Bernanke is like a man standing on the sea shore, willing the waves to not drown him. As the sand slips away from under his feet, he gets trapped in the muck and will drown (I hope). Actually, he is all free trade all the time. This is sheer insanity for America for we lost all our industry this way and the last shreds of our economy are now for sale to China and the UAE.
By Nell Henderson
Washington Post Staff Writer
Friday, August 25, 2006; 11:00 AMJACKSON HOLE, Wyo., Aug. 25 -- Government policymakers should work to make sure the benefits of economic globalization are widely enjoyed to maintain political support for trade growth, Federal Reserve Chairman Ben S. Bernanke said today.
"The challenge for policymakers is to ensure that the benefits of global economic integration are sufficiently widely shared," Bernanke said. "The effort is well worth making, as the potential benefits of increased global economic integration are large indeed."
Bernanke did not propose specific policies for countering efforts to restrict trade, but he suggested as one general example the efforts to provide job training to workers who have lost work because of globalization.
When one is digging a hole deeper than a grave and notices all the financial systems are running hideously in the red, one has to stop digging and begin begging for a rope! Of course, the present course, diplomatic or economic, is holding firm as the screeching sound of the many icebergs we are hitting echoes throughout the hull. Of course, as the Titanic sank, the first to drown were the lowest of the low: the men working in the enginerooms, the men trying to close the doors to keep the water out, the guys who did all the backbreaking labor. Then the lower class passengers were left to drown, too. They were denied access to the upper decks where the lifeboats were already lowered and being rowed off with mainly first class passengers wearing fur coats.
The 'benefits' to America due to this very, very, very lopsided 'trade' of Chinese or Japanese goods for flimsy pieces of paper with fantasy numbers on them, are going away, fast, via inflation. The idea was, to deal with inflation by shipping away American jobs and then re-importing the products once made here in America and the price not only would be lower, the profit margin would be huge!
And so the rich got much richer and thanks to huge tax cuts aimed at only themselves, they are now mega-rich and Bernanke and his barnyard buddies think this present deal is gonzo good.
They imagine the Chinese will be forced to keep on doing this forever and forever. They imagine the Chinese will bankroll our red ink for all eternity. Japan has done this for only 20 years and now is beginning to sink under the burden and the last 10 years, it was shared by China. There is no way in hell Japan can soak up $500 billion in government red ink and $950 billion in trade red ink! This is over a trillion dollars a year, an impossible, insane sum.
Do note our braying bravado barnacle Bill thinks this is just fine! He never addresses all this terrifying issues! Nope! Clueless as Condi, he marches forwards, he makes certain the money mill keeps grinding out those dollars and despite everyone seeing inflation beginning to rage out of control, he will keep interest rates below the rate of SAVINGS and we will have a negative savings rate but still have a zillion dollars to loan ourselves...NOT!!!
This is fiscally impossible and impossibly fishy. The housing bubble has busted and he has no idea what to do next. Inflate housing prices by dropping interest rates to the Japanese levels? We can't! If we do this, inflation will roar and worse, our creditors will desert us!
Already, China is preparing to give us the biggest heave-ho on earth.
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'Was talking last night to high school classmates at my h.s. reunion. Great people, really. Moderate Midwesterners all, they have gone on to become the solid core once occupied by their parents. I mentioned my reasoning for wanting a property near abundant fresh water and arable land - even though it's being developed out of extinction.
It was like I'd dropped in from another galaxy. People don't have a CLUE, except Bush is toast, and global warming is real to them. They are conditioned to believe in the dream, however. Not one of these people is a hater. Not one. All are very involved in their own thing, their families, etc. As it should be. EXCEPT the demonic bastards stealing the world's wealth are taking wild advantage of this true blue American goodness.
Posted by: D.F. Facti | August 26, 2006 at 12:29 PM
Cassandra was always ignored. I am accustomed to this role.
They refuse to imagine any future. Ask anyone what the future will look like and they will say, 'like today.'
Posted by: Elaine Meinel Supkis | August 26, 2006 at 09:17 PM
Well D.F. Facti, I believe you have stumbled upon the real conundrum of our times. Most people (not just true blue Americans) just want to live in peace. They want to marry and play with their children, enjoy their hobbies, develop interesting skills, and basically just enjoy the goodness of life.
The question is this: how can you when a small, but very powerful minority of people in the world crave absolute power, all wealth, and endless chaos and destruction by any means possible?
I do not know the answer. It seems the ultimate decision is being made by those committed to endless evil.
Look at any person who has clawed their way to the top of anything involving money and power and you will see a trail of bodies laying behind them.
The fact that we must confront evil at every corner makes me think that evil is in fact the dominant life force among humans. Those who love peace are eventually ground to dust under its relentless march or turned into suicide bombers after everything they love is murdered in the blink of an eye.
What are we supposed to do? Who has an answer that anyone would follow?
Posted by: DeVaul | August 27, 2006 at 02:27 PM
The simple fact is that you cannot fix stupid. Not to insult those peacefull citizens, but if they cannot see any further than their limited private space and family, things will keep going in the wrong direction.
It's wake up time or very bad times. However, this 'beast' is construed in such a way that it will grow stronger and stronger until the implosion moment. Calling people 'sheeple' for not seeing it won't work ;)
Posted by: Stupid | August 27, 2006 at 03:01 PM