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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Haim R. Branisteanu who wrote (5324)	4/30/2004 6:40:52 AM
From: Haim R. Branisteanu	Read Replies (1) \| Respond to of 116555

Fed's Parry Says U.S. Benefits From Movement of Jobs Overseas April 30 (Bloomberg) -- The U.S. economy benefits from companies' decisions to move jobs overseas because it creates new employment opportunities and boosts productivity, said Robert Parry, president of the Federal Reserve Bank of San Francisco. ``Globalization means that economic activity flows in both directions,'' Parry said in the outline of a prepared speech delivered today at the Bankers Club in Honolulu. ``Although we may lose jobs to foreign workers, we also may gain jobs and boost economic activity,'' The net loss of 1.8 million jobs since President George W. Bush took office has become a centerpiece of the campaign for Democratic presidential candidate and Massachusetts Senator John Kerry. Parry, 64, joins a growing number of Fed officials who have said that outsourcing helps the U.S. economy. his theories may be true but the FED still has not adjusted their monetary model to compensate for the loss of jobs and low interest rates just does not cut it in filling the void of jobs lost to competition