"the definition of insanity is doing the same thing over and over and expecting different...

21

Upload: alaina-harper

Post on 20-Jan-2016

224 views

Category:

Documents


1 download

TRANSCRIPT

Page 1: "The definition of insanity is doing the same thing over and over and expecting different results.” - attributed to Benjamin Franklin
Page 2: "The definition of insanity is doing the same thing over and over and expecting different results.” - attributed to Benjamin Franklin
Page 3: "The definition of insanity is doing the same thing over and over and expecting different results.” - attributed to Benjamin Franklin

"The definition of insanity is doing the same thing over and over and expecting different results.”

- attributed to Benjamin Franklin

Page 4: "The definition of insanity is doing the same thing over and over and expecting different results.” - attributed to Benjamin Franklin

UNCERTAINTY

INSECURITY

Page 5: "The definition of insanity is doing the same thing over and over and expecting different results.” - attributed to Benjamin Franklin
Page 6: "The definition of insanity is doing the same thing over and over and expecting different results.” - attributed to Benjamin Franklin

The Global Contexthas changed.

G-7 / G-20Creditors vs. Debtors

Pent-up vs. OversuppliedShort vs. Long-term Strategies

Cost of Empire

Page 7: "The definition of insanity is doing the same thing over and over and expecting different results.” - attributed to Benjamin Franklin
Page 8: "The definition of insanity is doing the same thing over and over and expecting different results.” - attributed to Benjamin Franklin

NAFTA215191158

ASIA116118136

EUROPE158178188

Page 9: "The definition of insanity is doing the same thing over and over and expecting different results.” - attributed to Benjamin Franklin
Page 10: "The definition of insanity is doing the same thing over and over and expecting different results.” - attributed to Benjamin Franklin

The Competition:

“TO BECOME THE WORLD CENTER OF FINANCE,TRADE, AND CULTURE IN THE 21st CENTURY”

Mission Statement of Shanghai, Chinaas reported by the secretary of transportation, Joseph Perkins,State of Alaska, following a recent visit to China June, 2001

Page 11: "The definition of insanity is doing the same thing over and over and expecting different results.” - attributed to Benjamin Franklin

North American ContextIs changing.

Debt – HouseholdDebt – FederalDebt – States

Debt – Cities and Counties

Page 12: "The definition of insanity is doing the same thing over and over and expecting different results.” - attributed to Benjamin Franklin
Page 13: "The definition of insanity is doing the same thing over and over and expecting different results.” - attributed to Benjamin Franklin
Page 14: "The definition of insanity is doing the same thing over and over and expecting different results.” - attributed to Benjamin Franklin
Page 15: "The definition of insanity is doing the same thing over and over and expecting different results.” - attributed to Benjamin Franklin
Page 16: "The definition of insanity is doing the same thing over and over and expecting different results.” - attributed to Benjamin Franklin
Page 17: "The definition of insanity is doing the same thing over and over and expecting different results.” - attributed to Benjamin Franklin
Page 18: "The definition of insanity is doing the same thing over and over and expecting different results.” - attributed to Benjamin Franklin

Lack of Demand DriversDecline in consumption

Less RetailLess Industrial

Less OfficeLess Hotel

Greater Price Sensitivity

Page 19: "The definition of insanity is doing the same thing over and over and expecting different results.” - attributed to Benjamin Franklin

The Real Estate Marketis in Decline.

DeleveragingTight Credit

Diminished Demand

Page 20: "The definition of insanity is doing the same thing over and over and expecting different results.” - attributed to Benjamin Franklin

"Without changing our pattern of thought, we will not be able to solve the problems we created with our current patterns of thought."

- Albert Einstein

Page 21: "The definition of insanity is doing the same thing over and over and expecting different results.” - attributed to Benjamin Franklin