Can Obama Inspire a US "Savings Spree?" - Chris Patten

Complete video at: http://fora.tv/2008/11/07/The_Shifting_Balance_of_Power_in_2009

Chris Patten, Chancellor of Oxford and Newcastle Universities, criticizes America's "culture of debt" he identifies as the cause of the country's current economic crisis. Patten states that President-elect Obama must encourage Americans to shift priorities to "family values -- not running up bloody great deficits."

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Just three days after the 2008 US Presidential Election and with the influence of China and India growing by the day, our international experts provided their insights and views on how the world will look in 2009 and beyond - Oxford Business Alumni

Lord Patten is the Chancellor of Oxford and Newcastle Universities. He also is the European Commissioner for External Relations, 1999-2004 and the Chairman of the Conservative Party. Lord Patten is also the last British governor of Hong Kong and author of East and West: China, Power, and the Future of Asia and Cousins and Strangers.

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[ericclaptonismygod31]

So the question is how Americans can save more, and find effective ways to increase real income without inflating away the value of the monetary unit (the US dollar).

I really hope that Obama can make things better, at least not screw things up further. Most US Democrates are stupid assholes, and it would be nice to see a Republican comeback.

Anyhow, we will see.

[stonerj0e]

this guy is quite naiive because he thinks obama is for the people .

[Mrd006]

these guys need to lay off the fatty foods

[2soontotell]

clearner sounds good but is not that what japan did and does?

what further happens 2 our economy if people do not spend?

tx

[felixthehuman]

wtf?: "American households have on average 13 credit cards" - is that even plausible? I've never known anyone to have close to that many. I haven't been able to find a statistic that comes close to that, but I have found plenty of contradictory statistics.

[davidmesaaz]

Thomas Sowell describes how inaccurate and distorted household earnings are. There is a difference between "households" groups and flesh and blood individuals... watch?v=WrtoSx-NbLQ

[clearner123]

Right on! American needs to start saving!

[dangerousprimate]

great channel!