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SharkswithfrikingLazers 11/20/2011 01:53 AM Report
Dominique has two good deleted scenes on the "Inside Job" DVD.
In one scene he describes what caused the global financial crisis: Immediate causes (US sub-prime mortgages) and remote causes (lack of proper regulation).
In the other deleted scene he is asked about the Simon Johnson argument that the economic and political power of the United States is a reflection of our financial oligarchy and is held prisoner by the financial sector. Dominique says the argument is basically true but perhaps a bit overstated.
This is where Occupy Wall Street should focus--Simon Johnson's argument and Dominique's agreement.
JohnGelles 12/20/2010 06:46 PM Report
correction
http://positivemoney.us/pmus-kwod.htm
http://positivemoney.us/pmus-ic.htm
JohnGelles 12/20/2010 06:44 PM Report
Read
http://positivemoney.us/pm-kwod.htm
http://positivemoney.us/pm-ic.htm
http://positivemoney.us
and you will see the positive future in store for us all -- although many of our oldest will be dead already.
JohnGelles 12/20/2010 06:40 PM Report
"A culture deserves what it tolerates."
It looks bleak. The bailout of the States and Municipalities will be billions and billions of dollars -- totaling trillions over the near future.
But, if we move our economy to the size it deserves, our money will sound as the dollar -- a solid gold one, backed by "can do" power.
Pessimism among these comments must be balanced by optimism. With revolutions in nano-tech (materials -- especially carbon filaments and the like), info-tech and biotech, we will train all the earth's children and they will work at useful and productive jobs. All of this coming. It is based on Keynes, Lerner and common sense.
robdverity 12/20/2010 04:46 PM Report
The underpinning of international finance unfortunately is the US dollar; which has no where to go except the toilet (refer to 60 Minutes 12/19). The financial wise-guy scammers have assured that - and they're still all free. Even Hank Paulson, R Rubin. Go figure. And none of the NYC limousines have bullet holes in them. A culture deserves what it tolerates.
slightly_optimistic 12/20/2010 10:54 AM Report
The comments from the managing director of the IMF were illuminating. They added to the communique last month from the G20, the usurper of the IMF, which acknowledged for the first time that the global political economy is unsustainable.
Can it be saved? Unlikely. Unfortunately the G20 has even fewer powers of enforcement than the UN system, which itself has shown an inability to act against the veto-holding permanent five of the Security Council. For example the MD of the IMF conceded his UN economic agency can only provide studies and advice - at the end of the day it seems that even big nations thought to be seriously at fault can go their own way and destroy other players in the global political economy.
JohnGelles 12/18/2010 11:57 PM Report
" to level the pyramid and spread equality out to form a flat structure with everyone as rich as possible when no one is ever poor. "
The 2 letter word "to" is inserted above to correct a typo in my original post.
Last night on Charlie Rose, I watched American Ambassador Huntsman to China, and author scholar Stephen Cohen on Russia, tell the audience about these two nations what we need to know. The Rose Show rose to new heights of excellence and hopefulness for a future after all the current angst is long forgotten.
JohnGelles 12/18/2010 11:43 PM Report
Charlie Rose introduced Dominique S-K, Managing Director of the IMF, using the following words:
..... "Strauss-Kahn has [said] the situation in Europe remains troubling and the future is more uncertain than ever."
Why troubling? Because the banks and governments in the European Union need more money than business is earning and more than most governments can collect in revenues than they will collect. The exception is Germany. It is the business powerhouse in the EU. But if its earnings and revenues are to be put at risk by helping its weak EU sisters, it, too, will be dragged down as Asia may grow stronger and the USA may survive by inflating it capital assets with air from its pumps at its central bank.
Where does this leave the American middle class audience experiencing Charlie Rose at night and Ben Bernanke and Barack Obama 24-7 ?
It leaves us with REM-ant wishing the classical pyramid society, with richest at the point atop the pyramid and the poor all at the base -- crushed by the weight of the wealthy sitting on them. We, at the base or near it, feel the crushing weight, and want, with REM-ant, to level the pyramid and spread equality out form a flat structure with everyone as rich as possible when no one is ever poor.
It is an appealing diagram -- the pyramid collapsed to form a neat platform -- high enough above ground not to worry about flood waters on their way.
Who am I to say NO ? No to equality. No to ending poverty?
Hell no -- I won't say "no". -- I shall only echo YES with REM-ant: Yes we want the money.
Yes -- visit me and help.
http://positivemoney.us
It's not easy making supply match our needs -- and demand in money as high as supply. Not easy. But it's only simple arithmetic. Let's get to it.
REMant 12/17/2010 11:39 AM Report
The European sovereign debt problem is the same as the ordinary consumer debt problem in the US and it makes no more sense to bail out the one, than the other. It is unfair, as both Germans and left-leaning Democrats have protested, and it gets no one anywhere. If it is to be done, it should be done through redistribution from rich to the poor; the markets be damned. The world certainly needs to have population decrease, and the way to do that is not by continuing to impoverish ppl, but by making things more equal. Wealth disparity is caused primarily by financial credit and always has been. In China, so far, individual productivity and income has outstripped the growth of an upper class. But here we have central bankers like Helicopter Ben still talking about the Phillip's curve. They are either ignorant or cognitively dissonant. (I really think what's behind that piece of psycho-sociological nonsense is garden-variety religious hypocrisy of the type which Mandeville ridiculed). We cannot compete with the emerging economies by printing money. Nor is it possible to argue that the Chinese currency is undervalued. The Western currencies are OVER-valued. We expect to buy more with them than we deserve. The Chinese and the other developing economies can only be faulted for trying to sell to ppl who can't really afford it. We did that after WWI ourselves. The financial sector crashed precisely because it was found that the money it created wasn't worth what it was thought, and the same with the debt of Greece, Ireland, Spain, Portugal, Italy and the UK. I am not at all sure that changing the dollar-yuan exchange rate is going to make any difference. In any case, as he said, it will be necessary for BOTH sides to move toward an equilibrium, not just one. But I do not think it will help to set up even larger central banking entities to circumvent the trade mechanism. It seems Mr Strauss-Kahn remains a Keynesian. Like Bernanke, he appears to think in trickle-down terms. Adam Smith looked at development and thought of it, rather, in Polybian terms: the rich in their foolishness supporting the industrious. What the world needs is not their "growth," not rebuilding the pyramid, but exactly the opposite, monetary deflation, and leveling. Fortunately, it will have it nevertheless.