You know the most important thing the Americans did for Iraq apart from liberating the country from Saddam was helping Iraq reduce its debt. The United States worked very hard to reduce 80 percent of Iraqi debt.
In 2010, I proposed that Congress take its first pay cut in 77 years, and my effort had bipartisan support. And as part of leading by example, I returned 5 percent of my paycheck every month to pay down the debt.
Global warming, the ongoing destruction of the planet, Third World debt, the uselessness of the railways, the takeover by the corporations, the scary George Bush person: all these things are important and should be animating me into outrage. Yet somehow they do not.
When I became CEO of Xerox 10 years ago, the company's situation was dire. Debt was mounting, the stock sinking and bankers were calling. People urged me to declare bankruptcy, but I felt personally responsible for tens of thousands of employees.
At this time - we're in a dramatic crisis - euro bonds are precisely the wrong answer. They lead us into a debt union, not a stability union. Each country has to take its own steps to reduce its debt.
I see nothing that points to a recession in Germany. But I see considerable long-term tasks ahead of us that have to do with markets regaining confidence in Europe and that have a lot to do with reducing debt.
Even if you feel like your debt is just never going to go away, think long and hard before declaring bankruptcy. Declaring bankruptcy means that getting a loan for anything will be next to impossible for the next 10 years.
I think the whole issue of a debt ceiling makes no sense to me whatsoever. Anybody who is remotely adroit at arithmetic doesn't need a debt ceiling to tell you where you are.
We owe an historic debt to American Indians. They have a unique set of concerns that haven't been addressed, and I'd like to stand with them. Also, I'd like to get their views on immigration.
