating, and exploring. to the extent that these efforts succeeded, these efforts would lift job satisfaction and employee engagement and races employment, too. now, while dynamism is kubel we want dynamism with economic justice, with what i call economic inclusion. that doesn't mean social inclusion, which is about income. it means throwing people into the economy, which is the core hack test of society, previously into the business sector of the modern economy, where new ideas for new products are conceived, developed, and tested, and it mean

of the five brics countries china appears to be the clear economic leader the name the economic engine here and there are five kind of economies that are focused on very different things china more of a manufacturing economy in russia more base for example on that for resources how do you think these members can really get out on equal terms what one in turn is very interested in the idea of works because right now it's much too reliant on the american european european markets and as we all know. american in europe and europe you know cars are right now are our sins are our spur sluggish so china for its long term economic interest is very interested in opening new markets around the world as well as versifying gets its space manufacturing sector now the appeal of russia is obvious russia is as if it's a land of finance natural wealth in china is for much in need of resources the appeal of south africa is that soccer is really much a financial at the center of africa so if your house were provided as you point for chinese banks money can piece into the rest of africa seems the same is

but still remarkable given the economic times that we were in. they also had 61% of them had confidence in our u.s. capital markets. the percentages were not so high with respect to european companies and european market, however. we also asked the investors what kept them up at night, was the question that we asked them. and not surprising, i suppose, 59%, the question got -- or the answer that got the most responses at 59% was not having enough money for retirement. and then coming in second at 54% was not having enough money if they were to be injured or suffer a serious illness. so our findings have special relevance for our next panel. one like that panel i am not a medicare or social security expert, but like many of you here in the audience, i am a baby boomer. and i can't help but wonder what is on the horizon for us, especially as we heard peter note on the last panel of the ratio of retirees to active workers as those figures are going to balloon in the coming years. it's been estimated that ten years ago there were approximately ten new

for example, after the economic crisis was -- after the economic crisis hit, many state governments gave subsidies to the sector. the u.s. gave subsidies to top three carmakers in the u.s., and as we have heard from the g-20 summit in cannes, there should be no new trade protectionist measure. after that. so we did not -- see a surge of subsidy or duty investigations. the u.s. has been pointing fingers. the accusations mainly are that china is not complying with rules. as regards in which area or specific category that china is not abiding by the rules, they are not very clear on that. so i suggest that we have dialogue open, heart-to-heart dialogue. for example, the interpretation of subsidies, we can have a conversation on that, and i can make this clear to you that the chinese central government has no prohibited subsidies pried to the economic entities, but china is a big country, and at some regional, some national level, there might be subsidies which may be problematic. but i'm not very understanding, or i don't see why since 2006 the u.s. has been lodging about 31 cases of combin

economic diamond isn't is the elixir of economic life. he conception of crude keynesianism that by pushing the right buttons, we can david employment level we want and increased consumer demand, and if that doesn't work, construction projects to employ strong back labor. that's discredited by cross-section studies of what explains high employment and low employment among nation. what this dynamism would require, our efforts on a broad front to encourage more entrepreneurship and finance in startup companies, and to encourage students and young graduates to develop themselves to imagining creating and exploring. to the extent that these efforts have succeeded, these efforts would lift job satisfaction and employee engagement, and raise employment, too. now, while dynamism is crucial, we want dynamism with economic justice, with what i call economic inclusion. that doesn't mean social inclusion, which is about income. it means drawing people into the economy, which is the core activity of society. preferably in the business sector of the mod

we step the customs union and launch the common economic space there were three of us. seem to have reached its objective. so the question was what to do with your second that then in january president i said above was the forest to see that we didn't need your a second any more i supported him through it whereas president medvedev was against it let's get that if your sect had played its role in it have to be reorganized as it was an international organization of international status so it couldn't just be terminated have to be transformed into something new. that's when i said that we would finance the euro sex secretariat and structure for the first quarter but we wouldn't be able to carry on with it as of april as we didn't have the funds in our budget and we decided to meet in march and make a decision on establishing the customs union in the coming economic space and what to do with you are sick and so we had a meeting there inside assume the obligation of preparing its raf solution for this issue russians did a really good job in preparing the agreement on transfo

