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finalfantasytown 04/06/2012 01:31 AM Report
Faith, allegiance(military), trust(citizen relationship), doubt, black hole, and free things. It's necessory to try again.
finalfantasytown 03/26/2012 09:15 PM Report
Before all things, listen a Chinese song'Days and Nights' (or translated into 'Days don't understand Darkness of nights'. I prefer the first translation) made in Taiwan as a prelude.
Ricardo_Amaral 03/13/2012 02:37 AM Report
According to ex-CIA agent Michael Scheuer if Israel attacks Iran, the Iranians are going to retaliate with terrorist attacks inside the United States.
After Iran retaliates with major terrorist attacks to places such as New York City, Washington D.C., and so on...then Americans can thank you "AIPAC" the main "Jewish Lobbying" organization for the destruction caused in cities around the old USA.
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Former CIA Officer Michael Scheuer on the Economics of War with Iran – March 12, 2012
http://www.youtube.com/watch?v=v1ex2HnovN4
Does the US imperial machine manufacture weapons in order to confront new threats, or does it manufacture threats in order to sell new weapons? We try to answer that questions and more on today's Capital Account with ex-CIA agent Michael Scheuer as the UN security council votes to extend its mission in Libya, and as America's oldest active duty warship leaves for its last deployment to Iran and Syria. We look at the economics of war and ask Michael Scheuer what he thinks is at stake for America if it were to attack Iran and what he thinks is really driving the policy to bomb that country. What are the malign interests at work here, and who really stands to benefit from an attack on Iran? What is Israel's role in all of this, and what is the likelihood that an attack would put the US at greater risk of a terrorist attack?
And as the US budget deficit is released for February at close to 232 billion dollars, reportedly the highest ever, how can anyone with half a brain separate America's growing indebtedness from a bloated military budget that takes up more than 50% of discretionary spending. We'll look at defense's drain on the American economy. Could this money be better spend elsewhere, and who really benefits from our military and oil subsidies?
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Ricardo_Amaral 03/13/2012 01:59 AM Report
Former CIA Officer Michael Scheuer on the Economics of War with Iran – March 12, 2012
http://www.youtube.com/watch?v=v1ex2HnovN4
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finalfantasytown 03/12/2012 04:48 AM Report
The most important message she sent out is 'find the way out'. From the ministry of eco affairs to managing director of money, I think, Christine Lagarde's attention has been forced to be more focus. When focusing life on something, one will has two opposite directions to choose, which depend on 'something'. I know she is straight forward and transparent woman on leading edge and have respect on her when hearing 'I am no longer europian…not loyal to one particular country'. I sense loyalty when hearing 'find the way out', also sense love. I think that is because of instinct. Maybe history repeats again and again because of instinct.
Gelles 03/11/2012 11:32 PM Report
Ricardo ~
This interview is becoming too burdened with futurism. The inter view with Reed, founder of Linked In network for entrepreneurs and staff members, is presently nearly empty (3 lame comments). I'm switching to it to answer your view that Asia (or BRICS -- adding S. Africa to the larger 4,) will replace the USA (and its economic genius) within the foreseeable future. We are in search of the Singularity and Exponential Growth whereby we will lead with Europe and Japan the revolution in Technology, Educational-entertainment, Design (TED) (www.ted.com) that will usher in the Age of Abundance where price will reflect efficient computerization not low wages.
(If I do not post there soon enough, we may all meet on a new interview page: this one is exhausted. I may not post because it's time I got off Charlie Rose and on to other thought.)
topazgirl 03/11/2012 10:51 PM Report
..So sorry!... Please substitute "UA" for "EU", and you will catch my drift....
