Originally published at: https://blog.12min.com/in-an-uncertain-world-summary/
Tough Choices from Wall Street to Washington
The science of “Uncertainty” with all its attributes from the Former Treasury Secretary Robert Rubin’s point of view.
A book which covers his White House days: the variability of the U.S and world’s economy.
Who Should Read "In An Uncertain World"? And Why?U.S. history and tradition has a lot of controversies, but its economy always had an impact on the world. With such a highly professional administration the Americans often act as the “World’s Policeman” dealing with all sorts of troubles beyond its borders.
Clinton during his mandate had faced hundreds of economic obstacles and challenges. To handle such issues, you need a team of professionals, a squad of experts who will analyze the situation, and provide detail analysis.
The ability to maintain a high-level of concentration in times of crisis consists of vision, dedication, and knowledge. Nevertheless, you’ll immediately realize that this book extends far beyond politics, it’s a demonstration of how a leader should behave. Reading “In An Uncertain World” you’ll learn how to become a real professional in your area of expertise.
About Robert E. Rubin & Jacob WeisbergFrom 1995 to 1999 Robert E. Rubin was at the height of its “power”. At the time he was a U.S. Treasury Secretary in the Clinton Administration. He graduated from Harvard University.
Jacob Weisberg as an author wrote “In Defense Of Government” and edited a few other books.
"In An Uncertain World Summary"One beautiful evening on January 10th, 1995 Robert Rubin swore allegiance to the U.S people with a promise that he will fulfill the Secretary of the Treasury duty with honesty and integrity. Shortly after the briefing, an unexpected call turned his honeymoon into a short-dream.
The formalities play a considerable role in the American Administration, but Robert had little time to adjust to the system. “A cry for help” knocked on his door and he immediately went to Mexico alongside Larry Summers (Treasury’s top international official).
The former USA President Bill Clinton requested an emergency meeting about the situation prevailing in Mexico. Before the arrival, many of the essential subjects were already examined and investigated by Rubin and his team of highly-educated professionals. According to them, the process of integration was of utmost importance, so any relevant “rescue information” was crucial.
Alan Greenspan (Federal Reserve Chairman) and Rubin designed a rescue plan before the meeting with the president. The new Secretary realized the value of the task and briefly explained that Mexico was on the verge of bankruptcy. Such an economic disaster could have led to a massive migration and other societal constraints.
Rubin and Summers suggested an urgent reparation plan or in other words financial rescue – known to the public as a bailout. As a consequence of that meeting, the Mexican government received billions of dollars help to avoid economic collapse and disaster.
Robert Rubin, a proven genius, and the ex-Treasury Secretary acknowledge the theory of measuring risk effect by studying the probability of its appearance. To him, uncertainty is not just a term; it is an integral part of life. The sooner you realize, the better.
In reality, Rubin was ahead of its time – meaning that he didn’t allow “risk-aversiveness” to enter his heart. At the time, he influenced Clinton’s policies and other decisions because his experience was highly appreciated. Mistakes were not a part of his package deal, but their existence from time to time was inevitable.
The sacrifice he made during that period was enormous, due to the fact that he offered a lot useful solution for economic problems. The U.S Administration back in the late 90s, during Clinton’s mandate, rescued many economies, and this trend continues to this day.
American top leaders guided by financial experts like Rubin helped not just rural countries but many other economically stronger nations in the hope of overcoming the global economic crisisс. His warning signs used to signalize the dangerous disconnection between the country’s growth and lack of support from the Global community.
Rubin carefully draws a line between opinions and facts or in other words – delivers a well-researched study which separates facts from unproven theories. In spite of Clinton’s reputation, he often expressed himself too freely, not to offend the Clintons, but to share his thoughts without hesitation.
This is one of those so-called – measured risks. His title and knowledge gave him the credibility to turn words into action. Uncertainty as a topic is not a straightforward term because it can be interpreted in thousands of different ways. Each perspective covers a specific area of knowledge which reflects the experience of that particular person.
Country’s economy doesn’t end at its borders, globalization influences the world equally so this book will teach you to expand your shallow views and enter the real world.
Key Lessons from “In An Uncertain World”1. The White House Life and its impact 2. “We” versus “I” 3. Rubin and Clinton’s efforts
The White House Life and its impactThe White House was undoubtedly a morale booster for Rubin. He didn’t spend much time investigating the rooms, but proving useful in other areas.
The uniqueness of “The White House” emerges from a well-designed interior and a mix of perfectly selected colors.
“We” versus “I”One thing that all people must learn – to choose their words carefully. That practice is long forgotten by the world’s leaders in the digital era.
Somehow we are living on the verge of a new war. They must be able to put politics aside and stand for stability. Prosperity demands it.
Rubin and Clinton’s effortsIn the 90s, Asian financial crisis spread to Latin America leaving the north side isolated. Clinton had little time to react, Rubin as a member of his team of experts advocated for a policy to support Brazil.
Clinton endorsed the idea despite the risk of failure. Fortunately, the plan worked.
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"In An Uncertain World" Quotes[bctt tweet="Some people are more certain of everything than I am of anything." username="get12min"]
[bctt tweet=“The pursuit of fewer errors is sensible; the insistence on none at all, counterproductive.” username=“get12min”]
[bctt tweet=“As the increasing number of Americans attempting to do business in China are discovering, the Chinese may move, but not in direct response to demands or on someone else’s timetable. In the twenty-first century, China will be a formidable and staunchly independent force.” username=“get12min”]
[bctt tweet=“The tendency to go to excess seems to stem from something inherent in human nature, as does the remarkable failure to draw lessons from past experience.” username=“get12min”]
[bctt tweet=“The belief that affluence can insulate is illusory.” username=“get12min”]