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Post by nailbender on Oct 4, 2011 17:02:13 GMT -6
Is Krugman saying the study of economics is...."don't apply" or imagined? Some of the comments make sense....most don't. ************************* Part 2... More On China And Jobs skip... Like everything in economics, support for free trade should be based on analysis, not slogans. And if you’re in a situation where the analysis says normal rules don’t apply, then they don’t apply. krugman.blogs.nytimes.com/2011/10/03/more-on-china-and-jobs/
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Post by nailbender on Oct 2, 2011 8:30:14 GMT -6
It's good to know that Steve Keen is onboard... ********************* 1,000,000 economists can be wrong: the free trade fallacies by Steve Keen on September 30th, 2011 at 8:16 am skip.... Since economics has failed to clean out its own intellectual stable, it will be the public that finally forces reform upon it – as once-supporters like Anatole Kaletsky of The Times calls for “a revolution in economic thought” and George Soros funds an Institute for New Economic Thinking. With luck, in a decade or two, a more realistic approach to economics might emerge. But in the meantime, here’s a simple guide for the public: Anything the vast majority of economists believe is likely to be wrong. Which brings me to “Free Trade.” The belief in Free Trade is one of the hallmarks not just of the Neoclassical school which began in the 1870s, but also of the original Classical school which began with Smith in 1776. It argues that almost everyone’s material welfare will be increased if all countries specialise in what they are good at—a proposition that on the surface seems plausible, and a formidable body of mathematical economic theory has been erected to support it. Unfortunately, like so much else in economics the model of Free Trade is, to quote the humorist H.L. Mencken, “neat, plausible, and wrong.” The theoretical fallacies at its core have been there since David Ricardo first coined his model of comparative advantage during the political battle to repeal the “Corn Laws,” which restricted the importing of cereal crops into England. www.debtdeflation.com/blogs/2011/09/30/1000000-economists-can-be-wrong-the-free-trade-fallacies/
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Post by nailbender on Aug 31, 2011 20:43:49 GMT -6
Thanks for the confirmation on what I thought Ricardo was implying and further nicely explaining the differences in "Comparative Advantage" and "Absolute Advantage" or slave labor arbitrage coupled with the benefits of producing without environmental regs or worries.
I am in total agreement that not only the US but the rest of the developed world is FUBAR until the current trade policies are corrected and rewritten.
The term "outsourcing" has to become synonymous with "treason", this much I understand.
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Post by nailbender on Aug 30, 2011 17:03:24 GMT -6
The unquestioned misrepresentations of Ricardo and Keynes are all one needs to understand to get a grasp on how deep the roots of corruption run and how powerful the propaganda machine is.
I've never read Ricardo's work, but do not believe he envisioned or supported the idea that a nation can economically compete against it's own Capital, such as wealth (investement), IP, tooling, and I don't even know what to call the education and training of cheaper foreign labor whose sole purpose is to REPLACE the US employees training them and handing off their state of the art techniques, processes, and developed knowledge base. That is the last cycle US employees will participate in, the entire evolution of the next generation of state of the art will be held by foreign nations.
Our corporate masters have given it away and our children will pay dearly for their treasonist acts.
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Post by nailbender on Aug 29, 2011 23:07:04 GMT -6
Ian Fletcher hits the nail on the head again. How can there be so few with common sense out there in the "Great" USA? I was just thinking about this last night (again) when I posted how it is amazing most people have NO idea we are in a trade war 24/7 and are TERRIFIED that the US gets into a "trade war"... it is a MYTH as large as Smooth Hawley.... ********************************* Avoid trade war? It's too late! www.wnd.com/index.php?fa=PAGE.view&pageId=339097
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Post by nailbender on Aug 28, 2011 13:13:25 GMT -6
I agree ULC, policies governing trade need to be focused on the import side of the balance sheet.
What really gets me is how the "free traitors" refuse to acknowledge that ALL "international trade" is really ongoing economic warfare, someone is wining and someone is losing. They have created the illusion the trade is some sort of "love fest" where if you get raped, it is "your" problem and you have to just lay down and get used to it. They use the term "trade war" as something that everyone should fear as it will destroy our economy or "cause the next Great Depression", when in reality that is what is currently happening, "free trade" is continually eroding and destroying our economic base, our production.
The fact is the US is in a trade war everyday 24/7 and using our trade deficit as a gauge, we are taking a beating in this battle every hour of every day. The propaganda machine has everyone convinced we can be on the losing side of every economic trade, that trade deficits don't mater and our loses are insignificant. We are a nation that has been conditioned to be simply accept participating in a war without putting up a fight and being continually over run.
