Registered: Sep 2000
Location: Kansas City
Posts: 7504

Our economic hegemony is unassailable. We shall rule for eternity. USA! USA! USA!

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Registered: Feb 2004
Location: in colorado somewhere!
Posts: 26136

But I'm still poor.

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Registered: Sep 2000
Location: Kansas City
Posts: 7504

Tough shit. Bend over and take one for the team.

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Registered: Jul 2000
Location: Location Location
Posts: 26420

Good article. I would have used an article like that to beat many judges over the head with in DX in my day.

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Registered: Sep 2000
Location: Kansas City
Posts: 7504

Oh, yes. Don't think that didn't go straight into our file.

EDIT: At least it better have, Timmons. Get that printer working.

Last edited by CHiPsJr on 04-26-2006 at 05:37 AM

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Registered: Sep 2003
Location: Rancho CucAmonga, CA
Posts: 340

Until our debt gets to the point that people believe that we can't repay it.

Then, "Pencils for Sale!" headlines...

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Registered: Aug 2001
Location: Hilbert Space
Posts: 35658

That may be the shallowest thing that Baker's written.

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Registered: Apr 2004
Location: Den
Posts: 11291

quote:

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The only real threat to American economic hegemony, I suspect, is the willingness of its people to continue to tolerate the pains associated with its success. Income and wealth inequalities have grown rapidly in the past ten years — even as the long-term growth rate has accelerated — and, given the continuing direction associated with globalisation, they may get even worse over the next 20 years.

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Registered: Aug 2001
Location: Hilbert Space
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Wealth inequities are bound to increase. Given two people of equal acument that start with different amounts of capital, the one that starts with most will, on average end up not just with more capital than the other, but with a bigger difference in the two capitals. The inequity is just going to get bigger, unless you have a compelling argument that people born with less have significantly more talent. One might try to make the 'they're hungrier for success' argument but I'm not sure that works, based on the evidence; if it's there at all, it doesn't seem to be enough to overcome the starting disparities.

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Registered: Oct 2001
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Posts: 18148

There will always be people with more money than me. I'm not sure why that's a bad thing or why I should feel bad about it. That doesn't mean I think we shouldn't take care of the poorest in our society and provide some sort of safety net, but it doesn't mean I think it's bad that there are rich people either. I woudn't mind having more money - I suppose any money would be more money - but I doubt I'll ever be a millionaire or worry about not becoming one or feel deprived because of it or put upon somehow by people who are millionaires. I'm not sure what the pain is I'm supposed to be tolerating.

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Registered: Feb 2004
Location: in colorado somewhere!
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The fact that we are poor would be the pain I feel.

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Mugtoe, I guess that one of the concerns is that inflation tracks overall wealth to some extent, so if people are falling further and further behind the wealthiest then a portion of them will be falling behind in an absolute set by inflation (which will likely drive people 'into poverty' as the cost of essentials increases). If every one got richer in absolute terms, that would be OK (and this is almost certainly the case if you compare to the 1930s, say) but that's not necessarily what will happen.

Last edited by Smug Git on 04-30-2006 at 01:29 PM

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Dollar starts the big slide against major currencies
http://www.timesonline.co.uk/articl...2157799,00.html
DAVID SMITH, ECONOMICS EDITOR

THE dollar has embarked on a big decline that will see it fall against all leading currencies, according to analysts.

The plunge is being prompted by America’s $800 billion (£438 billion) current-account deficit, they say.

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Why Europe should reject U.S. market capitalism
William Pfaff TMSI
http://www.iht.com/articles/2006/04...ion/edpfaff.php
SATURDAY, APRIL 29, 2006

Advocates of the new model capitalism, and the globalization project that goes with it, like to present it as an expression of historical necessity, rooted in classical economics and embodying irrefutable laws. It is progress itself, they say. Those who do not conform to the rules of modern market capitalism, and do not offer the human sacrifices of lost employment and diminished living standards that the market demands, will fall by the wayside of history.

This is simply untrue, although most of those who say it undoubtedly believe it.

----------------------------------------------
Capitalism under fire
William Pfaff
http://www.iht.com/articles/2006/03/29/news/edpfaff.php

We need go no further with what I realize is a very complex matter, other than to note the classical economist David Ricardo's "iron law of wages," which says that in conditions of wage competition and unlimited labor supply, wages will fall to just above subsistence.

There never before has been unlimited labor. There is now, thanks to globalization - and the process has only begun.

It seems to me that this European unrest signals a serious gap in political and corporate understanding of the human consequences of a capitalist model that considers labor a commodity and extends price competition for that commodity to the entire world.
---------------------------------------------

Enjoy!

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Loonie tops 90 cents US for first time since 1978
http://sympaticomsn.ctv.ca/servlet/...nie_rise_060502
CTV.ca News Staff

The Canadian dollar topped 90 cents US when it opened in international trading Tuesday -- its highest level in nearly 30 years.

For the first time since Nov. 1977, the loonie surpassed the 90-cent barrier and opened at 90.13 cents -- up 0.30 of a cent from Monday's close....

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Registered: Jul 2000
Location: Bangor, ME
Posts: 10173

it's tough finding our economy is lax? then yours is trying to catch up?

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Registered: Feb 2004
Location: in colorado somewhere!
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I think our economy is fuckered cause were helping so many other countries. So what if we decided to INVADE THE WORLD and by God's great hand we actually won. Currency would be the same all over the world and immigration would be a word with no meaning. Everyone would have free reign of the world,and everyone would be paid well and the corporations can't no longer run away from American citensenship to avoid taxes and hire cheap labor from abroad cause it's America EVERYWHERE.
There would be no reason for war unless it's a small civil matter bla bla bla.
Would the world's economy flourish? Oh,and the world would be run by Democrats.

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Registered: Aug 2001
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The 'we're helping so many other countries' is utter bullshit. US foreign aid is not the source of the problems*, although it's a popular line to say 'basically, our problem is that we're too generous' because you get to blame your problems on a positive character trait, thus avoiding real self-assessment at the same time as delivering oneself a pat on the back. Alas, reality's well-known liberal bias kicks that idea while it's down.

*Unless, heh, you count the Iraq war as 'foreign aid'. Bullets and shells for all!

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Registered: Dec 2004
Location: Beringia
Posts: 5262

Are you trying to reason with LF? It's a little early to be drunk.

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Registered: Aug 2001
Location: Hilbert Space
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He's not the only person to have said it here (although he's the only one in this thread). Someone once suggested that cutting the US funds to the UN would be a significant step in balancing the budget, as I recall.

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Registered: Dec 2004
Location: Beringia
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Now you're trying to reason with me, the worst kind of socialist. You are drunk.

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Registered: Oct 2001
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I'm just concerned that they're talkin about puttin a tax on consumption. Don't these poor sick people have enough to deal with as it is without the government taxing their sufferin?

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Registered: Aug 2001
Location: Hilbert Space
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quote:

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Originally posted by loser
Now you're trying to reason with me, the worst kind of socialist. You are drunk.

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Registered: Jul 2001
Location: China
Posts: 11795

quote:

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Originally posted by loser
It's a little early to be drunk.

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Registered: Aug 2000
Location:
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Damn. Read it in the Asahi Shimbun, now on fark.

quote:

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Asia set to dump unofficial dollar peg
By Andy Mukherjee
http://www.btimes.com.my/Current_Ne...31.txt/Article/
May 9 2006

LI YONG, China's vice minister for finance, said he had heard a "rumour" that the US dollar was headed for a 25 per cent drop. If the gossip was true, the consequen