Indeed, speculative excesses in asset prices and credit flows might occur more frequently in future, thanks to the combined effects of financial liberalisation and a monetary-policy framework that concentrates on inflation but places no constraint on credit growth.
Together, guided by the inspired comments of leaders such as Secretary of Agriculture Tom Vilsack and Governor of New Mexico Bill Richardson, participants will help build a Federal framework through which options for managing the unavoidable effects of climate change can be analyzed.