when we look into the economic situation, we should try to find the light in the darkness. so when the world economic situation remains on certain, we will fleed to realize that fundamentally people need to consume to meet their daily consumption needs. at this moment, china's export trade is basically dominated by medium end products instead of low end products. over 70% of china's exports are machineries and electronic products. over 60% of our exports are produced, supported by advance the technologies and by foreign investors companies working in china. they are producing exports, for example, foot ware, clothes, apparel and suitcases and things like. that however, these chinese products also moving up the valley chain from a very low end to a medium end. for instance, we are now able to produce very good foreign fibers and this situation is, of course, determined by the increase of our labor cost. the change of our taxation and incentive policies. so this forces chinese exporters to move up the value chain. china also seeks to strike a balance between import trade and

our cover piece is on ben bernanke's effort to use the federal reserve to address the economic crisis we find ourselves in. it is a wonderful piece by roger loenstein. on the cover he's the hero. inside he's the villain because as he explains, he's managed to enrage both the right and left with which roger argues is a series of daring and ultimately fairly effective efforts to get things moving again. i'm hoping that there will be some disagreement as well as some agreement with our conclusions over the course of today. this issue is out today. there's some other wonderful stuff in it if i may say including a nice piece on how our spending habits have changed over the last few years. a terrific piece by the political philosopher michael sandel about how market logic has seeped into our consciousness, and for those looking for something more fun, a terrific profile by mark bouden of the man who broke atlantic city, a gambler who successfully took three different ka seen knows for $15 million and how he did it. >>> our panel from earlier in this domestic and global economic summit. we'l

the issue really comes down to the economics. and the financial capacity and cost to do the projects and how we can move forward and the distinctions between the developer teams was and how this of the project economically, and what funds they have available now to commit to the project. predicting the cost before you dig in and hire engineers is called a conceptual performance. tell us how you are considering this project. how do you consider it? the difference between the real -- the teams is the ore orton ty can do it at a lower cost and secure a low or equity. and the developer would split the proceeds. ecb group sees this as a project that will be really difficult to do without some sort of subsidy or funding or feasibility gap, and they came to that table offering to spend the money, which is to figure the project out, and then to go look at the funding sources. we moved forward and undertook the evaluation process. we saw the presentation in january were a consultant reviewed the proposals. we convened a technical panel of

it is the elixir of economic life. the conception of crude keynesian is some by pushing the right buttons rican dial the employment level that we want to handouts to increase consumer demand construction projects to employee strong back labor is discredited by cross-section studies of what explains high employment and low employment among nations. what this would require a first on a broad front to encourage more entreprenuership and finance in startup companies to encourage those two imagining and exploring. to the extent they succeeded it would lift job satisfaction and employee engagement and raise employment days of when a. we want dynamism with economic justice and economic inclusion. that does not mean a social inclusion but throwing people into the economy preferably into the business sector where new ideas for new products are conceived and pulling up wages and the lower echelon end and must be a government program of subsidies, companies or employment of low-wage workers. in my book that robert soldiers kindly

the county executive has been a major force for economic grorowth. rushern baker, spot to before joinining us -- thank you for joining us. u goa very good it right up. the ststarts with se ways you're trying to grow the economic health of the county. always beforore, you - -- you id that people u use tchuckle when u called prince george's county the econonomic center of the reon. >> they did. >> you have proposed --ther things to return to do. but first, we have to tatackle the problem you are facing, the budget defic. $125 million projected d deficit. a lot of people are saying it is not clear where that is going to come from. >> thehe whole region is faced with an economic dowurn. from w where i am that, i have asked agencies to take a 5% cut across the board. the only agencies exempted our education and public safety. everyone else is making a cut and this is clearly going to impact the things we want do at prince george's county, which is why the economic activities we he donone with ourr economic development center fund, our commercial tax base i

caps claw their way to the top of the us hierarchy a majority of americans are not happy with the current economic model is it time for a shake up bullets for. it's there is a march twenty ninth a.t.m. here in washington d.c. i'm liz wall and you're watching the tea. well it's a meeting of the world's five fastest growing economies it comes to be known as the brics that is brazil russia india china and south africa and they just wrapped up their annual summit in new delhi india the alliance is proving to be a force to be reckoned with they make up forty two percent of the world's population a quarter of its land mass and their g.d.p. is expected to expected to surpass that of the u.s. in just three years and with their growing influence on the world economic stage they want to have more of a say and world economic affairs and it looks like they're taking that or is into their own hands but to give us a wrap up of the summit i was joined earlier by robert naiman policy director at just foreign policy i first ask when i first asked him if the bric countries could achieve more of a say in foreign aff