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Chiefshrink
03-21-2009, 06:45 PM
To sum everything up to this point:shake::shake::shake::shake::shake:
Good article:thumb:


Terence Corcoran: Is this the end of America?

Posted: March 19, 2009, 7:38 PM by NP Editor

Terence Corcoran, Ben Bernanke, inflation
U.S. law-making is riddled with slapdash, incompetence and gamesmanship
By Terence Corcoran

Helicopter Ben Bernanke’s Federal Reserve is dropping trillions of fresh paper dollars on the world economy, the President of the United States is cracking jokes on late night comedy shows, his energy minister is threatening a trade war over carbon emissions, his treasury secretary is dithering over a banking reform program amid rising concerns over his competence and a monumentally dysfunctional U.S. Congress is launching another public jihad against corporations and bankers.

As an aghast world — from China to Chicago and Chihuahua — watches, the circus-like U.S. political system seems to be declining into near chaos. Through it all, stock and financial markets are paralyzed. The more the policy regime does, the worse the outlook gets. The multi-ringed spectacle raises a disturbing question in many minds: Is this the end of America?

Probably not, if only because there are good reasons for optimism. The U.S. economy has pulled out of self-destructive political spirals in the past, spurred on by its business class and corporate leaders, the profit-making and market-creating people who rose above the political turmoil to once again lift the world out of financial crisis. It’s happened many times before, except for once, when it took 20 years to rise out of the Great Depression.

Past success, however, is no guarantee of future recovery, especially now when there are daily disasters and new indicators of political breakdown. All developments are not disasters in themselves. The AIG bonus firestorm is a diversion from real issues , but it puts the ghastly political classes who make U.S. law on display for what they are: ageing self-serving demagogues who have spent decades warping the U.S. political system for their own ends. We see the system up close, law-making that is riddled with slapdash, incompetence and gamesmanship.

One test of whether we are witnessing the end of America is how many more times Americans put up with congressional show trials of individual business people and their employees, slandering and vilifying them for their actions and motives. And for how long will they tolerate a President who berates business and corporations as dens of crime and malfeasance? If the majority of Americans come to accept the caricatures of business as true, then America is closer to the end of its life as a global leader, as a champion of markets and individualism.

But America is at risk in other ways, especially in the technical business of setting and executing policy. The presidency of Barack Obama has set out on a course that has no precedent in U.S. history. Franklin D. Roosevelt, whose New Deal transformed the U.S. economy during the Great Depression, pushed America off on a sharply different political and ideological course. The Obama administration is different in many ways, not least in its supreme self-confidence in its methods and objectives.

Reform of health care, environmental policy, education, energy, banking, regulation — every nook and cranny of the U.S. economy has been put on alert for major change. Expansion of government spending, plunging the U.S. into unprecedented deficits, is without parallel. In economic policy, through regulation and control of energy output, financial services and monetary expansion, the U.S. government has embarked on a fundamental reshaping of America. It is designed, in short, to bring on the end of America.

The spillover effect of all this on the rest of the world promises to be dramatically disruptive. The greatest global risk is in monetary and currency policy. Below is a chart that graphically demonstrates the sharp deviation in monetary policy from past norms. Under the chairmanship of Ben Bernanke, the Federal Reserve is in the midst of a giant economic experiment, flooding the world with U.S. dollars, hoping that flood will stimulate economic activity.

The total monetary base, already at astronomical levels, is now expected to take another big hit with the new Fed policy of buying up U.S. longer-term treasury bills in a bid to drive down long-term interest rates.

Mr. Bernanke is sometimes known as “Helicopter Ben” because he once in an academic paper referred to the use of “helicopters” full of money to rescue an economy from deflation. In comments Wednesday to explain the Fed’s new policy of buying $300-billion in U.S. treasury bills, Mr. Bernanke noted that the Fed is now more worried about inflation being too low than about it getting too high in the future.

For the rest of the world, however, the worry is that America is at risk of becoming the fountainhead of a new inflationary outburst. The U.S. dollar is now in decline, gold is moving sharply higher, and new global currency turmoil is on the horizon.

