Posted on 11/05/2010 12:45:48 PM PDT by NormsRevenge
Germany, China, Brazil and South Africa have criticised US plans to pump $600bn (£373bn) into the US economy.
German Finance Minister Wolfgang Schaeuble said the US policy was "clueless" and would create "extra problems for the world".
The US Federal Reserve could weaken the US dollar and hurt exports to America.
China's Central Bank head Zhou Xiaochuan urged global currency reforms, while South Africa said developing countries would suffer most.
He did not elaborate how the system should be changed. 'Undermining the G20'
South Africa's finance minister Pravin Gordhan warned that "developing countries, including South Africa, would bear the brunt of the US decision to open its flood gates without due consideration of the consequences for other nations."
The US policy "undermines the spirit of multilateral co-operation that G20 leaders have fought so hard to maintain during the current crisis," he said.
The heads of state and government of the G20 group of the world's leading nations is due to meet in a week in South Korea, with currencies and trade imbalances high on the agenda.
(Excerpt) Read more at bbc.co.uk ...
You neglect that the younger generation also has to work to support a MASSIVE welfare infrastructure, with dozens more being born to welfare mothers each day.
The Fed is most certainly private and is not owned by the US government at all.
I have to wonder if all taht adulation was in fact mockery.
Yeh, and also, they have taken what should have been a growth industry for the next 30 years, and sown the seeds of destruction by passing Obamacare.
I have to wonder that too. Say waht you will about human rights, their leaders are not naive and are realists.
Well tracking Chinese USD holdings is not in my skill set but the world will figure out pretty fast when China starts actively dumping UST's.
The end game is most likely to profit from commodities futures spiking like crazy (convert gains to PM's), force currency defaults in other countries first, (masive capital inflows into the USD), convert to PM, QE 3, repeat domestically then crash the current fiat system in the USA and attempt to bring in a one world fiat currency based on special drawing rights via the IMF.
I think the deterioration began when people starting using companies as a means of milking instead of working. For example, women demanding lavish maternity leave and benefits, unions starting demanding same pay for different skill levels, then lawyers came into the picture, I am sure that is what triggered the whole movement of moving jobs overseas.
Once companies were treated as piggy banks and not a place to make a living, then go figure, companies got tired of it. Obamacare is something that isn’t the root of the problem, but instead is the result. It’s a result of 30 years of social engineering instead of production. Instead of a means of making a living, companies are treated as a means of making money.
Looks like I was right in starting my commodities business.
Just the opposite. The CB owns the gvnt (or at least the slugs that keep it operational. They buy off these assholes with the debt of the citizenry.
I agree with what you are saying.
I read the news report in German.
First of all, Schäuble used the word Ratlosigkeit, which I wouldn't translate as clueless. It means more along the lines of 'can't find the right answer', 'not sure what to do', 'perplexed' etc.
Germans would generally use keine Ahnung meaning "not having the slightest idea" when they want to say 'clueless'.
The gist of his statements, IMHO, led me to believe he was saying "Of course we will try to work things out, but we are not going to obediently follow measures we don't think are correct".
He describes America's action as following a path designed to bring the US a competitive advantage that is to the EU's disadvantage. IOW, he attributes a goal to the US policy which indicates to me he doesn't consider it 'clueless'.
Also, Schäuble is a no BS type of guy, along the lines of John Bolton or Dick Cheney, but he does not have an impolite or ridiculing personality and he does respect the fact that the US is facing difficult decisions.
Reading the title as something like "Schäuble accuses the US of not being sure what the correct course is" fits his personality and doesn't publicly insult Bernanke, in line with his sense of propriety.
JMO.
They are just racist.
There is that old teleprompter again. Someone needs to start a website that shows pictures of bummer with his teleprompter and puts the vent, date and location of it. It is worth tracking.
“You neglect that the younger generation also has to work to support a MASSIVE welfare infrastructure, with dozens more being born to welfare mothers each day.”
I didn’t neglect it, I was simply referring to the fact that in the grand scheme of things the younger generation is the worker supply in which both the market and the government is depended upon in-order to provide all the services to the retired(older).
As with any supply the fewer of them the more expensive their labor will be. IE the more resources will have to be invested to get the same labor supply.
If we really invest in automating our indistry technology could save us by allowing us to do more with fewer people. But the fact is one way or the other we WILL have fewer people provide what is required meanign everyone is going to be competing for the same smaller pool each getting much less then their parents had.
There is a reason God Commanded us to be fruitful and multiply(He didn’t mean by 1 or less).
Well, there’s no doubt that it did start a long time ago, and no doubt that the attitude you are talking about have played a part.
When I first moved here, I was a teacher, and often tryed to instill in my students a work ethic, and how that would impact their employment. At the time several of the mines had already had to close. Huge negative impact on the local economy.
However, the kids told me about their parents in those mines. They slept on the job, for example, and posted a lookout. When the lookout gave the signal that the supervisor was coming, they all sprang up a went to work.
Naturally the rest of the mines closed too. These people were too stupid to know they needed to help their company make a profit, and were not honest enough to give a good day’s work for a decent day’s pay.
Oh, I didn’t mean taht it was deliberate or that you are stupid to have forgotten it. I turn of phrase that ment no harm and I only wanted ot add.
Oh, and lastly, I don’t think God meant for people on welfare to be so fruitful. If for instance, people who had jobs/middle class bred like they do on welfare, we wouldn’t have too many problems about needing replacement levels. Even if one or two from a family turned out to be a welfare mooch, it wouldn’t impact the country the way the reverse has. I am sure that if we had replacement levels and no lawyers, (Larry Lucido excepted), then we wouldn’t be in as much a mess.
Thanks for the analysis. Helps put this article in perspective.
“Very true. One point that people dont see right now. The time for China to liquidate it’s bond position has PASSED. If they were to do that now, the dollar would plummet and they would lose their shirts in the inevitable dollar decline. Bennie has China’s leaders by the short and curlies AND his hand is in their wallet.”
The trouble with stealing other people’s money via ponzi schemes instead of producing one’s own wealth is that you can only steal for SO LONG.
20 nations produce over 95% of the world’s GDP. China has already established bilateral trade deals using only their RMB with about 4 of the 20. If they ratchet that number to say 10 or 15 countries, the dollar would become nearly worthless.
The curtain shrouding the true evil that zero is has been pulled back and the world doesn’t like what it has discovered. It’s too bad that there were so few of us who knew, who saw, who really looked at what he is and what he would do with his power before he was elected.
He was The One they were waiting for? Such utter fools have damaged all of us severely.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.