Posted on 02/03/2005 8:40:47 AM PST by Paul Ross
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http://www.fundrace.org/neighbors.php?type=name&lname=gates&fname=william&search=Search+by+Name
That means...drum roll...that wages are still continuing to grow (contrary to your claim of shrinking wages).
Ross is debunked yet again!
An outmoded thesis...even Milton..its originator.. has intimated. It was foreign governments, not the Smoot-Hawley tariff that trashed the trade.
the dollar is weak period... the problem lies not with the dollar itself but how it became a tool to tie an ecconomy to an artificial benchmark within another nation to create an environment where it facilitates production for export into that nation. Ergo china used the dollar to create an infrastructure financially to leverage itself into the US market without having any other variables such as their own sovereign currency that would fluctuate and hinder calm trade operations with positive ecconomics.
In order to throw offf this yoke that the chinese placed upon the dollar for their own benefit it needs to hemorage and hemmorage severely. The main sufferers of this tactic will be the lenders to US gov't who will recieve a currency that is de-valued about 30-40% thats what I m expecting more or less. When China starts geting the profits that do not at all cover the costs of production ergo wages that could feed people , raw material prices etc.. They will have absolutely no choice but to unwind their infrustructure from the dollar and base it on their own soveregn currency ergo yuan/renmenbi.
My mistake.
not that I want to get in the middle of this. but I will add, that these wage stats mean nothing unless government workers are excluded from them. you have to look at what is happening in private sector wages only - since government workers never see a wage cut, and in fact have built in wage increases as part of their municipal contracts, teachers unions, etc. that skews the stats.
my guess is that private sector wages are falling since 2000 - I know mine are, and everyone who works in the tech industry is, and many others. Basically, americans who have a job that feels the effect of global competition with regards to the labor they perform - is seeing declining wages. It may come from either a declining wage at the job you have, increased benefit costs passed along to the employee, or you've lost your job to offshoring and have been forced into a lower paying one in the service industry. all I am saying is - wage decline in the private sector is a real phenomena for a large number of americans.
And inflation, previously 1%, now 5.2% and rising fast, clips along merrily ECLIPSING those wage increases. Most firms have been giving far less than 5% increases. So, drum rolll please, the wages growth is in fact not keeping pace...so they are in fact shrinking.
"Butter for your bread: up 62 percent. A glass of 2 percent milk to wash it all down: It may rise as much as 50 cents a gallon ...and gasoline up 30 cents a gallon since January.
Hello? Is anybody in there?"
"What causes currency devaluation is an excessive money supply. This money supply is controlled directly by the US government bond market. When they issue new bonds they increase the money supply. When the government spends more than it brings in it must issue more bonds.
Admittedly this is an over simplification and there is more to it than that, but the fact is that excessive government spending is like the government printing more money in order to pay it's bills instead of using tax revenues. Of course such an action will devalue the currency. This is what the government is doing."
I have to hand it to you Monday you are a dog that doesn't
give up the bone without a fight.
The current obsession with the dollar decline is a case of ignoring the steak and concentrating on the peas.
An analyst who spoke recently emphasised the same point you are making when he said, "Exchange rates are an extremely complicated business influenced by a large number of factors in the short and long term. Ultimately the dollar decline in the long term is unavoidable due to excessive and unsustainable debt overhang."
I seem to recall that Bill Gates may be just splitting his ticket, didn't he also give to Patty (Osama-Momma) Murray?
You are looking at Politically Correct inflation rates. Not the real rates, Core Inflation. 5.2%
Certain bubbles have crashed. Tech employees no longer command six figures at the drop of a hat.
That's to be expected. You don't expect to pay seamstresses high dollar wages now that we have machines that can sew.
You wouldn't expect to pay a soft drink dispenser high wages now that we have Coke machines selling beverages.
You don't expect paper boys to command high wages ever since papers were sold via machines on street corners.
That which can be profitably automated, *will* be automated. New software permits using far fewer System Administrators, for instance.
You no longer need 10 Java coders to build a simple web page, either.
So yes, in fields with high automation, it isn't unrealistic to see wage declines.
But in the *overall* economy, wages are up. One sector does not an economy make.
Oh yes...you, and you alone, know the "real" truth!
< /guffaws! >
"the dollar is weak period..."
Please see post #104.
its broader then just tech. and now this merger and acquisition craze is going to blow away alot of solid good paying white collar jobs. we have a fundamental lack of capital investment in the US, and the related job and wage growth it brings, by mid and large cap US corporations - they are sitting on huge hordes of cash.
Sitting on large hordes of corporate profits does *not* mean that we have a lack of capital investment.
...And white collar management jobs are forever going to be shrinking, mergers or not, due to automation.
It takes fewer managers to manage people in a time of instant emails, for instance, than in times when uneducated line employees had to be personally instructed face to face by a manager in the days of old.
Only in your senile delusions. The wages that I gave you from the DOL were adjusted for inflation, and rising.
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