The matrix has everyone programmed that actually economically fighting back with import tariffs will be a BAD thing and a "trade war" will ensue. The fact is the Corporatacracy simply could care less about the well being of or nations economic health, it is only concerned with the rate of wealth extraction it can sustain and the size of bonus's it can distribute.
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Post by nailbender on Jul 4, 2011 17:49:36 GMT -6
Without a completely re-made trade policy with protective tariffs and import inspections as the cornerstone, austerity measures will be the final tension of the kleptocratic noose upon the middle class.
Happy 4th of July...
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Post by nailbender on Jun 20, 2011 20:06:05 GMT -6
The Reupblicrats are in charge Walt, 2 sides of the same coin. These politicians would sell there mothers for a $.05 if they don't get any bites on a long term lease...
In case you didn't realize, Otter is a Repuke and the state is also controlled by Reps. This is a Republican initiative that apparently supports all the benefits of the "Globalrapezation Mirrage".
Don't get me wrong here, I'm sure the politically connected Democricans would love to see a sovereign ChIdaho zone developed, they may even support offering a "free" Senator as a bonus perk. I'm sure the ensuing disaster can only be limited by ones imagination.
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Post by nailbender on May 10, 2011 14:04:33 GMT -6
Walt wrote: One last thing: The credit/money bubbles created by Wall Street also did something else, they acted as a narcotic like Heroin among the populace. It created the illusion among them that all was well when in reality they were being eaten alive by rats in some back-alley. And the rats in this case being the rich and bankers. Read more: unlawflcombatnt.proboards.com/index.cgi?board=general&action=display&thread=9016#ixzz1Lyvud8cBWell said, the sad part is you are not exaggerating.
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Post by nailbender on Apr 26, 2011 20:11:14 GMT -6
Just add it up Paul.
1 Blue Head + 1 Red Head = the most terrifying and powerful Corporate/Elitist MONSTER that has ever roamed the Earth.
Just say it Paul.
2 Heads of the same BEAST. It's all in the open now as they don't even care anymore about masking the MONSTER through deception and polarizing views. Just "get it done", what's best for the top 1% is BEST for the nation, this is NO longer debatable, this is POLICY, the way forward.
What this country needs are MORE tax breaks for the rich and corporate Amerika. We should also increase the incentives to export our remaining domestic manufacturing capacity while simultaneously launching as many cruise missiles the "civilized" world finds palatable while borrowing and speculating our way to the "Greatest Nation in History" status.
Paul, just tell it like it is...
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Post by nailbender on Mar 29, 2011 12:21:54 GMT -6
Deadeye, I haven't read "Unforgiven", will look into it.
I've rummaged for tariff data in relationship to Smoot-Hawley also. It is amazing how little is available, although what is there makes it very clear Tariffs had NO bad effects on the US economy, if anything it did just what it was supposed to do, it preserved US jobs and industrial capacity while generating income for the US Gov. The history books NEVER look into or note the "benefits" gained by the act.
Worldwide trade declined during the GD in relationship to the $ due to deflation and lack of credit worthy borrowers, we reduced supplying foreign credit. I'm not sure however, what the actual decline in "real" or "tonnage" value in trade or consumption declined during this period. I doubt the quantity of trade declined nearly as much as the actual $ values declined. If you know any tonnage data during this period, I would appreciate the link. It seems most trade data is quantified in USD.
The US was a creditor nation before and after the GD, if the reduction in the issuance of foreign and domestic credit could be quantified, it would relate to the drop in foreign trade and domestic consumption. In my view, tariffs were beneficial to the domestic economy and Fed balance sheet during the GD and would be even more beneficial to our current domestic economy as we running an unsustainable trade deficit and are exporting jobs and industry at a devastating pace.
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Post by nailbender on Mar 10, 2011 17:48:46 GMT -6
supposn wrote: Post #85 The point of cornering a market is to be able to obtain high prices for what you’re selling thsat’s in short supply. If there’s no immediate need for ICs, buyers .aren’t sufficiently desperate and they won’t pay extraordinary prices for what your selling. Some people can become paranoid about anything but judes, you needn’t concern yourself about some extraordinary scheme to corner an IC market and destroy our economy.
Entraprenuers are likely to act as brokers and sell ICs over the internet. I suppose almost anything can be sold over the internet. Importers whon need ICs will find a way to get them.
