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Apr 22

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As growth slows in Europe and America, other countries get less investment from rich countries and can export fewer goods to them. So, those who wanted to gloat over America’s troubles are now realizing that it comes at a price for their countries.Nowhere is this more true than in the oil-exporting juggernauts. Countries like Russia, Venezuela and Iran have all perfected the art of criticizing the West while enriching themselves by selling to the West.

But now, as the Western model is battered, their own oil revenues also plunge. It turns out that, if America is not doing well, it’s tough for Russia and Iran and Venezuela to do well either. We really are in this together.Now, in just a moment, I’ll be talking to Robert Rubin, former Treasury secretary, and some fascinating European political pundits – Bernard-Henri Levy and Jo Joffe.Let’s get started.

Bill Clinton once called Robert Rubin the best Treasury secretary the United States had had since Alexander Hamilton. Rubin served in that Cabinet position from 1995 to 1999. Those were prosperous years for the United States. It seems like a long time ago.