Yeah, that was one hell of a 30-year recession we had from 1940 through 1970! As the following graph shows, we ran a trade surplus during all of those years.
Posted on 01/17/2005 10:22:54 AM PST by jb6
Need we say more?!
"But it is often true. For example while people like Gusinsky, Bierezovsky and Khordorkovsky "worked their tail off" so much that they became multi-billionaires while millions of Russians dids out of misery and malnutrition (the life expectancy dropped like a stone)."
You have stats to back that up?
What is "like a stone?"
What was the leading cause of death? starvation? I don't buy it.
I did not say "starvation". I said "misery and malnutrition". The fact is that average life dropped by a few of years during the free market looting years of Yeltsin. This translates into millions of premature deaths.
A weak dollar buys less of everything, to include oil. Great if you're selling but since the cost of oil must be factored into all production, that cost may just eat up a lot of the benefit of the weak dollar. Now if we pumped our own oil, that would be different.
Snow confuses economic growth and monetary growth.
OK I'll tell you what. You go out and continue to buy everything you can at whatever cost. Even borrow the money to do it. Keep buying, buying, buying, buying, do not stop! Untill you havent the credit to continue. Then what will you do?
The last great recession was not caused by trade. It was caused by an ignorant peanut farmer and his cronies. The great depression was NOT caused by trade. It was caused by speculation on the markets by borrowing money on a whim-in other words, they bought stock at prices which were actually not worth the paper they were printed on. Sound similar? You bet! Private debt is at an all time hell bent for leather high. Public debt is the same and we are importing huge amounts compaired to what we export. So lets continue spending! What the hell, we dont need those goodies to be matched by products dollar for dollar by our exports do we? After all, we got TONS and TONS and TONS of money dont we?!
38-"To: LowCountryJoe
What's the problem?
Aaargh."
---
Ah, the problem becomes aparent, a 'brain cell' deficit.
Short the dollar.
You're a fool if you dont.
For a large part of American history, Republicans supported an American economy as opposed to globalism. That's not to say that they were against any trade, but their philosophy endorsed growth and prosperity with a purpose. But the free traders have abandoned that policy. Conservatives need to start making support for free trade at any cost a liability in G.O.P. primaries the same way they do with support for Roe vs. Wade.
The gain in net worth is bigger if it includes the value of housing. The Fed's measure of the net worth of households reached $40.3 trillion in 2001, up from $27.2 trillion in 1995.
Home ownership is at an all-time high, as are existing home sales. U.S. household wealth stands at a record $51 trillion.
While I agree that there is no such thing as a free lunch, it looks as though, despite the apocalyptic $600 billion trade deficit last year, household wealth indicates that we can enjoy greater consumption and have an increasing net worth. Oh before you say something about house of cards built on debt, these numbers include household liabilities.
You need to read more carefully:
US Treasury Secretary John Snow said the record US trade deficit was the result of strong economic growth and the United States outpacing the growth of other countries.
Snow said we are currently growing faster than our trading partners. You disagree? Of our 10 largest trading partners we're probably number 2 in economic growth in the last year. Can you prove me wrong?
Yeah, that was one hell of a 30-year recession we had from 1940 through 1970! As the following graph shows, we ran a trade surplus during all of those years.
When you can show me on your chart what the actual measured GDP growth was for any particular year, you just may have something of interest to show. I, on the other hand, can show you numbers that display that our years (1930-2003) with the upper half of highest GDP growth came in those years where we were in trade deficit. Now that's impressive when you consider that the two numbers work against each other. Your chart, while all pretty and colorful doesn't tell us jack.
For that to happen we must be importing a great deal of infrastructure and machine tools, and building up an enormous production base......(checking-click/click/click/click/click-ping!)....Nope, we are just importing consumer goods. Snow is way off the mark again.
BUMP!
Indeed. This is so clear...it takes a really clouded mind to come to conclusions echoing Snow and the other apologists.
"Free" Trade is not lifting the U.S. ship. It is sinking it.
Home ownership is at an all-time high, as are existing home sales. U.S. household wealth stands at a record $51 trillion.
Your ship may be sinking. The country seems to be doing better every year. If only you were paid for whining, your household wealth might increase as well.
Toddsterpatriot posted "despite the apocalyptic $600 billion trade deficit last year"
What is so apocalyptic about our economy growing so much faster than our trading partners?
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