Read more: unlawflcombatnt.proboards.com/index.cgi?board=globalization&action=display&thread=8551&page=3#ixzz1GF5b6Ztt
Schemes and scams with the IC's are only limited by the imagination. US exporters will determine who and what get to import goods to the USA. Exporters that hold IC's will be in complete control of what gets imported, can't you see this? The holders of IC's will basically control import policy. Your claim that importers will "find a way" to get IC's is a MYTH based on wishful thinking. There will be approximately $800 Billion dollars worth of imports that won't find IC's. This will lead to abrupt shortages of something. This IC scam will be gamed in many ways. Just look at the Pyrex scam you outlined above, only get more "creative". Forget counterfeiting IC's, think counterfeiting high value goods that look good, but don't work or function. Just think of the fraud available in producing fraudulent medical related products. How will inspectors know the drugs are placebos or equipment faulty? Tariffs are the way to go, simple and effective with very little room for fraud and provides a great revenue stream for .gov.
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Post by nailbender on Mar 8, 2011 19:30:07 GMT -6
I think 2 big advantages of Tariffs over ICs is that imported goods would still be available at a higher price, there would be no "real" shortages while domestic production ramped up and the US wouldn't be held hostage by the Big Exporters, they would be able to determine what goods were imported. They would basically be in complete control of Imports and if they didn't want to "sell" their IC' (hoarding don't ya know), they could create shortages and do all sorts of manipulative shenanagins.
IC's are a scheme and should not even be considered.
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Post by nailbender on Mar 8, 2011 18:52:05 GMT -6
I've been following this for awhile and it doesn't make any sense. Collecting Tariffs would be a revenue stream for the Fed. Gov. Correct me if I'm wrong, but doesn't the Fed. Gov. need this revenue stream a lot more than exporting companies that are already making money, why do they need or deserve a subsidy? Let's face it, Big business/Banks are in complete control of the Fed. Gov. They are basically Mega-Monopolies and continue to eliminate or absorb their competition. BIG = BAD Isn't it obvious this format isn't working out so well? Now you want to provide them with a subsidy, which will make them only more powerful and concentrate capital further? I would go so far to guess that some of these exporters would actually use their new revenue stream to build more manufacturing facilities in FOREIGN NATIONS. Who are the major US exporters that would benefit from this IC scam? Here is some data I found from 2008. www.importexportbook.com/what-does-the-usa-import-and-export/ American Trade Statistics as provided by the US Census Bureau for 2008 show that last year US imports totaled $2.104 trillion in products from other countries and exports from the USA totaled $1.287 trillion in products to the rest of the world. In 2008, imports to USA from other counties rose 7.5% and exports from the USA rose 12.1%. The top ten categories of exports from USA to other countries in dollar value were: 1. Civilian aircraft … $74 billion, up 1.3% from 2007 (5.7% of total US exports) 2. Semiconductors … $50.6 billion, up 0.3% (3.9%) 3. Passenger cars … $49.6 billion, up 13.3% (3.9%) 4. Medicinal, dental and pharmaceutical preparations … $40.4 billion, up 15% (3.1%) 5. Other vehicle parts and accessories … $39.9 billion, down 10.1% (3.1%) 6. Other industrial machinery … $38.1 billion, down 0.6% (3%) 7. Fuel oil … $34.9 billion, up 124.1% (2.7%) 8. Organic chemicals … $33.4 billion, up 5.5% (2.6%) 9. Telecommunications equipment … $32.9 billion, up 4.6% (2.6%) 10. Plastic materials … $31.6 billion, up 8.7% (2.5%). The fastest growing exports from USA in 2008 by sector were: 1. Fuel oil … US$34.9 billion, up 124.1% from 2007 2. Metallurgical grade coal … $5.8 billion, up 97.8% 3. Chemical fertilizers … $10.8 billion, up 71% 4. Other coal and fuels … $2.8 billion, up 66.6% 5. Non-farm tractors and parts … $3.4 billion, up 62.2% 6. Rice … $2.3 billion, up 57.1% 7. Oilseeds and food oils … $3.2 billion, up 56.8% 8. Natural gas liquids … $3.3 billion, up 54.7% 9. Natural gas … $4.9 billion, up 54.6% 10. Unmanufactured goods from agricultural industry … $3.3 billion, up 53.8%. Read more: www.importexportbook.com/what-does-the-usa-import-and-export/#ixzz1G3dp8IveWith the continuation of current trends, I think ALL but natural resources and food should be put on the endangered list. The companies that are exporting, do not have their sites set on diversifying and increasing domestic production. They are looking to maintain or increase their bonus pool as their export levels continue to decline as more work and production is shipped off shore. Isn't this really what's/who's behind this scheme?
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Post by nailbender on Mar 2, 2011 14:29:01 GMT -6
Saw Trump on Regis today, he's got his rant down and was very similar to previous rants.
