The world economic recovery continues, but it has weakened further. In advanced countries, growth is now too low to make a substantial dent in unemployment. And in major emerging countries, growth that had been strong earlier has also decreased.
Probably the most convincing evidence that Quantitative Easing works is the revival of housing sector. Economists agree that the collapse of housing values is a major deterrent to consumer spending. Housing could finally begin to recover this year.
For obvious reasons, the financial problems of the eurozone have grabbed all the headlines. But it is important to recall what the European Union really means to Europeans. And why it is that the EU's members have been slowly but steadily ceding sovereignty to Brussels for over 50 years.
What the business and financial people driving the economy have forgotten is that the gains they derive from profits produced by enterprise must be shared if our society is to function with any cohesion.
It's not everyday that you're interviewed on TV and 300 million viewers tune in. During my recent trip to Asia, China Central Television (CCTV) interviewed me about Marriott's growth and the global economy.
It's a shame that so many TV hosts have all but given up on the appearance of balanced market reporting. While the truth will emerge over time, it would be wise to recognize pessimistic opinions are no more reliable than optimistic ones.
If the heads of states now embark on the path toward more integration and sacrifice some national sovereignty for common financial policies, the euro will be the next global reserve currency. And nobody will even remember this crisis.
The continual gatherings of heads of state, such as the one just concluded in Rome of Germany, France, Greece and Italy, reassure us that the euro will be saved. But the means to do so seem to be as elusive as ever.
Greece continues to gamble with its eurozone membership with the misguided belief that it can soften demands for austerity, without threatening its bailout. Instead, it is the lack of a sufficient firewall, rather than a commitment to Greece remaining within the e