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Tuesday, October 28, 2008

Fisher quotes Deng Xiaoping

According to this BW article, titled "Forget Adam Smith, Whatever Works", Federal Reserve Bank of Dallas President Richard W. Fisher, in addressing the high and mighty of global finance in Washington during pivotal meetings of the Group of Seven and the International Monetary Fund, borrowed a Chinese proverb popularized by the late Chinese leader Deng Xiaoping: "No matter if it is a white cat or a black cat, as long as it can catch mice, it is a good cat."

Washington's partial nationalization of banks marks a fundamental shift in thinking about the relationship of the public and private sectors.

Read more about the future of capitalism.