China is ripping the US off, taking our jobs, taking our industry. Doesn't blame the Chinese and says he'd do the same thing if allowed, the problem is here.
Oil prices skyrocketing will result in $5 gas and cripple the US. Disgusted and says without our Military protection they wouldn't even exist.
Unemployment is 21%, not 9%. The US is the laughing stock of the World. We are in serious trouble.
Will announce if he's going to run at the end of June.
They are pregnant, congrats to them.
Not sure about his stance on the revolving door between Wall Street and DC, but he's the only one talking about some major problems and knows something needs to be done. He's a shoe in if he decides to run IMO. I sure wish he'd use the "T" word.
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Post by nailbender on Jul 7, 2010 23:34:44 GMT -6
There is no credit crunch, there is more than ample credit available. The problem is a lack credit worthy borrowers do to the massive export of productive industry/jobs. The is a direct result of Globalization and free trade. It is economic suicide and is resulting in an economic death spiral.
Wall Street certainly did provide easy credit which masked the destruction caused by Free Trade.
Wall Street didn't know what Wall Street was doing??? LOL, you've got a lot to learn. Wall Street certainly knew what it was doing.
Look around, the US is in an economic death spiral, which globalization and free trade has played a pivotal role.
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Post by nailbender on Jul 7, 2010 20:19:29 GMT -6
When will the lights go on? It can't happen soon enough. ----------------------- Intel’s Andy Grove figures it out – sort of – on employment and manufacturing snip... I disagree. Not only did we lose an untold number of jobs, we broke the chain of experience that is so important in technological evolution. As happened with batteries, abandoning today’s “commodity” manufacturing can lock you out of tomorrow’s emerging industry. www.tradereform.org/2010/07/intels-andy-grove-figures-it-out-on-employment-and-manufacturing/
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Post by nailbender on Jul 7, 2010 19:54:04 GMT -6
Kyle, you stated repeatedly that voluntary trade is ALWAYS beneficial to BOTH parties or it will not occur. This is PROOF you theories/beliefs don't hold up in the real world. Your views and beliefs are founded in a fantastical world of theory where no one gets hurt. You are dangerous and so are your theories, whether you understand it or not.
Well that about sums up the beneficial illusions of Free Trade and Globalization. Neo-economists and Libertarians DON'T KNOW BETTER but continue to support the undeniable reality that it is destroying the US economy and the middle class as we have tried to explain to you. I suggest you open your eyes to what is happening to the US economy, US labor and advanced economies around the world.
Under the guise of Globalization, it matters not if US labor is productive if production in China is more profitable due to non-existent environmental regulations, lack of social safety nets, and slave-like labor earning minimal wages. This mind set of corporate America is destroying our economic base in return for short term profits and bonus's.
Technology and processes developed in the US, especially with the aid of public subsidies should not be allowed to leave the US, specifically it should not be allowed to be exported to China in order to access their markets.
Trade with China is NOT free trade and should have high tariffs placed on their goods immediately.
The fact is Globalization and Free Trade have decimated the purchasing power of advanced economies. Productive jobs/industry has been traded for service jobs, the fact of the matter is the service industry cannot sustain itself, it survives off the discretionary spending of productive labor.,
You continue to say this recession was caused by the bursting of the housing bubble and asset prices, when you state this it is obvious you don't have a clue as to what you are talking about.
The time frame you are focusing on is much to small to comprehend the "big picture" of the economic destruction and mayhem caused by the export of our production base.
What advanced economies are experiencing is not a recession, but a debt driven credit event that is the direct result of the multi-national corporations exportation of production and technology to China and Asian nations, including India. While it has been very beneficial to these countries, it has gutted and devastated the US economy and other advanced economies. Globalization has reduced labors purchasing power, thus reducing demand, which has resulted in a massive amount of over production capacity worldwide. This unused capacity was built with debt which now cannot be serviced.
If you were alive in the 70's and told people that in the year 2010 interest rates would be near zero and the economy would be in a virtual death spiral, you would have been deemed insane.
The export of the US production started in the late 70's as the miracle of wage arbitrage began to be exploited. Since then, it has taken greater reductions in interest rates and more accumulated debt to keep the US economy growing.
It was the "new economy" in the late 90's where Federal deficits climbed out of control and an explosion in personal debt occurred. Everyone appeared to be rich, but it was an illusion. The jobs and industries were being exported at a furious pace now and the lack of productive earnings had to be masked by increasing levels of debt in order for the appearance of economic growth to continue.
