Friday, December 10, 2010
Duncan's Critique
“The current policy response -- trillion dollar budget deficits and paper money creation on a mind boggling scale -- is based on the belief that it’s better to die tomorrow than to die today,” Duncan said. “There’s no evidence to suggest that it’s going to correct the root cause of the problem.” According to Duncan, an economy prophet, the root cause is the collapse of American industry.
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6 comments:
I disagree w. Duncan on several counts - first he says China is in a bubble because it produces more than its workers can afford to buy. If this is a "bubble" then Germany has been in a bubble for 50 years - they produce 3x as many cars as their domestic market could absorb. Also he say the bubble will deflate if America becomes protectionist. This is true (see Smoot-Hawley) but this would be suicidal for America too. The deficits are dumb but the solution is not to stop foreign trade but to but government spending in line w/ tax revenues. Nobody wants to do this because voters like BOTH low taxes and high benefits, so this is what politicians give them. Anyone who promises nothing but blood, sweat and tears looses the next election, even Churchill.
K
We may muddle through...
Looses the next election, but not the war.
Anon.
The Chinese may 'know' that a real estate bubble is unsustainable, just as numerous Americans including George Bush in 2005-06'knew' that Freddie Mac and Fannie Mae were underwritng too much deadbeat mortgages, but that doesn't mean that they can do anything about it. It seems to me that the real-estate sector is both the driver and the nexus of China's growth now. I don't see a rise in demand for China's goods internationally to offset this. As is usual with the business press we'll be regaled with stories of China's great helmsmanship of the economy till the ship runs aground. Then there will be much brow-creasing and chin-pulling about how things went so wrong. For all that the explanation is simple; there was too much money involved.
When Jews in America achieve power, not only do they not become a 5th column, they overcompensate and won't lift a finger to held their fellow Jews, just to prove what good Americans they are.
Henry Kissinger, channeling Felix Frankfurter:
““And if they put Jews into gas chambers in the Soviet Union, it is not an American concern."
http://www.nytimes.com/2010/12/11/us/politics/11nixon.html?hp
No American goy would say this unless he was an anti-Semite, but here is Heinz Kissinger of Furth, licking the boots of Nixon. My respect for Kissinger just went down 10 notches.
K
Like hell it wouldn't have been an American concern under Nixon.
Anon.
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