Posted on 03/16/2011 9:09:25 AM PDT by Heuristic Hiker
The current inflation scenario is reminiscent of the 1970s and the transition of economic dominance from the United States to China is already well under way, Harvard Professor Niall Ferguson told CNBC Monday.
Geopolitical events all add up "to a pretty bearish scenario because of all the inflation implications we're seeing right now," Ferguson said.
"You already had massive deficits and money printing in the developed world," he said. "On top of that you had enormous demand-side pressure from China relative to commodities."
"Now you've got the prospect of massive geopolitical disturbance in the great oil-producing centers of the world," he added. "That has to be a pretty inflationary scenario."
"At best case, we're going to re-run the 1970s, only with Barack Obama instead of Jimmy Carter in the White House," Ferguson said.
Globally, Western dominance peaked in the 1970s and the rise of Eastern dominance is evident with China taking over the top spot as world's biggest manufacturer, he said.
The dollar will likely keep its status as a reserve currency for a while, but there is "a sense around the world that exposure to the dollar has higher risk in it," Ferguson said.
© 2011 CNBC.com
Wow. Someone here who actually gets it. And ALL of TV covers for the muslim marixt and protects him including Fox.
I am hoping and praying that Obama will be that good. Carter responded to quite a few problems and did a terrible job of it, but he really tried and did his best. Obama has not even responded to any real problems, instead creating new problems at every opportunity. My expectation is that after 2012 everyone who loves America as a free country will agree that Obama was the worst in our history with no close runner up, just as last week’s earthquake was Japan’s worst in modern history, with no close runner up.
Jimmy Carter’s evil, inbred halfbrother, perhaps.
One of the best lines I heard about Obama during the campaign came from Don Imus;
This guy isn’t just stupid, he’s Jimmy Carter stupid.”
In all honesty the only historical comparisons I can think of are Nero who fiddled while Rome burned, and Caligula who made his horse a Senator.
In our case Obama golfs while the world's on fire, and the Senate is full of Democrat horse's-asses.
Welcome to the real world, Niall Ferguson. Some of us on FR have been saying the same thing for two plus years.
Say what you will, but at least Jimmuh Carter banged in twice as many hours in the West Wing per week than did Barry who never saw a long weekend he didn’t grab.
I've been looking for something new that's tagline worthy and I think I've just found it!!!
I disagree. I was a Democrat back when Carter was President...and it took many years for me to realize his Presidency was the worst. But Hussein, with his: irresponsible stimulus
PLUS the DeathCare law
PLUS the shutting down of energy production
PLUS his enabling of terrorist regimes in Iran, Syria, Libya, and support of Hamas
PLUS his neglect of American armed forces (irresponsible delay on “surge” in Afghanistan, ignorant withdrawal from Iraq before the government is ready to take over and his ‘let’s not jump to conclusions’ comment on the Fort Hood murders)
He is BY FAR worse than Jimmy Carter.
Um uh... That’s an insult to Jimmy Carter! Obama is WORSE than Carter.
“Jim Carter I and Jim Carter II (JImmy I on steroids), I’m afraid to say will probably manage to wreck us twice.”
Problem is, there’s no Ron Reagan on the horizon.
I love this guy, Niall Ferguson. I saw him on Morning Joe one morning, just take Mika apart. Not that it’s a tough task, but invitees seldom want to make the hostess look like the stupid commie that she is. Ferguson did it beautifully even invoking Mika’s father.
No way!....This Ass clown is ten times worse than Carter!
Obama, on the other hand, is a malevolent, conniving socialist who's hell-bent on reducing America to banana republic status. He's orders of magnitude worse than Jimmy Carter.
Does not say much about the U.S. Military Academies if duds like him and Stanfield Turner can be Graduates of Annapolis and get to serve in the real Navy.
Then again, Annapolis Graduate John O'Neill was a fine Commissioned Officer while Officer's Candidate School Grad John Kerry was a sorry excuse for one.
Obuggery brings the definition of incompetent to a new level that will be unsurpassed for ages.
Bamby plays by the AARP rules.
Rule 1.a.5
A ball sliced or hooked into the rough shall be lifted and placed on the fairway at a point equal to the distance it carried or rolled into the rough with no penalty. The senior should not be penalized for tall grass which groundskeepers failed to mow.
Rule 2.d.6 (b)
A ball hitting a tree shall be deemed not to have hit the tree. This is simply bad luck and luck has no place in a scientific game. The senior player must estimate the distance the ball would have traveled if it had not hit the tree and play the ball from there.
Rule 3.b.3 (g)
There shall be no such thing as a lost ball; the missing ball is on or near the course and will eventually be found and pocketed by someone else, making it a stolen ball. The player is not to compound the felony by charging himself or herself with a penalty.
Rule 4.c.7 (h)
If a putt passes over a hole without dropping, it is deemed to have dropped. The law of gravity supersedes the Rules of Golf.
Rule 5.
Putts that stop close enough to the cup that they could be blown in, may be blown in. This does not apply to balls more than three inches from the hole. No one wants to make a travesty of the game.
Rule 6.a.9 (k)
There is no penalty for so-called “out of bounds.” If penny-pinching golf course owners bought sufficient land, this would not occur. The senior golfer deserves an apology, not a penalty.
Rule 7.g.15 (z)
There is no penalty for a ball in a water hazard, as golf balls should float. Senior golfers should not be penalized for manufacturers’ shortcomings.
Rule 8.k.9(s)
Advertisements claim that golf scores can be improved by purchasing new golf equipment. Since this is financially impracticable for many senior golfers, one-half stroke per hole may be subtracted for using old equipment.
At least Carter served in the navy.
This man has never ever served anything but himself and his America hating cronies.
Jimmy Carter
LIBYA
Gadhafi extended Lybya’s coastal claims to the waters where American naval maneuvers were conducted, The entire Gulf of Sidra, calling the line the “Line of Death”. The Carter government meekly rescheduled our maneuvers to stay outside disputed area, ordering us to not cross Moammar Gadhafi line. True to form, Carter failed to confront Qaddafi - Just Like Obama.
ENERGY POLICY
Carter instead of increasing all forms of energy production, asked us to conserve and make sacrifices. Remember the line, “If it’s yellow let it mellow, if its brown flush it down”? It came from this era. One year he asked we not put up Christmas lights. I’m seeing the “we must make sacrafices” approach again from Obama.
UNEMPLOYEMENT
I remember the “Sorry we’re not hiring but we will take you application” line we would get when seeking employement. Even the minimum wage gas-money jobs were not around - which is why I joined the Navy out of High School. I see the same disspair happening with our young adults and those who have lost their jobs today.
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