During and after the Dot Com bust, interest rates were drastically lowered in order to sustain the facade of a healthy/growing economy. The total of US debt literally mushroomed at this point as did the export/destruction of US production capacity. Productive earnings of US labor was replaced by debt now at unprecedented levels to mask the detrimental effects of Globalization and the loss of productive domestic US jobs.
In the 2000's it was obvious to those that understood the disastrous and predictable effects of Gloabalization to the US economy, that the tipping point of Free Trade had been reached when the amount of debt fueling the economy went vertical on the charts. The amount of debt incurred was proportional to the long term value of jobs and industry that was shipped overseas in return for short term profits and bonus's.
Very few had money, yet those with money (savings) couldn't make any money on interest. At that point the system was broken and unrepairable. No nation ever borrowed and consumed their way to wealth and prosperity, much to the contrary, they produced and saved their wealth. In order to do this, every productive job and industry was viewed as valuable, none were exported or given away.
The housing bubble was facilitated by a now totally corrupt and out of control financial industry that used easy credit and financial engineering to mask the destruction/export of the US production base, the foundation of the US economy. It mattered not who or what was destroyed in their quest for money, including companies, labor, nations, domestic economies, pension funds, clients or partners.
You see this is NOT your typical recession, this is a credit event. Debt replaced productive earnings to sustain the appearance of a strong US economy. The lack of purchasing power/demand by domestic US labor cannot service the debt payments due to the massive amount of jobs and industry that has been off shored. This is the expected and predicted end result of Globalization and Free Trade.
I'm not only talking about cheap underwear or shoe production, I'm talking about the entire high tech electronics industry for example. The design and manufacture of memory, circuit boards, microprocessors, displays. This industry used to be America's future, until it was exported.
Currently, even as our domestic economy is in free fall, R&D is being exported with "innovation" to soon follow to be closer to the fab centers. Globalization and Free Trade continue todestroy what's left of the US economy. There are NO jobs and NO jobs driver in the immediate future. Even if there was, under current gov policy, it would be exported as soon as feasible.
The only option available to US labor is to place tariffs on most all imports. The multi-national corporations know no borders and could care less who they destroy in there quest to hoard wealth from any remaining purchasing power found worldwide.
Closing this countries borders to both goods and people would be a good start to slowing the economic death spiral the US finds itself in.
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Post by nailbender on Jul 6, 2010 22:03:10 GMT -6
Typical Globalist Free Trader Neo-economist garbage here, equivocating labor as only a commodity found in the same expense line as oil.
Labor IS much more than a commodity, labor IS the consumer in a vibrant/sustainable economy. Wage arbitrage is nothing more than 21st century slavery/serfdom.
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Post by nailbender on Jul 6, 2010 21:52:43 GMT -6
Would you describe the FED as your local friendly lender? What are your views on the FED and the Federal Reserve Notes they issue that you income tax must be paid in? You do understand this is "private" banking money and not Sovereign US Gov. Money don't you?
You have repeatedly stated trade will only occur if it is beneficial to both parties. This is a a myopic view of how successful international trade occurs IMO which is consistent with the Globalists views.
I agree that making products cheaper causes people to buy more (recently with debt in the US) and creates jobs elsewhere (China and Asia) and economic growth overall for both manufacturers in China and the US corporations that have out sourced their production.
Where is the economic benefit for US labor that is missing in that equation, or the US economic gain? The US corporation pays nothing in taxes and distributes it's gains upwardly to management and stockholders and encourages even more off shoring of work since it's working so well. Corporate America is literally destroying it's consumer market that has sustained it for so long while hoarding accumulated wealth
This destructive cycle continues to erode the productive foundation of the US economic system, thus destroying the middle class that is forced to work at Wall Mart because of the lack of manufacturing jobs in the domestic market. The job at Wall Mart won't last long either as fewer Americans will be afford to shop their because they don't have work either since the local state and municipal jobs have been eliminated because of declining tax revenue collection.
Again, Globalization is an economic death spiral for advanced economies.
Is this some kind of twisted Globalist theory you read somewhere Kyle? Maybe this creates more jobs and wealth in China, but where are all these productive jobs being created in the US since we've been accumulating trillion dollar trade deficits with China? I've got news for you, there is NO productive jobs creation in the US do to Globalization. This IS that GREAT SUCKING SOUND Perot talked about, it's actually the last gasp of the middle class as it is being destroyed by "free trade" with communistic/3rd world countries.
Where is this Law that states trade, when done voluntarily, must benefit both sides? This is a ludicrous statement at best. When Goldman Sachs worked it's CDS scam on AIG, you claim it benefited AIG? The real world doesn't work the way economic theory works. In the real world, there are winners and losers and in the case of free trade in the US the destruction/export of our productive economic base is the primary casualty. High tariffs are our only hope now to salvage what is left of our manufacturing base and allow time to rebuild/retool.
