Dumping of US dollar could trigger 'economic September 11'

The Australian ^ | August 29, 2005

[fallujah-nuker]

"Our power rests in our ability to create things, freely and defend ourselves. Something much of the world has forgotten how to do."

That must be why it is so hard to find any foreign made goods when you go shopping.

[fallujah-nuker]

"And furthermore, business owners get tax credits for hiring foreigners here on work visas, but none for hiring Americans. That's just a damn crime."

Actually the subsidy is indirect, often when a position is filled by an H1B visa holder a good part of the compensation package is expense money rather than wages. the one who employs the HIB worker still deducts it just like wages, but the money received to cover expenses is not taxable. So the American worker is placed at a disadvantage vis a vis the H1B worker. The US Treasury does lose revenue as a result of the outsourcing, and the employer gets even cheaper labor as a result. It takes a little sleight of hand but the employer does get subsidized.

[fallujah-nuker]

"I take it that you work in marketing or the financial field. No one who works in manufacturing or engineering would make such a erroneous comment."


They remind of the prelude to Pagett, M.P. by Rudyard Kipling:
"The toad beneath the harrow knows
Exactly where each tooth-point goes.
The butterfly upon the road
Preaches contentment to that toad."

I've noticed how the guys in the financial sector are the biggest cheerleaders for the free market. Until some of third world client is unable to repay several billion dollars in loans. Then guys like Newt Gingrich can't wait to use the American taxpayer to bailout the client. Seen it happen time after time, apparently manufacturing can be thrown away but the skill of making non-performing loans must be preserved at all cost!

[BunnySlippers]

In fact, the Fed has a doomsday scenario ... put into effect during the last two stockmarket "crashes".

[fallujah-nuker]

Thanks for posting the article, I read through the entire thread, interesting. In front of me is a book titled "The Valor of Ignorance" written by Homer Lea in 1909. In the first chapter he writes:

"...Besides being the subterfuge of rogues, patriotism is divisible into three forms; two that are false and common; one that is true and rare...The next ordinary and false form shows itself in vaingloriousness, whether over great deeds or greater crimes; the condoning of national faults or their concealment by this fetish worship.

True patriotism would rot away if its exemplification lay only in contempt or prejudice toward others...

In peace, and not in war, is the time to judge the worth of a man or a nations patriotism. Those who are indifferent to their countries welfare in peace will be of no use to it in time of war; while those who make it a practice to rob the public exchequer of its virtues, as well as gold, or to condone such thievery, are, during warfare, so delinquent in patriotism as not to be removed from the sphere of negative treason.

Patriotism in its purity is a political virtue, and as such is the antithesis of commercial vanity. To boast of a nations wealth, under the delusion that it is patriotic, is to commit a crime against patriotism.

To boast does not liquidate the debt of duty."

There seems to be some of what he warns against displayed by some posters.

[Travis McGee]

Great posts!

[Eighth Square]

Ping

[icyicym]

I don't get it. How can oil be expensive because of dollar declining against euro ? Last time i checked only euro zone oil producing country was norway and that too in not sizeable amounts.