Jeffrey Sachs, Columbia University | October 28, 2008
A US recession is inevitable but stopping global downturn should be political leaders’ top priority. ++ Expansionary policies by the surplus economies of Asia and the Middle East could offset demand decline. ++ Coordinated expansion should include policy that prevents big banks from withdrawing credit overseas and swap lines between the US, EU, Japan and all main emerging markets. ++ The IMF should give loans to all countries that request it, starting with Pakistan. ++ Expansion in the US should focus on infrastructure, not tax cuts.