How can you claim this with a straight face? In the 50's and 60's, a typical middle class family had a single wage earner and comfortably made ends meet. recently it is common for both the husband and wife to hold jobs to make ends meet. Wages have been flat to declining for the past 20 years while the cost of everything one needs has risen in price. The middle class is not only declining, it is certainly being destroyed. Do you make an attempt at keeping up with current economic and societal statistics? There are upward of 40 million Americans on food stamps and the number is exploding. Millions of middle class are being foreclosed on, all of these are not sub-prime borrowers, but now include "Primes" that no longer have jobs do to the miracles of Gloablization and out sourcing.
Really, that is news to me, maybe you can explain that further. IMO, in a resource limited world, there is only so much an individual can purchase or consume. I am amazed at how easily you are willing to export productive US jobs for short term gain.
Enlighten me Kyle, why you are so certain US labor that has had their jobs exported/sold for scrap to 3rd world countries in exchange for short term profits/bonus's and the service industry employees that depend on that productive labor "will have jobs". Is this some type of economic theory that supports Globalization and free trade?
Exactly what will be the jobs driver in the near future that will employ the millions of workers that find themselves out of work because of Globalization and wage arbitrage?
Somehow you equate corporate business success utilizing wage arbitrage in China and Asia (Globalization/exporting of productive US jobs) with a sustainable/vibrant US economy. Nothing could be further from the truth.
In past recessions, some intentionally caused to cool the economy, the productive manufacturing base of the US economy lead the way forward with increased wages, increasing labors purchasing power. That economic base has been exported and will not provide support to our economic decline. There will be no bottom to this economic disaster we are experiencing due to to the trade off of our production for short term profits/bonus's by the Globalists.
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Post by nailbender on Jul 5, 2010 23:58:48 GMT -6
Kyle, exactly who are the "many" that argue Smoot-Hawley didn't contribute to the GD? I believe all economics textbooks and most economists support the mantra/myth that Smooth-Hawley either "caused" the GD or made it "much worse". Paul Craig Roberts and a handful of Populists are the only people I know of debunking the Smoot-Hawley Myth.
This thread destroys that widely believed myth that is repeated by so many in the media, economists and educational system which is used as "evidence" why protectionism and tariffs are so harmful economically. Why do you think the statement is never contested when it is obviously completely inaccurate and not supported by the data. It is a myth supporting the globalists free trade agenda/policies and is their ONLY evidence as far as I can tell, besides the uncontested statement that it benefits everyone.
Kyle, I believe you are brainwashed by the neo-economists and fail to see the "BIG PICTURE" on how "International Trade" works in reality. The failure by our gov policies, economists and general public to understand how trade works is the very reason the is NO bottom to our economic disaster that unrelentingly continues to destroy not only the US economy, but advanced economies around the world.
Globalization, out sourcing and off shoring of jobs is not occurring naturally in any fantastical world of equal democratic and environmentally concerned trading partners, it is being enabled and facilitated by the multi-national corps and the International Banking Cartel, which own and run our gov, to consolidate wealth and power with no regard to a any nations sovereign economic well being or survival. It's an elaborate looting scheme and economic warfare against the unknowing and uneducated middle class of advanced economies which will ultimately turn them into serfs/slaves of the One World Gov/Corporation.
Your view that the US is very wealthy is very naive IMO. Where is the wealth? The US gov is $13 Trillion in debt with seldom mentioned $10's of Trillions in unfunded obligations and financial guarantees. The US doesn't have any wealth actually, what it has is a mountain of debt approx. 380% of GDP that can NEVER be repaid.
This is the reason the US can import vastly more than it exports. The ever increasing mountain of unrepayable debt creates an illusionary "mask" of wealth that allows the game to continue, until it doesn't. The US is collectively living far above it's ability to pay, just like a sub-prime borrower that has purchased a house they cannot afford to buy, support or pay off. Debt should ONLY be used to increase production, it should never be used to support consumption or a lifestyle.
You delude yourself to think an evironmentally conscious democratic country can or should compete or trade with a communistic/totalitarian China and expect a prosperous outcome for boths sides of the trade. This is labeled "free trade", yet China is a currency manipulator with closed borders to most US products or manufacturers. When a US company wants to sell their products in China, if must MAKE those products in China and in so doing, transfer the technology (that we developed) to them for FREE in order to access their markets. This is outright treasonous IMO, but it appears we support any insanity for $$$.
The US Multi-National Corps didn't move their production to China or Asia, while eliminating US jobs, because the US facilities weren't profitable. It was because the foreign facilities were MORE profitable in the SHORT term.
