Just thought it should be mentioned. It could be argued he shaped the world we live in even more than Milton Friedman.
He traded millions of lives to save billions. He could have traded a few million less. His worst critics would have lost billions of lives. Their shynola don’t stink.
He was not perfect but i think we owe him much respect for his service.
Alan Greenspan is not far behind.
Greenspan was 90% mystique, 10% substance, and I’m probably overestimating the substance part.
You could have made a lot of money as a trader betting against his “predictions” and what he enabled into massive bubbles.
He was 100% a mistake but everyone in charge was a mistake in the 1990s. Things were too good to care. The American way.
He believed in the gold standard. He was the worst prognosticator on Wall Street in his day.
The powers that be had no problem with lending money to people who could not pay it back.
Henry Kissinger is dead. The media mill is already churning out fiery denouncements and warm remembrances in equal measure.
Other opinions differ.
Kissinger decided to intensify the secret tactical bombing of Cambodia, which had started under Johnson in 1965, into a ruthless campaign of carpet bombing that continued until 1973.
In early March 1969, Kissinger told Nixon: “Hit them!” By 1973, between 150,000 and half a million Cambodians were killed. Kissinger callously described the excessive bombing by saying: “We would rather err on the side of doing too much.”
The infamy of Nixon’s foreign-policy architect sits, eternally, beside that of history’s worst mass murderers. A deeper shame attaches to the country that celebrates him
I read Kissinger’s A World Restored: Metternich, Castlereagh and the Problems of Peace, 1812-22 for a history class in '71 or '72. It clarified everything he did.
Americans do not realize our 5% of the global population is entirely in the elite.
Everyone has a sob story. You are still well off just by being born here.
Kissinger, like Jack Welch, took the easy way out. Both should be held up as examples of hubris run amok, and a religion started using them as the devil incarnate.
Why should Jack Welch be held accountable for anyone else’s actions?
If CEOs can not make decisions that work that should not surprise. Welch did not make those decisions though.
If you have kids are you responsible for their actions? Or your wive’s actions? Just you with all of that?
Jack Welch died in 2000. Are you saying no CEO has had his or her own thoughts since then?
Hippocrates died in 370BC. Doctors still repeat his oath.
So you are saying medical decisions and treatments have not changed? The doctors make no decisions of their own.
The Hippocratic Oath is about balancing a principle of care. It does not dictate that anyone make Hippocrates’ decisions.
No one has to behave like Jack Welch. The idea that any other CEO behaves like Welch is not true. The principle of keeping better-performing executives had been around well before Welch.
It depends how the term “better performing executives” is defined.
And Welchism is about the principles of maximizing “shareholder value”, by hollowing out a company, leaving little or nothing for those who come after.
Welch died in 2000, Boeing had shareholder equity of $11B for that year. When Welch trained Jim McNerney took over in 2005, the company had $11B of equity. When McNerney retired in 2015, the company had $6.4B in equity. In the hands of McNerney’s hand picked successor, and his successor, another Welch acolyte, the company now sports a negative $15B of equity as of the end of 2022. That is “principled” management, but the “principle” is personal enrichment, not leaving the company stronger than when the CEO took over.
The parts of supply-side economics that had worked stopped working in 2000. We have been riding a dead horse until 2020.
Welch had no say in what happened when the US macroeconomic picture changed.