[AntiGuv]

ping!

[adam_az]

I've been worrying about this stuff for a while, but what are small-fry like us to do other than practice our subsistence gardening technique?

[optimistically_conservative]

We're doomed, doomed I tell you!!

[moni kerr]

Well, as most most economists would say, "on the other hand..."

[woofie]

Im becoming psychic..... as soon as this article got gloomy I knew you had posted it

[11B3]

"Far too little attention has been paid to the giant tab the US has been running with the rest of the world in order to satisfy demand for goods and services that cannot be provided domestically, with economic logic turned on its head to argue that the spendthrift habits of the world´s biggest economy are actually a good thing."

This is where the author shows his complete ignorance and incompetence to objectively analyze the economic situation. There isn't a single thing on earth that we cannot provide domestically with the exception of a couple of trace elements that don't exist under our soil. Damn near everything we import was invented by us, now due to regulations here in the US and subsidies overseas, those goods are made more cheaply "over there". That does indeed need to stop - and then numbnuts like this POS will really scream when their economies fully tank because the manufacturing came back here. This is obviously written by a Euroswine.

Nice try, Willie, but it ain't gonna fly around here. But I'm happy that this Chicken Little is worried.

[Beck_isright]

It did not take long for the "don't worry be happy" crowd to get on this thread. But then again, most of them do not have a grasp of history before 1980.

[djreece]

marking

[Dr. Marten]

The sky is falling, the sky is falling...

[RightWhale]

Yup. We're doomed. Fortunately, we have already bought everything we'll ever need.

[Chancellor Palpatine]

Why did I know I wouldn't have to go too far into this before the author mentioned "Bretton Woods" and "gold"?

[BlazingArizona]

What the market is telling us is that the US standard of living, in terms of the amount of goods a dollar will buy, is too high. This expresses itself as a balance of trade deficit (difference between goods exported and goods imported) and service jobs moving overseas. It's like a rubber band being stretched. At some point, the dollar has to fall in value to equalize US wages with those in India, and equalize the price of US products and Chinese products.

[Uncle Bill]

Industry Leaders Warn Bush
"If the administration does not act beginning in mid-2004, a new, enormous wave of plant closures and worker layoffs is certain to occur in the country’s major textile areas, such as the southeast, as orders for yarns, fabrics, home furnishing products and apparel are diverted to China,...China could gain control of approximately 70 percent of the U.S. market once quotas are removed,”

U.S. Departing The First World

Boeing can't act like British colonialists extracting wealth from other countries and exporting it all back home....the United States has no divine right to our standard of living,"
Alan Mulally, president of Boeing Commercial Airplanes Group - Source

SOURCE FOR BELOW: BUSH DECLARES NOTHING WRONG WITH ECONOMY

George W. Bush Quotes:

"Look around you," Bush implored his audience. "You've all got jobs. I've got a job. Dick Cheney has a job. I don't see what all the fuss is about."

"I may not be an economist, but anyone can see that things look pretty good from here. Besides, we're at war."

"And if there were problems with the economy, I'd be on it. Don't you think I would? The simple truth is that there are no problems. Not a one. Not an iota of problem."

"And we're not going to be suckered into a rope-a-dope with this whole recession game by the Democrats. We've got a war to fight."

"When have you ever heard me say there was a problem with the economy? When? Never. That's because there has been no problem since this administration took office.

"Did I mention we're at war?"

"Economies are about money," the President stated. "And I feel . . . I believe that money . . . I like money. And I like this country. Money is good and this country still has a lot of money."

Ari Fleischer Quotes:

"If the President declares that there is nothing wrong with the economy, then I'm sure there is nothing wrong with the economy."

"To turn our attention away at this time from the threat posed by Iraq to focus on the U.S. economy would be un-American."

"Obviously, our Republican mandate from the recent elections shows that the American people are more concerned with Homeland Security than whether their 401(k)s have gone down a few measly points. Get over it."