It may not happen. A paper just published by the Federal Reserve Bank of St. Louis, source of the chart above, says that the Fed will have to be prepared to absorb all the excess money it has poured into the U.S. economy. It will be a technical and political challenge unlike any central bank has ever undertaken. The future of America is at stake.

Reaper16
03-21-2009, 06:47 PM
I wish that evolution would happen at a faster rate.

ROYC75
03-21-2009, 07:16 PM
Awh shucks, the socialist like it .

Jenson71
03-21-2009, 07:18 PM
Probably not, if only because there are good reasons for optimism. The U.S. economy has pulled out of self-destructive political spirals in the past, spurred on by its business class and corporate leaders, the profit-making and market-creating people who rose above the political turmoil to once again lift the world out of financial crisis.

The business class and corporate leaders saved us?

America was built great because of the working man, from the farmer to the factory worker. The men and women that get up every morning and go to work every day, working hard so their children can succeed, putting aside their own self-interest for the good of their families or communities or their fellow workers. America is great because of the firefighters who decide to freeze their pay to save another worker's job. America is great because of the law student who decides to leave behind the six figure salary in New York for the public defender position in a crummy town hall, or the chemist who decides to become a high school teacher instead of working for some pharmacuetical company. America was built great on the backs of Europe's losers, the third estate who decided working for themselves was better than working for a lord who took almost everything and left them with just enough to get by through the winter.

America prospered when workers got together, formed unions, and made sure that no one would loot off their labor.

America fought strongly and bravely when the working class sons were sent from their farms and ethnic neighborhoods to the fields of Europe. America prospered further when those same men came back and were given a chance to attend college through GI Bills.

Your corporate lovefest has propelled automobile plants to pack up and leave to the country because of the almighty dollar. Your agribusiness has ripped apart the family farm. Your banking industry has ****ed itself over, taking the rest of the country down with it. Your tax rates have created a class of hedge fund whores, with the only thing trickling down being their money laden cum after their boardroom circle jerks.

Don't try to feed me this corporate propaganda bullshit. The American worker is the hero. If the working class and middle class of America is continued to be attacked, continued to be burdened, continued to be looted from, then you can start to ask if America is ending; yes, the threat would be real then.

banyon
03-21-2009, 07:18 PM
Awh shucks, the socialist like it .

Hee hee, you shore now ho to insults peopls.

penchief
03-21-2009, 08:22 PM
The business class and corporate leaders saved us?

America was built great because of the working man, from the farmer to the factory worker. The men and women that get up every morning and go to work every day, working hard so their children can succeed, putting aside their own self-interest for the good of their families or communities or their fellow workers. America is great because of the firefighters who decide to freeze their pay to save another worker's job. America is great because of the law student who decides to leave behind the six figure salary in New York for the public defender position in a crummy town hall, or the chemist who decides to become a high school teacher instead of working for some pharmacuetical company. America was built great on the backs of Europe's losers, the third estate who decided working for themselves was better than working for a lord who took almost everything and left them with just enough to get by through the winter.

America prospered when workers got together, formed unions, and made sure that no one would loot off their labor.

America fought strongly and bravely when the working class sons were sent from their farms and ethnic neighborhoods to the fields of Europe. America prospered further when those same men came back and were given a chance to attend college through GI Bills.

Your corporate lovefest has propelled automobile plants to pack up and leave to the country because of the almighty dollar. Your agribusiness has ripped apart the family farm. Your banking industry has ****ed itself over, taking the rest of the country down with it. Your tax rates have created a class of hedge fund whores, with the only thing trickling down being their money laden cum after their boardroom circle jerks.

Don't try to feed me this corporate propaganda bullshit. The American worker is the hero. If the working class and middle class of America is continued to be attacked, continued to be burdened, continued to be looted from, then you can start to ask if America is ending; yes, the threat would be real then.

Damn, dude. That's poetry. And right on the money, too.

