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Now, McDonald's is a very good indicator of the global economy. If McDonald's doesn't increase its sales, it tells you that the monetary policies have largely failed in the sense that prices are going up more than disposable income, and so people have less purchasing power.
But we can turn challenges into opportunities if we look outwards to the realities of the global economy and modernise our internal institutions in ways that will equip Europe to meet that challenge and create confidence amongst the public.
The question is what will Mitt Romney do as president if his policy is simply to be hands off and let the government be made so small it can be drowned in a bathtub. In the 21st century global economy, no state alone has the ability to compete against China.
There are more humans than all of the rabbits on earth. There are more of us than all the wildebeests, than all the rats, than all the mice. We are the most numerous mammal on the planet. But because we're not like rabbits or rats or mice, we have technology, we have a consumptive appetite, we have a global economy.
Our view is that economic isolationism is the wrong way to go. Vibrant, successful growing economies that advance the interests of their citizens engage the global economy. And, we're committed to engaging the global economy.
I think because we're such a trading nation, I think Canadians understand that first and foremost we're part of the global economy.
Labor, no matter how inexpensive, will become a less important asset for growth and employment expansion, with labor-intensive, process-oriented manufacturing becoming a less effective way for early-stage developing countries to enter the global economy.
Creating jobs for your country's workers is about much more than ensuring that the balance sheets of your country's companies are strong, or stimulating domestic demand. It is about figuring out how your country's workers fit into the global economy.
Those who have contributed great positive innovations to our society, from the pioneers of genetic understanding to the pioneers of the Information Age, have received a pittance compared with those responsible for the financial innovations that brought our global economy to the brink of ruin.
As we work to promote greater economic opportunity for the American people, we must always remember that the American economy is deeply integrated with the global economy. That brings challenges but even greater opportunities.
We have to remember we're in a global economy. The purpose of fiscal stimulus is not simply to sustain activity in our national economies, but to help the global economy as well, and that's why it's so critical that measures in those packages avoid anything that smacks of protectionism.
In Western capitalism circa 2013, fear that the market economy has become dysfunctional is not limited to a few entrepreneurs in Boulder. It is being publicly expressed, with increasing frequency, by some of the people who occupy the commanding heights of the global economy.
In pursuing economic growth, India and the United States share similar values and similar challenges. We understand that the global economy is here to stay. To keep growing and leading the world in innovation and opportunity, the United States and India must trade freely, openly, and according to the principles of the global marketplace.