Posted on 07/11/2007 11:04:36 PM PDT by bruinbirdman
Breath of fresh air.
BUMP
I know this hal lindsay on his site talks about this for about thirty minutes. talks about the dollar and high oil prices I learned alot from this tonight.
Is this from scrapple? A story about the weak dollar where you are not told to buy gold? :)
Part of that 70's thing was the temporary strength of the dollar before we inflated the heck out of it. I remember getting about 3 or 4 swiss francs for a buck. If I could get pounds for $1.50 I'd be a buyer.
The world is so much more inter-dependent financially. Almost 100 years ago, on the eve of World War I, thousands of tourists were stranded in London and elsewhere, as their checks were no longer accepted, to be drawn on American banks, I suppose. Today one can use their own ATM card in astonishingly remote areas of the globe.
USD is and will continue to be in a downtrend because the powers that be, the Fed certainly first among them, are inflating USD with both hands, 24/7/365.
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It is amazing that so many seem to be unable to see this! How can anyone believe the low inflation rates the government swears to?
Comparing the relative strengths of two semi-socialist economies is about as interesting as comparing two gays
in a slapping contest.
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Why did you say that? Within 90 days there will be a new “reality” show, “Queer Slap for the Straight Chap”!
Agreed, and well said. Hey FR, the UK Times thinks the US is doing great!
BINGO!!!
Most of the goods I see in stores are from China. What do we still make that we can sell?
Better yet, replace the Federal Reserve with an old IBM XT programmed to keep the Federal Funds rate in line with market rates.
The presstitutes can never get over equating economic power to the currency.
The cheap $$$ is keeping our factories humming as they strugggle to keep up and get container loads of product to the port. The growth produces revenue and the deficit is declining into insignificance.
The Euro’s will struggle as their products become increasingly expensive on the world markets. They can’t compete when their prices are ridiculously greater than the Americans. The big trading companies are coming here to buy goods to export to their African customers because if they don’t they will loose the business to the Amercan salesmen.
What economic weakness? There is no economic weakness.
And how ironic will it be when a Japanese company like Toyota becomes the largest automobile exporter from the U.S.?
......My suggestion to all of you is: get ready for a huge increase in export sales.......
Looking at exports is my business....... they have been increasing for sometime now. Some companies can’t get the stuff off the docks to the port fast enough.
A lot of Americans think Europe is some sort of economic basket case. The reality is a number of Euro states are now wealthier then America per capita in real terms.
They have more socialism, but some have well ran government programs. I’d rather see my healthcare dollars go to a doctor or nurse who was working for the government.. then to a mega-millionaire trial lawyer.
Another example is education. America and Europe have socialized education. Yet I believe every Euro nation scores above America in math and sciences. Some well beyond. I’ve read the long report on the oecd rankings in math and science. America came 29th. That matters in today’s ultra competitive world having a highly skilled workforce into the future.
Do you have a handy .gov link reflecting accurate stats and graphs of the overprinting of dollars? Thanks in advance.
The reality is a number of Euro states are now wealthier then America per capita in real terms.You're talking nations barely the size of American states, and some no larger than most American metropolitan areas. The greatest dynamic in the creation of wealth is the power of competition and its destructive creativity. American wealth cannot be measured by averaging GDP per capita. That's more useful only in places with redistributive economies and where there is, supposedly, no poverty.
A far better way to understand the power of the American economy is the measure it absent those who don't participate in the economy. Take out the so-called 12% of Americans designated in poverty (30 million: measurements of American poverty are problematic at best) and the U.S. per capital GDP rises $10-$15,000, thereby pushing $50-$60,000. Even with the full population included, for a nation of this size there's no comparison to be made, anywhere.
Below is a good explanation of the core difference between the U.S. and European economies. And remember, this is all true give the far from perfect state of American politics and economic policy. Our successes are despite leftwing efforts to ruin the economy by europeanizing it.
From Cato:
Rethinking the Company We Keep by Arnold KlingAnd remember this: by its competitive presence alone the American economcy lifts the rest. Were the U.S. to follow the European model, Europe would collapse. The U.S. creates and accounts for a significant part of European wealth.
[excerpt]
....Edmund Phelps is the 2006 winner of the Nobel Prize in economics. Shortly after his award was announced, Phelps published an essay on how capitalism in the United States differs from the system in continental Europe. Phelps wrote:
"There are two economic systems in the West. Several nations – including the U.S., Canada and the United Kingdom – have a private-ownership system marked by great openness to the implementation of new commercial ideas coming from entrepreneurs, and by a pluralism of views among the financiers who select the ideas to nurture by providing the capital and incentives necessary for their development. Although much innovation comes from established companies, as in pharmaceuticals, much comes from start-ups, particularly the most novel innovations."
The other system – in Western Europe – though also based on private ownership, has been modified by the introduction of institutions aimed at protecting the interests of "stakeholders" and "social partners." The system's institutions include big employer confederations, big unions and monopolistic banks.
In continental Europe, large banks control the bulk of investment. The United States has a more vibrant stock market, many more banks, venture-capital firms and other financial channels.
In continental Europe, large established firms have access to funds from the large banks, but newer enterprises have a much more difficult time raising money. In the United States, the more competitive financial system gives more opportunity for entrepreneurs to raise start-up capital. In continental Europe, labor market regulations serve to keep small businesses small and to ossify the work forces at larger companies. In the United States, it is much easier for new businesses to expand and for old businesses to shed unnecessary workers.
European government policies sacrifice economic dynamism to other goals....
Continental Europe is set up to preserve large public sectors, large banks, and large corporations. For individuals, the promise is stable jobs, a stable business environment, and collective sharing of the costs of unemployment, retirement, and health care. For the economy as a whole, however, the result is stagnation, inefficiency, and a burden on the working population to support the unproductive sector that is becoming increasingly unsustainable.
Over time, Europeans with entrepreneurial inclinations will be increasingly tempted to emigrate to the United States or other English-speaking countries. Among the remaining Europeans, political support for welfare-state policies will solidify, even as the economic viability of those policies slips further.
I did not know China had a highly skilled workforce, much less and educated one.
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