topazgirl 03/11/2012 10:29 PM Report
The European Union is still trying to define itself... are they Italian?, German?, Irish?, British?, French?, Portuguese?, Greek?... or are they "the UA"?... This is as difficult for them as asking the U.S., " Are you Texan?, Californian?, Nebraskan?, Oregonian?, Virginian?, or are you American?"... We need to see ourselves as "all in the same boat"... If Greece decides to go it alone, then the UA is ultimately left to deal with the repercussions of Greece's decision... Germany is carrying the load right now... They have been frugal and have planned ahead for every possible (foreseeable) economic scenario, when the rest have not! They have put "all their eggs in one basket" to bet on the UA... In order for the UA to survive and prosper as a whole, they need to decide, once and for all (!), where their destiny lies. Germany is strong, but will not be so if they have to carry the rest of the European Union for too much longer! Times change... the status quo cannot always survive forever! The countries of the UA have to ask themselves, "Can we change for our own survival, or are we to continue on our own path and possibly succumb to our own nationalistic pride?"... These are huge questions, and Europe's answer may define their ultimate survival....
Ricardo_Amaral 03/11/2012 12:34 PM Report
Gelles, if you have a chance check out this video - the discussion on this video provides a lot of important information about the global economy and who are the puppet masters behind the scene.
David Icke: Rothschilds Control The World – March 8, 2012
http://www.youtube.com/watch?v=V_4XonNBacw
David identifies the real power; the mostly British based Rothschild family, estimated fortune $270 Trillion. The most powerful family in the world who rule by control over the worlds economy through their family and puppets like the Warbergs Schifs, Kuhn, Loeb, Goldman-Sachs and Rockefellers.
The Rothschilds control the international media through ownership of Reuters, AP (Associated Press) and many media interests. Hollywood through ownership of Viacom, Disney and other groups, and excercise social and political control through the many thousands of think-tanks, so-called 'human rights' orgs and community orgs they either started or fund all the way from the UN, Trilateral commission, CFR, Bilderberg, the control of all major Western political parties and parliaments, and they reserve the final say above all parliaments, senate and congress over issues such as mass-immigration, globalist and internationalist union and the legal systems of the West.
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Ricardo_Amaral 03/11/2012 12:24 PM Report
Gelles, I was watching various programs on television this Sunday morning, and everybody was discussing when Israel is going to attack Iran to destroy their nuclear capabilities.
That shows to the world that the United States is completely out of touch with reality and with what is important to the rest of the world.
Today the United States is the laughing stock of the world, since the perception that the rest of the world has regarding the US foreign policy can be summarized in one word: clueless.
No wonder nobody is listening to the United States anymore, and the United States is losing all its prestige, clout, and is completely discredit around the world.
If you watch TV programs of the US mainstream media, the talking heads and their guests spin everything according to their agenda, and not about what is really happening in reality in the United States and around the world.
I not surprised that the US mainstream media is becoming obsolete so fast, and nobody with any brain pays attention to what these people say anymore. The major newspapers and magazines are going bankrupt, because they become irrelevant and dinosaurs.
If someone tries to say something of substance then he/she gets fired almost immediately such as Pat Buchanan and Judge Napolitano. Here is what Pat Buchanan said over the weekend:
Pat Buchanan 300 nukes in Israel yet Iran a threat – March 10, 2012
http://www.youtube.com/watch?v=l1fHX4k_CIo
Islamic wars have brought questionable benefit to the US over the last 20 years, former US presidential advisor Pat Buchanan, author of Suicide of a Superpower, shared with RT.
A new war in the Middle East will be a disaster for the US and for the world economy, he says. "I opposed the Desert Storm operation in 1991 cleaning Saddam Hussein out of Kuwait because, I said, 'This would only be the first Arab-American war.'" Looking at the number of conflicts in the Islam world that America is taking part in now, one cannot but admit that Buchanan was right 20 years ago.
"You cannot replicate the Middle West in the Middle East," Pat Buchanan concluded.
From the time of the Cold War the US has military bases all over the world. Today, running a budget deficit of 10 per cent of its GDP, America simply cannot afford to continue "to carry this enormous burden, defending 40 or 50 countries around the world," Buchanan says, "We have to bring troops home." Getting rid of these bases essentially means dismantling the American Empire to help the US survive beyond 2025. America's crusade under the banner of ending tyranny in the world is "utterly utopian".
*****
As I mentioned to you the foreign media laughs about the United States foreign policy on a regular basis and they show over and over again how clueless the United States is regarding its policies about the Middle East.