America has been on the path of self-cannibalism ever since the Reagan banditos decided it was time to wrest the American dream away from the American people and restore the robber baron mentality of the nineteenth century.

It's too bad that so many people like sportsshrink buy into the propoganda designed to perpetuate that mentality.

Mr. Kotter
03-21-2009, 09:10 PM
One of my FAVS from college days...

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petegz28
03-21-2009, 10:52 PM
The business class and corporate leaders saved us?

America was built great because of the working man, from the farmer to the factory worker. The men and women that get up every morning and go to work every day, working hard so their children can succeed, putting aside their own self-interest for the good of their families or communities or their fellow workers. America is great because of the firefighters who decide to freeze their pay to save another worker's job. America is great because of the law student who decides to leave behind the six figure salary in New York for the public defender position in a crummy town hall, or the chemist who decides to become a high school teacher instead of working for some pharmacuetical company. America was built great on the backs of Europe's losers, the third estate who decided working for themselves was better than working for a lord who took almost everything and left them with just enough to get by through the winter.

America prospered when workers got together, formed unions, and made sure that no one would loot off their labor.

America fought strongly and bravely when the working class sons were sent from their farms and ethnic neighborhoods to the fields of Europe. America prospered further when those same men came back and were given a chance to attend college through GI Bills.

Your corporate lovefest has propelled automobile plants to pack up and leave to the country because of the almighty dollar. Your agribusiness has ripped apart the family farm. Your banking industry has ****ed itself over, taking the rest of the country down with it. Your tax rates have created a class of hedge fund whores, with the only thing trickling down being their money laden cum after their boardroom circle jerks.

Don't try to feed me this corporate propaganda bullshit. The American worker is the hero. If the working class and middle class of America is continued to be attacked, continued to be burdened, continued to be looted from, then you can start to ask if America is ending; yes, the threat would be real then.



:clap:

BucEyedPea
03-21-2009, 11:07 PM
America was built buy entrepreneurs, mothers, smalle businessmen, housewivs, corporations, laborers, teenagers, seamtresses, farmers, teachers, artists, students, clergy etc. It was not built by one group. I'd exclude the parlor socialists though.


To claim it was built because of the workers only...is well....I'll refrain...'er no I won't:


"Workers of the world unite, you have nothing to lose but your chains!" ....'er I think I'd change the last word to "marbles."

BucEyedPea
03-21-2009, 11:38 PM
No, but it is the Fall of American Empire that's happening.

To answer the thread question.

BigRedChief
03-22-2009, 07:50 AM
The business class and corporate leaders saved us?

America was built great because of the working man, from the farmer to the factory worker. The men and women that get up every morning and go to work every day, working hard so their children can succeed, putting aside their own self-interest for the good of their families or communities or their fellow workers. America is great because of the firefighters who decide to freeze their pay to save another worker's job. America is great because of the law student who decides to leave behind the six figure salary in New York for the public defender position in a crummy town hall, or the chemist who decides to become a high school teacher instead of working for some pharmacuetical company. America was built great on the backs of Europe's losers, the third estate who decided working for themselves was better than working for a lord who took almost everything and left them with just enough to get by through the winter.

America prospered when workers got together, formed unions, and made sure that no one would loot off their labor.

America fought strongly and bravely when the working class sons were sent from their farms and ethnic neighborhoods to the fields of Europe. America prospered further when those same men came back and were given a chance to attend college through GI Bills.

Your corporate lovefest has propelled automobile plants to pack up and leave to the country because of the almighty dollar. Your agribusiness has ripped apart the family farm. Your banking industry has ****ed itself over, taking the rest of the country down with it. Your tax rates have created a class of hedge fund whores, with the only thing trickling down being their money laden cum after their boardroom circle jerks.

Don't try to feed me this corporate propaganda bullshit. The American worker is the hero. If the working class and middle class of America is continued to be attacked, continued to be burdened, continued to be looted from, then you can start to ask if America is ending; yes, the threat would be real then.
Well said. :clap: