USTR United State Trade Representative succession

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1

2 USTR United State Trade Representative succession

3 Second Phase IT IT global linkage IT

4

5 GDP demography global market

6 IT IT 27 downside risk

7 observation observation GDP

8 capital gain GDP

9 GDP GDP GDP GDP 20% GDP 20% 80%20% 80%

10 20% 80% GDP 10% Money Center Bank 25% default Money Center Bank 25% structure

11 commitment 10 GDP consistency

12 30 10 primary balance sustainable Sustainable factor sustainable GDP500 G

13 built in stabilizer try and error

14

15 10 capacity issue GDP

16 , , DATAR Délégation à l Aménagement du Territoire et à l Action Regionale

17 last decade

18 4, NIES Newly Industrializing Economies IT lost decade 10 merkmal

19 moral hazard cash out refinance 3, , cash out refinance 10 3,000 4,000 1,000 cash out 1, cash out refinance reform reactive proactive reactive reactive proactive IT frontier reactive proactive proactive reactive proactive

20 IT PhD B-LIFE

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