I guess “Dumb and Dumber” are in charge of foreign policy in Washington D.C.
Pepe Escobar: US and NATO don't care that Libya is splintered – March 9, 2012
http://www.youtube.com/watch?v=YH3RRk0_Ox0
Tribal leaders in the Eastern region of Libya have proclaimed their area a new state which will come with its own parliament and police force. But Libya's National Transitional Council has said it will do everything in its power to keep the country together and the NTC leader is even willing to use military force. So as Libya struggles to keep its stability why would the US consider intervening in Syria? Pepe Escobar, an Asia Times correspondent, joins us with his take.
*****
As the US mainstream media beats to death what is important for the future of the United States; if Israel is going to attack Iran.
The rest of the world is moving into the future, to the world of the 21st century, and a process is developing very fast where the international monetary system is splitting into two pieces:
1) The old dinosaurs (old Europe, and old United States) will continue putting out the old fires of the past in an effort to keep the old structure going of a world long gone.
2) The BRICS with almost half the population of the world, and where the real action is regarding the financial and economic development in the coming years move forward into the future into the world of the 21st century.
*****
Gelles, this is a preview of things that are in the pipeline for the United States in the coming months:
Associated Press - Sunday, March 11, 2012
Large demonstrations in 60 cities across Spain protest government’s austerity measures
http://www.washingtonpost.com/world/europe/large-demonstrations-in-60-cities-across-spain-protest-gov ernments-austerity-measures/2012/03/11/gIQA0WeA5R_story.html
MADRID — Hundreds of thousands of people in 60 cities across Spain took part Sunday in demonstrations called by the country’s main trade unions to protest the government’s tough new labor reforms and cutbacks.
The rallies are the unions’ first trial of strength before a general strike called for March 29 to oppose the recently approved reforms and austerity measures.
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Ricardo_Amaral 03/10/2012 05:57 PM Report
Gelles said: “Ricardo, You made no comment on the Masha Gessen interview.”
*****
Ricardo: I did not watch the Charlie Rose Show that evening, and for some reason I always have a problem watching a re-run of the Charlie Rose Show when he upload the program here on his website.
The video on his web site it does not work as well as the videos uploaded on YouTube.
I never heard of this woman before, but you mentioned her book on math.
*****
Trader says markets are manipulated and volumes fictitious – March 3, 2012
http://www.youtube.com/watch?v=7qydOIL-yLg
Principally related program trading is a way to 'game' the market to get it to go in your direction, and the fraud market has eclipsed the real trading.
*****
Jim Grant Says ECB will Print Money – March 3, 2012
http://www.youtube.com/watch?v=v9m6ajxKtjo&feature=related
"quantitative easing" "printing money" "european banks" "toxic assets" "banks bankrupt" fed ecb "jim grant"
*****
Jim Rogers - Goldseek Radio - 06 March 2012
http://www.youtube.com/watch?v=0ONQBPAkxNc
Jim Rogers talks about Inflation in the USA. And how the US government is fudging the numbers.
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Ricardo_Amaral 03/10/2012 05:54 PM Report
Gelles said: “Ricardo, You made no comment on the Masha Gessen interview.”
*****
Ricardo: I did not watch the Charlie Rose Show that evening, and for some reason I always have a problem watching a re-run of the Charlie Rose Show when he upload the program here on his website.
The video on his web site it does not work as well as the videos uploaded on YouTube.
I never heard of this woman before, but you mentioned her book on math.
Trader says markets are manipulated and volumes fictitious – March 3, 2012
http://www.youtube.com/watch?v=7qydOIL-yLg
Principally related program trading is a way to 'game' the market to get it to go in your direction, and the fraud market has eclipsed the real trading.
Jim Grant Says ECB will Print Money – March 3, 2012
http://www.youtube.com/watch?v=v9m6ajxKtjo&feature=related
"quantitative easing" "printing money" "european banks" "toxic assets" "banks bankrupt" fed ecb "jim grant"
Jim Rogers - Goldseek Radio - 06 March 2012
http://www.youtube.com/watch?v=0ONQBPAkxNc
Jim Rogers talks about Inflation in the USA. And how the US government is fudging the numbers.