When US industries are off shored, the US consumer still purchases the consumable, but the US economy is hurt/crushed because the production workers wages no longer circulate through the US economy, it circulates through the foreign economy, reducing not only the amount of money circulating, but the velocity. Globalization is an economic death spiral.
How did the bankers mask the destruction and export of the US economic foundation, which is production and manufacturing without anyone (you) complaining? They hid the destruction with a "mask" of DEBT to replace the creation of wealth through production.
Debt has been incurred, wealth has not been produced.
You claim "free trade" benefits everyone, which in a vacuum of angels may be true, but in today's world, it only benefits those that forces/powers that enable it and in this case it is the corporations, the bankers, with China/Asia benefiting the most. The middle class is being destroyed. Who will be doing the consuming when they no longer have a job (because they've been exported) and can no longer afford "cheap underwear". Who will buy the cheap underwear or dvd players? With what?
I do agree that trade isn't a zero-sum game jobs wise, which further supports the need for high import tariffs on manufactured products. A large portion of our exports are unprocessed foods, which are commodities that are heavily automated in production. Agriculture doesn't employ enough people/jobs for a balanced trade account to work.
Balanced trade must be a balanced trade ratio of Total Value/Jobs to be beneficial to both parties, even if they are democratic/evironmentally conscious equals.
Advanced economies (young and mature) around the world need to produce wealth to retain their living standards that were built on this foundation. It does not make economic sense, with real unemployment above 3%, for a country to import anything it can't produce (manufacture, mine, grow). This is true for National Defense also, how a military can depend on 3rd world and Communistic countries for everything from computer chips/development to cloth is beyond me to reconcile.
The multi-national corps and bankers could care less if this countries economy and society is run into the ground and destroyed as long as they are making money. Not until high tariffs are placed on imports, the revolving door from DC to Wall Street is closed, the Representatives start representing the people instead of their corporate contributors and the US issues Sovereign Money will there be any bottom to the economic destruction we are witnessing.
Economics is War and there is nothing "Free" about it, there is always a cost for that deal that seems "to good to be true", in this case it is the middle class that is currently being looted and destroyed and it doesn't even understand it is happening.
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Post by nailbender on May 9, 2010 23:49:55 GMT -6
Why doesn't Krugman just come out and say it in common speak, Wall Street is nothing more than a gigantic skimming operation and should be more than reigned in, it should be terminated.
Every time I read the term "Financial Industry", I LOL. I think "Organized Looting Racket" better describes the groups functionality and intent.
Frankly, financial services should be the most most boring, least lucrative business out there.
I'm convinced, if the Bankster's are for it, I'm against it. There's no need to read the fine print.
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Post by nailbender on Sept 24, 2009 1:42:34 GMT -6
I agree ULC. The Libertarians support a lot of the issues I am concerned about, especially the FED. Where I fall off their boat is when they fail to "support" the Union with protectionist policies claiming the "market" will "naturally" preserve our nations well being, never explaining how or even why we should be competing/trading with a Communistic Totalitarian country. I don't see the "obvious" advantages for the middle class of this country, the greatest benefit appears to be "cheap underwear" as claimed by some Libertarians. Pffft...
I have become convinced, the ultimate outcome of "un-regulated" capitalism is a complete concentration of wealth and power held in only a few hands. It is a "game" where human beings are used as game pieces until someone controls all the pieces and spots on the board. It all appears "fun" until someone gets mad and flips the game table onto the floor, then there are no "winners", only chaos and missing game pieces.
Pamela, thanks for the response. I cannot support "Free Trade", as there is nothing "Free" in this world.
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Post by nailbender on Sept 24, 2009 1:20:39 GMT -6
Thanks for that link, the comments were a great way to kill the evening/early morning. I learned a lot and hope to learn more about the "foreclosure process".
I hope "Highlander" can prevail in his suit. From what I read, it seems he has a "claim".
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Post by nailbender on Sept 22, 2009 21:22:21 GMT -6
What's the Liberty Coalitions stance on Globalization, Free Trade, Tariffs, Outsourcing work to foreign nations, taxes for the top 5%, Financial Reform and Immigration?
I'm very interested in these issues, thanks.
