Again, this is about as uncharitable as it's possible to be. The thing about being America, in any kind of international negotiations, is that you're America. You don't need to speak loudly: frankly, you don't need to speak much at all. Everybody knows what your position is, and most of the time, if you just sit there and say nothing, everybody will ultimately come around and do what you want, just because it's what America wants. Getting tougher capital standards is harder than, say, getting Jim Kim to be the new president of the World Bank, but the general principle is the same: what America wants is the base case scenario, and is likely to be what ultimately gets done. And if America shouts loudly about what it wants, that is unlikely to help and actually quite likely to hurt matters.

What does all this mean in practice? Thomas Dall at the BEA helped me out, taking one recent datapoint as an example: nominal GDP at the end of the first quarter of 2009.

Personal foundations are also the easy way out: a way of saying "I know I want to give my money away, but I can't be bothered to actually do it yet." If you're committed to philanthropy, that's not good enough. You're trying to improve the world, rather than trying to create a tax dodge which gives away the bare minimum every year.

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