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Gelles 03/10/2012 10:12 AM Report
Incidentally, my attack on Mandarinism stems from my appreciation of another female artist, the American Barbara Tuchman, whose "Stillwell and the American Experience in China" is another gem of modern literature I turn to, along with her "The Proud Tower" and "The Guns of August", when I want to enjoy what the mind was made for. If Charlie Rose were a woman we would have forum software even better than Amazon and a serious connection to political action by Americans fit to bring better than junk food for thought to the public square.
Gelles 03/10/2012 09:46 AM Report
Ricardo ~
You made no comment on the Masha Gessen interview. Her books on math, politics and history have me wishing for more time and smarts. She may be more relevant to the solutions we seek than the prophets to whom we otherwise turn. Lagarde is a female lawyer running economists, accountants and bankers. Gessen is a female prophet engaging ideas more profound than money and guns. Brooksley Born, another female brain (American to add to French and Russian) was first to see the scam the calculus boys had cooked to poison our minds. We may need a new movie on Ada Lovelace (Augusta Ada King, Countess of Lovelace) to counter the false impression of female skills that Meryl Streep as the Maggie Thatcher may be spreading all over town.
Gelles 03/10/2012 09:26 AM Report
I have used "electric money" as a synonym for "output-based money". This redundancy may be harmless (or not). The for-sure harm is done by ambiguity not redundancy. But the art of effective communication is open to infinite experimentation. Until, of course, we are as guilty of Mandarinism as the next guy.
Gelles 03/10/2012 09:20 AM Report
Super Mario's 1 trillion euros may imply debt-based fractional reserve money and its "multiplier". We may have to re-invent inflation protection for output-based money that needs no "debt-multiplier".
Currently evolved systems based on "market price" more than "programmed cost" are complex enough to offer employment of bankers,accountants and lawyers, at unnecessarily high rewards in our modern Mandarin systems that rank with the worst of Chinese puzzles for ensuring the "triumph of form over substance" at every turn.
We are defeated by law and language as much as by greed and guns.
Gelles 03/10/2012 09:07 AM Report
Ricardo ~
Comment, if you will, on the need for ESA's (economic security agencies for computer support of supply chain management, including management on the demand side.)
"Super Mario Draghi says "ball is now in the banks' court," as he prints over 1 Trillion Euros", sounds encouraging. Five trillion euros or more are needed ASAP -- IF the UN war on poverty is to gain any traction.
Gelles 03/10/2012 09:00 AM Report
Ricardo ~
Thanks for update. Please explain "Mario Draghi" -- I missed any earlier explanation -- I guess "Super Mario" is an independent pun on his name.
My posting below is also at
http://outputbasedmoney.info/brics-bank.htm
Ricardo_Amaral 03/10/2012 08:44 AM Report
Gelles, in Brazil "O Estado de Sao Paulo" newspaper is equivalent to "The New York Times" here in the USA.
March 6, 2012
SouthAmerica: The article says that India and China in the next meeting at the end of this month are making official a proposal for the creation of a new bank just for the BRIC'S countries to replace the World Bank, and the International Monetary Fund (IMF) – this new BRIC'S Bank would include only Brazil, Russia, India, China and South Africa.
*****
O Estado de S. Paulo – March 3, 2012
Índia e China querem um FMI dos Brics
http://economia.estadao.com.br/noti...cs,104834,0.htm
By: Jamil Chade, de O Estado de S. Paulo
Gigantes asiáticos vão agora buscar o apoio dos outros países que fazem parte do grupo: Brasil, Rússia e África do Sul.
China e Índia levarão à cúpula dos países emergentes, no fim do mês, a proposta de criação de um Banco dos Brics (grupo composto, além das duas nações asiáticas, por Brasil, Rússia e África do Sul). A ideia é que seja uma alternativa ao Banco Mundial e ao Fundo Monetário Internacional (FMI). A proposta promete estabelecer uma revolução na hegemonia das instituições que, há mais de 50 anos, são controladas por países ricos.
O projeto já vinha sendo costurado pelos indianos há meses, com o propósito de estabelecer um mecanismo que permitisse o financiamento de projetos exclusivamente nos países em desenvolvimento. Sexta-feira, o projeto acabou ganhando um parecer positivo da China e a ideia é convencer agora Brasil, Rússia e África do Sul a se unir ao projeto.
O primeiro rascunho circulou, há uma semana, durante uma reunião do G-20 no México. Mas a ideia ficou de ser estudada pelos demais parceiros. O projeto ganhou corpo depois da reunião entre os chanceleres indiano, S.M. Krishna, e chinês, Yang Jiechi.
Na visão dos indianos, instituições como o FMI serão dominadas nos próximos anos para socorrer as economias europeias, enquanto a própria gerente do Fundo, Christine Lagarde, percorre o mundo em desenvolvimento pedindo mais recursos. Na Basileia, onde os BCs das principais economias se reúnem a partir de hoje, fontes do Banco Central Indiano admitem que os Brics começam a refletir se devem de fato sair ao socorro da Europa, ou se devem estabelecer sua própria agenda.
"A agenda do FMI e do Banco Mundial estará dominada por mais uma década na recuperação da economia mundial", disse a fonte indiana. "Os Brics precisam definir se é isso que querem ou se têm outras prioridades. Por isso, a cúpula do dia 28 e 29 de março será tão importante", declarou.
Juntos, os governos emergentes têm reservas no valor de US$ 3,3 trilhões. "Não devemos usar isso apenas para socorrer a Europa. Temos nossos próprios projetos", indicou.
Mas a criação da nova instituição, que deve ganhar o nome de Banco de Desenvolvimento dos Brics, já é alvo de acirrada disputa. Pelo projeto indiano, a presidência da instituição deveria ser rotatória entre os cinco países.
Mas os chineses insistem em que devem ter um poder maior, já que sua economia é a segunda do mundo e parte importante do novo fundo virá de Pequim.
*****
Capital Account – March 8, 2012
Super Mario Draghi says "ball is now in the banks' court," as he prints over 1 Trillion Euros
http://www.youtube.com/watch?feature=player_embedded&v=HegwQcNLm3U
And speaking of China and the rest of the BRICS, they want alternatives to the US dollar besides the euro as a way to conduct trade and to make investments. Aiming to move that along and internationalize its currency, China reportedly is planning extended renminbi loans to other BRICS nations. Other countries in the developing currency block are planning to do the same.
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Gelles 03/10/2012 08:00 AM Report
Feb. 27 (Bloomberg) --
By Anastasia Ustinova
[presented at the teachable moment for non-commercial purpose in accordance with copyright law]
Leaders from the world’s biggest emerging markets will ask their finance ministers to study a proposal for a bank funded exclusively by their nations at a summit in March, a Russian official said.
India has proposed setting up a multilateral bank that would be exclusively funded by developing nations and finance projects in those countries. The plan comes as leaders from Brazil, Russia, India, China and South Africa seek a bigger say in running the International Monetary Fund and other multilateral bodies to match their rising economic heft.
The creation of the bank “could mean some serious contributions of capital, so everything needs to be calculated and analyzed,” Andrey Bokarev, the head of international financial relations at Russia’s finance ministry, said in an interview yesterday from Mexico City, at the end of the Group of 20 summit.
Leaders from the so-called BRICS group will meet in New Dehli March 29, their fourth-ever summit. The proposal for a BRICS bank builds on a pledge leaders from the five nations made at their last meeting in April 2011 in China, when they promised in a statement to “strengthen financial cooperation among the BRICS Development Banks.”
The IMF projects 2012 economic growth at 3 percent in Brazil; 3.3 percent in Russia; 7 percent in India; 8.2 percent in China; and 2.5 percent in South Africa. The U.S. growth this year will be 1.8 percent while the 17-nation euro area will shrink by 0.5 percent, according to the IMF estimates released last month.