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Post by nailbender on Sept 21, 2009 22:28:32 GMT -6
To say this is a "game changer" is an understatement IMO. When Wall Street went on the "securitization" craze, they should have spent some of the bonus $'s on a lawyer that specializes in Property Law. ----------- A landmark ruling in a recent Kansas Supreme Court case may have given millions of distressed homeowners the legal wedge they need to avoid foreclosure. In Landmark National Bank v. Kesler, 2009 Kan. LEXIS 834, the Kansas Supreme Court held that a nominee company called MERS has no right or standing to bring an action for foreclosure. MERS is an acronym for Mortgage Electronic Registration Systems, a private company that registers mortgages electronically and tracks changes in ownership. The significance of the holding is that if MERS has no standing to foreclose, then nobody has standing to foreclose – on 60 million mortgages. That is the number of American mortgages currently reported to be held by MERS. Over half of all new U.S. residential mortgage loans are registered with MERS and recorded in its name. Holdings of the Kansas Supreme Court are not binding on the rest of the country, but they are dicta of which other courts take note; and the reasoning behind the decision is sound. snip... Following the Boyko decision, in December 2007 attorney Sean Olender suggested in an article in The San Francisco Chronicle that the real reason for the bailout schemes being proposed by then-Treasury Secretary Henry Paulson was not to keep strapped borrowers in their homes so much as to stave off a spate of lawsuits against the banks. Olender wrote: “The sole goal of the [bailout schemes] is to prevent owners of mortgage-backed securities, many of them foreigners, from suing U.S. banks and forcing them to buy back worthless mortgage securities at face value – right now almost 10 times their market worth. The ticking time bomb in the U.S. banking system is not resetting subprime mortgage rates. The real problem is the contractual ability of investors in mortgage bonds to require banks to buy back the loans at face value if there was fraud in the origination process. “. . . The catastrophic consequences of bond investors forcing originators to buy back loans at face value are beyond the current media discussion. The loans at issue dwarf the capital available at the largest U.S. banks combined, and investor lawsuits would raise stunning liability sufficient to cause even the largest U.S. banks to fail, resulting in massive taxpayer-funded bailouts of Fannie and Freddie, and even FDIC . . . . www.opednews.com/articles/LANDMARK-DECISION-PROMISES-by-Ellen-Brown-090921-894.html
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Post by nailbender on Sept 20, 2009 18:14:50 GMT -6
I posted my support and the reasons why "state banks" should be created TOMORROW across the US. The sooner the middle class removes their money from Wall Street control, the sooner this country can regain our gov from the Kelptocrats that control it.
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Post by nailbender on Sept 16, 2009 22:42:20 GMT -6
jeffolie, This is a difficult scenario to predict.
Overall, I have to side with KD on this. This is a deflationary collapse that will not see Treasury rates move upward very far. Unlike Argentina and Iceland, whose debt was based on foreign currencies, the FED will PRINT/monetize outright and purchase Treasuries to keep rates low and fund the gov demand.
The FED is probably already monetizing debt at an unprecedented rate and will continue.
I agree the $ will devalue against gold and somewhat oil. I do not believe it will reach 40, as it will rebound against the other major currencies that will be outright printing also.
It seems the only way the FED can get $'s into middleclass hands is through asset appreciation, mainly stocks. This will not be enough to counterbalance loan defaults and other shrinking asset values however, and will lead to a larger stock market crash further down the road.
I am not saying that the items (monthly expenses/food/gas/insurance) you buy with cash (non-financed) will not go up in price until an unsustainable ceiling is reached and most likely drop hard from that level at some point shortly after.
There is just no way to get the amount of money needed to cycle through the economy that is needed for the debt burdened middle class to turn this deflationary death spiral around. With massive over capacity in both labor and equipment, there is no support for wage increases.
Jobs, jobs, and more jobs with a PLAN directed at long term production and sustainability is the only solution to create an economic rebound.
Don't get me wrong, a lot of things must happen at this point not to mention banks writing off their losses, reinstalling Glass-Steagal, withdrawing from the WTO, ending NAFTA, and a host of other policy changes.
I see this a a death spiral for the US middle class and the country for that matter with a concentration of the remaining wealth in even fewer hands. This is going to result in a drop to our standard of living that is currently unsustainable.
I just don't see runaway inflation, this is what the FED wants, due to the fact that most of the wealth is in the hands of so few.
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Post by nailbender on Sept 15, 2009 23:21:06 GMT -6
ALL roads lead back to Paulson and Bernanke on this "shotgun" wedding. Securities fraud run rampant blessed by the Treasury/FED.
I still want to know how GS could short MBS for $billions, while at the same time peddling them to their "customers/suckers". Why didn't Lehman/Bear/Merrill/ do the same? It doesn't make sense, were they worried about "insider trading" or RICO?
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Post by nailbender on Sept 7, 2009 22:09:02 GMT -6
There is only 1 party. It's the "Money Party".
The Dems and Reps are simply 2 different colors of the same paint.
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