Just the Facts, Ma'am: A Compendium of Liberal Fiction Message Board

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Politics : Just the Facts, Ma'am: A Compendium of Liberal Fiction

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To: Lazarus_Long who started this subject	9/6/2004 3:39:57 PM
From: Oeconomicus	Read Replies (1) of 90947

Laz, I think we have another one in need of remedial economics education: Message 20491445 illustrated by the fact that it is the rest of the world which produces most of all the consumer goods which Americans currently consume. Does rarebird really think that we import "most of all" of what we Americans consume? Perhaps he couldn't find his way to bea.gov, where he would find that personal consumption expenditures are running $8.2 Trillion p.a. now while imports were only $1.8 Trillion. It's only $1.5 Trillion if you exclude capital goods, the purchase of which is not personal consumption. Never mind our $1.2 trillion export volume, does he think 18% (1.5/8.2) qualifies as "most"? Then there's the matter of "If the US were to face an event of near global unacceptability for its US Dollar as a reserve currency..." Let me see if I understand. The RoW might suddenly decide, en mass, to no longer hold dollars. OK, so they just decide to dump all the dollars (and presumable all dollar denominated assets) they own. Then they decide to stop selling goods and services to the US because that would result in them owning even more dollars. Perhaps rarebird can explain what, exactly, they are going to do with all those dollars. Perhaps he can explain what they are going to do about the collapse of their exporting industries, their rising unemployment, and all the other problems that would arise from their hyper-valued currencies. No, I don't think he can explain any of those things. I think he's just repeating "economic talking points" handed to him by someone else who knows it's a bunch of BS, but doesn't care. What do you think?

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