--With assistance from Kartik Goyal and Unni Krishnan in New Delhi, Arnaldo Galvao in Mexico City and Sunil Jagtiani in Singapore. Editors: Joshua Goodman
To contact the reporter on this story: Anastasia Ustinova in Chicago at austinova@bloomberg.net
To contact the editor responsible for this story: Joshua Goodman at jgoodman19@bloomberg.net.
===== end internet Bloomberg article =====
Thanks to Ricardo, the independent mind, for calling our attention to these developments.
If ever there were competition needed (and cooperation, as well,) to the Washington Consensus, NOW IS THE TIME!
The Lagarde interview left me empty of hope for Keynesian thought and MORE MONEY to be introduced to monetary systems of production supporting planet Earth.
Ricardo emphasizes time alone. BRIC is NEW the Washington Consensus (WC) is OLD. He has a point.
Gelles emphasizes reach. The debt-based disaster of the WC has not reached all producers and all consumers who are our families, friends, neighbors and necessary cooperative collaborators -- IF peace and freedom are our goals.
How does MONEY (aggregate demand) and MORE MONEY reach consumers and producers to provide necessary demand and supply to the political economies on planet Earth? NOT BY FRACTIONAL RESERVE PRIVATE BANKING ALONE !!!
More is needed.
Crony capitalism is killing Russian and American systematic growth to end poverty and the tendency of inadequate demand capitalism to rely on advertising and endless actual war to keep its blood flowing.
Money is the blood system for supply and demand to work outside barter-based or debt-based systems. At the moment, even China, India and Brazil are lost in a debt-based wilderness. But the BRICS BANK may wake them all up.
Output-based money adds to "demand" all we can "supply". Laissez-faire has no means to do this. It fails to demand full employment because it wants workers to be kept too poor to demand fair wages and working conditions. Ricardo and Gelles may agree on this point.
Communism came too soon, relative to the Information Technology Revolution, to be prepared to implement cost accounting systems superior to "profit and debt" accounting systems. Additionally, brute police political systems, developed over thousands of years (for jungle and modern warfare) turned communism into a nightmare.
We are now positioned for modern political economies to develop national and global economic security agencies (ESA). These can and must mimic the American NSA to pump money to consumers and producers on a stock-keeping-unit intelligence system, tied to revolutions in biology, materials (nano-tech), and brain science, etc., to develop an Industrial Olympics for annual demonstration of who can supply needed water, food, medicine, houses, education, recreation, retirement, and fun -- before we crash and burn our inheritance and continue to be bamboozled by the debt-based money-power, academic stooges, lawyers, accountants and bankers who are not enlisted in the war on poverty and sincere embrace of the Golden Rule.
Ricardo_Amaral 03/10/2012 06:31 AM Report
As the United States is paying attention on what it is important for the USA from the US government perspective such as Israel, Syria and Iran – and old collapsing Euroland.
As usual the United States is clueless about what is going on in the world of the 21st century such as: at the end of March 2012 China and India will announce the creation of the BRICS Bank for membership of only the 5 BRICS countries – this bank will replace the World Bank, and the International Monetary Fund (IMF) functions for the BRICS countries.
In a nutshell:
The international monetary system is being split into 2 pieces:
1) The BRICS Bank that will take care of the BRICS countries and it will move into the world of the 21st century
And
2) The World Bank, and the International Monetary Fund (IMF) that will take care of old Europe, old United States and the remaining countries of the world – they will take care of the past.
BRIC - the new emerging world superpower
http://www.elitetrader.com/vb/showthread.php?s=&threadid=238113
World Population
2,011 AD........7,000 million or 7.0 billion people (October 2011)
2,023 AD........8,000 million or 8.0 billion people (Est.)
Population:
Brazil: 205,716,890 (July 2012 est.)
Russia: 138,082,178 (July 2012 est.)
India: 1,205,073,612 (July 2012 est.)
China: 1,343,239,923 (July 2012 est.)
South Africa: 48,810,427 (July 2012 est.)
Total BRIC'S countries: 3 billion people
Note: A little less than half of the entire global population.
