Commerce Cabinet Crisis XVI: John T. Connor

OLYMPIA, Wash. — If history is any judge, the U.S. government will be paying for the Iraq and Afghanistan wars for the next century as service members and their families grapple with the sacrifices of combat. An Associated Press analysis of federal payment records found that the government is still making monthly payments to relatives of Civil War veterans — 148 years after the conflict ended.

Meeting follows establishment of the Interagency Trade Enforcement Center through Presidential Executive Order signed todayCommerce Secretary John Bryson today hosted a joint meeting of the Trade Promotion Coordinating Committee (TPCC) and the Export Promotion Cabinet (EPC) to discuss strategic priorities for promoting trade and U.S. exports and receive input on new initiatives. Secretary Bryson was joined by officials from the Export-Import Bank, Small Business Administration, National Security Council, and Departments of Agriculture, State, and Treasury, among other agencies.The TPCC and EPC support the president’s overall economic agenda by helping U.S. companies export globally and create jobs locally. The TPCC is composed of 20 federal government agencies and chaired by the Secretary of Commerce. The EPC was established to coordinate the development and implementation of the National Export Initiative (NEI) along with the TPCC, helping to meet the president’s goal of doubling U.S. exports by the end of 2014.  During the meeting, which was his first as Commerce Secretary, Bryson highlighted the progress with NEI and the need to strengthen efforts to continue to increase U.S. exports. In 2011, the U.S. exported over $2.1 trillion in goods and services, the highest on record and the first time in history that America has crossed the $2 trillion threshold. Despite the positive signs of economic recovery, the president has made clear that lasting economic growth requires leveling the playing field for American workers and businesses and making sure they are able to compete successfully in global markets.

By Scott Minerd: The gold-convertible U.S. dollar became the global reserve currency under the Bretton Woods monetary system, which lasted from 1944-1971. This arrangement ended because foreign central banks accumulated unsustainably large reserves of U.S. Treasuries, threatening price stability and the purchasing power of the dollar. Today, central banks are once again stockpiling massive Treasury reserves in an attempt to manage their currency values and gain advantages in export markets.

In an effort to combat Europe’s lingering debt crisis, European financial institutions have created bailout funds worth hundreds of billions of euros. While these funds are largely designed to support large banks and national governments, the EU is also supporting smaller entities in the private sector through an ambitious microfinance initiative.  

By Simon Johnson, co-author of White House Burning A decision on choosing the next president of the World Bank is expected this week – perhaps as early as Monday.  The Obama administration nominated Jim Yong Kim, president of Dartmouth College and a noted public health expert.  The reaction to this nomination from development economists and people experienced in the business of lending to poor countries has been overwhelmingly negative.

Via Kevin Drum, Gallup asks America to look back at recent presidents: