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Politics : Dutch Central Bank Sale Announcement Imminent? -- Ignore unavailable to you. Want to Upgrade?

To: philv who wrote (19155)	9/28/2003 6:03:50 PM
From: sea_urchin	Read Replies (1) \| Respond to of 82035

Phil > there has to be consequences to fiscal mismanagement and debt And I'm sure there are. But one has to remember that the money which the US creates is not simply largesse to be dished out to anyone who rocks up. Indeed, most Americans are having a pretty hard time of things and require many jobs just to make ends meet. In fact, there is a strange paradox about the US money printing machine --- it seems to be available to anyone who doesn't give the money to the American people. And, in the circumstances, I suppose one has to go back to Bretton Woods, after WW2, where principally the US and Britain agreed that the USD would be the reserve currency for all the CBs. It is this international agreement and arrangement which clearly legitimizes the US debt and the functioning of the "money printing machine" because no other nation can do it or is allowed to. However, and as we know, the system underwent a dramatic change when the value of the USD was "unpegged" from the gold price in 1971 and since then the creation of US debt has gone mad. schillerinstitute.org So, clearly, if there is a conspiracy to defraud, a ponzi scheme or simply just financial mismanagement one has to investigate and alter the international arrangements which flow from the Bretton Woods agreement. > The US can now be held as an economic hostage, Asians can exert influence subtly or outright, and the economic weakness of the US will become apparent. It is so. In fact, foreigners are busy buying up more and more of US asset and debt which also has to be serviced by means of interest/dividend/rental payments. Eventually, and without them even realizing it, Americans will be servants to China or Japan or whoever. But the problem is fundamentally for the American people to recognize and to solve and this they seem unable and unwilling to do. That's why I remarked about the American politicians who continue to dupe the populace instead of enlightening them --- they are no better than whores who smile at the client, take his money and then give him syphilis. > why is Bush now humiliating himself before the UN and his despicable sworn enemies such as France & Germany, begging them for financial aid? I don't know. It doesn't make sense particularly in the circumstance that he knew beforehand that they wouldn't give him any. He didn't have to have an embarrassing floor-show at the UN to find out where he stood --- a phone call would have been sufficient. Likewise with Putin at Camp David. He must have had some reason for humiliating himself in public which isn't apparent. > you haven't covered yourself in glory by saying that Bush agrees with you I see jealousy makes you nasty!

To: philv who wrote (19155)	9/28/2003 11:04:41 PM
From: Sam	Read Replies (2) \| Respond to of 82035

WHEN I look on the news and see starving people of countries unloading bags of grain and wheat to feed them ,it is clearly printed on those bags USA.In Bosnia who cried for help untill the US finnaly moved in to help stop the killing ,These countries cannot even buy the grain let alone pay for the ships to transport.it goes on and on at the expense of the American debt.which we are not proud of. Other countries are keeping their money low to gain advantage from the cheaper goods they can dump in.at cheaper than it can be manufactured in the US .these countries would have ameager existence otherwise. The whole Canadian economy is dependent on their low dollar, The US is going to have to stop being big brother to all the countries in the world and if they quit all the releif programs to all those starving people ,maybe China Japan Australia France could fill in the void Why is everyone like some people on this thread praying for the day the US economy fails . sam

To: philv who wrote (19155)	9/29/2003 8:06:13 AM
From: sea_urchin	Read Replies (1) \| Respond to of 82035

Phil > there has to be consequences to fiscal mismanagement and debt (2) The opinion of Nobel Prize laureate Joseph Stiglitz: bday.co.za >>>We will all feel the ripples from fiscal mess created by Bush US can only blame itself for spiralling deficits, but in a globalised economy it will sop up much of savings pool. Meanwhile, the US trade deficit mounts. The US, the world's richest country, evidently cannot live within its means, borrowing more than $1bn a day. As the US thrashes around for someone to blame, it was inevitable that it would focus on China, with its large trade surplus, just as the twin fiscal and trade deficits of the Reagan era led to a focus on Japan a couple of decades ago. However, this is blame-shifting, nothing more. The fiscal and trade deficits of the US are both intimately linked. If a country saves less than it invests, it must borrow the difference from abroad, and foreign borrowing and trade deficits are two sides of the same coin. Globalisation means that mistakes in one country especially in the world's largest economy have powerful repercussions elsewhere. Three things are worth noting here. First, the US's deficits are certain to sop up vast amounts of the world's pool of savings. But the world will recover eventually from its current slowdown, and that shortage of savings will become important. It will mean higher real interest rates, lower investment, and lower growth, all of which will be especially costly for developing countries. Second, the US's huge trade deficit might be a major source of global instability. Will the world continue to finance this deficit willingly, to put its money into a country with such a demonstrated lack of competence in macroeconomic management (to say nothing of the corporate, banking, and accounting scandals)? Finally, in searching for others to blame, the US may once again enter an era of protectionism, as it did under Reagan. Equally worrying both for the US and the world is the path on which it has embarked: deficits as far as the eye can see. The Bush administration's policies bode ill for the US in the long run and hence for the world. <<<