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Gelles 03/10/2012 02:36 AM Report
What we take from Keynes is the obvious power of hard money to purchase all our needs currently for sale. The exact connection between such money and MORE "needs for sale" is as complicated as we want to make it. But Keynesian thought allows successful stimulation of production via money printing within limits.
Money printing alone brings inflation under a variety of legal brakes intended to limit price to cost plus a managed profit.
Money printing with practical subsidies and savings regimes can make monetary systems of production work IF corruption is contained to have minimum effect.
The merit of Keynes is that it does not seek magical rules to guarantee outcomes without information or evidence that they have any certain effect. Invisible benign forces are always in balance with invisible bugs, fallacies and harmful forces and/or effects.
If we want to satisfy the legitimate needs of both producers and consumers, we cannot minimize wages and similar costs in favor of maximum profit for the worst bullies. Rather, we must start with standards of consumption, satisfy them, and allow for inequality above such standard but not below it.
Why allow any inequality? Because to prevent it would be impractical. How much inequality can we tolerate above the standard? No more than does least harm to the standard itself.
We are all the victims of mandarinism (unnecessary complexity in law and practice that rewards itself and turns all growth into cancer over time.)
vongleichent 03/09/2012 06:19 PM Report
I would certainly agree with that statement jobs, jobs, jobs, and some more jobs. Spain has an unemployment rate of 50% for people who are 18-25 years old. The IMF is still the International Mafia Fund. It's just as much corrupt as the FED.
tabs 03/09/2012 06:08 PM Report
One wonders if Mario Monti has gotten the Trains in Italy to run on time?
Ms Lagarde certainily was upbeat and cheerful. What a relief it was to know that the World Financial Markets wouldn't be tanking the next day based upon her comments. However she did say quickly and quitely that the US should get its deficits and debt house in order. To that end the US borrowed 229B USD which was a record for a month and that the Congressional CBO said that for the first 5 months of fiscal 2012 the US would be borrowing 578B USD which if annualized would be just shy of 1.4T USD. Ms Largard also said what was needed was "jobs." This morning (3/9/12) the US jobs report, reported a drop in unemployment to 8.2% in the USA. However one should not look too closely at those numbers because one would find that the work force has shrunk to the lowest level ever recorded. Mr Leiasman who is the Senior Economist over at CNBC stated this morning that the real Unemployment rate in the USA is 14.9% if one considers those who are discouraged and have ceased to look for work or are underemployed.
Ms Lagard stated that the IMF estimate for GDP growth in the US would be about 1.8% and that she felt it would be somewhat north of that figure. While this might not be enough to create true job growth as the figure of 3% GDP growth is needed to get ahead of the demographic curve. However considering the drag that the deficit and debt has upon the economy this should be considered as one has previously stated several years ago to be what one expects. Thus the US has an economy that rumbles along with a high structural unemployment rate while the government continues to borrow money at an accelerated rate.
REMant 03/09/2012 11:53 AM Report
What is surprising to me is that we are even talking about the subject of "austerity," and I have to laugh to see the Keynesians, et al, up in arms and castigating Ms Lagarde, who clearly remains one of them. They consider austerity "shock doctrine," after Naomi Klein, who accused such nasty ppl as the IMF and World Bank for using such bailouts as the means to extend globalization. What they haven't yet grasped, and may never will, is that the monetary profligacy is far worse in that regard. Recently "modern monetary theorists" have tried to blame all the problems on bank credit, or other instruments which create money, and retain the efficacy of government spending. Keynes made it clear tho he made no such distinction, nor did he intend to redistribute as they must.
But we should have been talking about writing off some of this debt 3+ yrs ago instead of creating more. And this will hardly be enough. Bernanke and co must realize that "insurance" cannot continue indefinitely, nor can this nation and Europe continue to spread their problems to foreign realms, as it is just spreading moral hazard, which must be joined to creeping inflation. The problem is not jobs per se, but productive employment. Employment that will pay back debt and give value to money. Largarde's own country has the highest unemployment rate of any industrialized economy by some estimations. If we resolve to cut this Gordian knot we will undoubtedly see a lot more inflation and austerity, but at least we will be headed in the right direction.