Re: More Bad News On The Jobs Front

From: Moderate Mammal (BunnERabbit_at_verizon.hutch.net)
Date: 02/09/05 

Date: Wed, 09 Feb 2005 03:29:27 GMT

On Tue, 08 Feb 2005 22:15:56 -0500, Strider <strider@NOSPAMusit.net>
wrote:

>On Wed, 09 Feb 2005 03:03:58 GMT, "Packrat®" <pack@rodentia.invalîd>
>wrote:
>
>>Moderate Mammal <BunnERabbit@verizon.hutch.net> wrote in
>>news:lqoi01lvq9q5eg16ej1go0clffstusisgc@4ax.com:
>>
>>>
>>> http://www.vdare.com/roberts/050207_dollar.htm
>>>
>>>
>>> February 07, 2005
>>>
>>> More Bad News On The Jobs Front
>>> By Paul Craig Roberts
>>>
>>> The January jobs report from the Bureau of Labor Statistics continues
>>> the bad news of the past four years. During President Bush’s first
>>> term, the US economy had a net loss of three-quarters of a million
>>> private sector jobs. Despite three years of economic recovery, fewer
>>> Americans are employed in the private sector today than when Bush was
>>> first inaugurated four years ago.
>>>
>>> The slight decline in the unemployment rate reported for January is
>>> not the result of new jobs; it is the result of large numbers of
>>> discouraged people, many with university degrees, dropping out of the
>>> work force. They cannot find employment and have given up looking.
>>>
>>> During Bush’s first term, the once fabled US economy has been unable
>>> to create jobs in export sectors or in import-competitive sectors.
>>> January’s 134,000 new private sector jobs are in domestic services
>>> that cannot be outsourced: couriers and messengers, food services and
>>> drinking places, health care and social assistance, educational
>>> services, temporary help, retail, and credit intermediation.
>>>
>>> US imports are now 50 percent greater than US exports, putting
>>> tremendous pressure on the US dollar. US dependence on imported
>>> manufactured goods has resulted in exploding trade deficits, which are
>>> growing more than five times faster than the US economy. The explosive
>>> growth of the US trade deficit since 1990 has turned $3.3 trillion of
>>> US assets over to foreigners.
>>>
>>> Flooded with US dollars, foreigners perceive their dollar holdings to
>>> be rapidly depreciating. The dollar has fallen dramatically against
>>> the Euro, gold, and the British pound.
>>>
>>> At an international economic meeting in Davos, Switzerland on January
>>> 26, the director of a Chinese National Economic Research Institute
>>> announced that China has lost faith in the stability of the US dollar.
>>> "Now people understand the US dollar will not stop devaluating," said
>>> Fan Gang.
>>>
>>> One likely result of this realization is that foreigners will cease to
>>> use their trade surpluses to mop up American red ink. It makes no
>>> sense to purchase dollar assets such as Treasury bonds when they are
>>> falling in value. As foreigners continue to move out of dollars, US
>>> interest rates will rise, terminating the housing boom and wrecking
>>> family finances.
>>>
>>> America’s growing dependence on imports reflects the outsourcing of
>>> manufacturing jobs and knowledge services. Every time a US firm
>>> outsources goods or services, it turns domestic production into
>>> imports. Half of the US trade deficit with China represents US
>>> offshore production for US markets.
>>>
>>> Interest groups that benefit from outsourcing and their spokespersons
>>> who cloak themselves in free-trade rhetoric maintain that there is
>>> nothing to worry about. Outsourcing, they claim, strengthens the US
>>> economy and creates jobs. If that were true, wouldn’t economic
>>> strength translate into dollar strength? If outsourcing creates US
>>> jobs, wouldn’t some of those jobs be in the export sector?
>>>
>>> Average weekly pay in the US is declining in real terms. Obviously, if
>>> outsourcing is creating jobs, they are less good jobs than the ones
>>> being outsourced. Trading better jobs for worse ones is the road to
>>> poverty, not the road to wealth.
>>>
>>> The dismal US performance in job and pay growth is despite the most
>>> stimulative monetary and fiscal policy in my lifetime. If the lowest
>>> US interest rates in memory, tax cuts and the biggest budget deficits
>>> in US history cannot create jobs and boost pay, what can?
>>>
>>> Charles McMillion of MBG Information Services notes that normally a
>>> 38-month old economic recovery would have raised hours paid by 11% to
>>> 14%. The 38-month old Bush recovery has raised hours paid by less than
>>> one percent!
>>>
>>> The clowns in Washington DC imagine that they sit astride a
>>> Superpower. Absorbed in fantasies of invading countries and remaking
>>> the world in America’s image, little do our deluded leaders realize
>>> that America is in the hands of our Chinese and Japanese creditors.
>>> Should either of these Asian powerhouses decide to stop mopping up
>>> America’s red ink, the dollar would collapse to such an extent that it
>>> would lose its reserve currency status.
>>>
>>> When the dollar ceases to be the reserve currency, America will cease
>>> to be a superpower.
>>>
>>> COPYRIGHT CREATORS SYNDICATE, INC.
>>>
>>
>>Yes sir.
>>At the risk of repeating myself, our currency will be our downfall.
>>
>>"Central banks shift reserves away from U.S.
>>Moves seen undermining the dollar"
>>
>>http://www.msnbc.msn.com/id/6860923/
>
>This only make US good sell cheaper that European.
>
>That's why the uproar, we must appease the scum sucking, Socialist
>Eurotrash, you know.
>
>Strider

We don't produce anything anymore. China and Japan own nearly 15% of
America. People now have to work two jobs to make ends meet.

If we import 3x as much goods as we export; you tell me how long that
is going to last. 

--
Keith
_____ 
"Cosmic upheaval is not so moving as a little child pondering the death
of a sparrow in the corner of a barn." -Anouk Aimee, French Actor  
_____
"Death is better, a milder fate than tyranny", Aeschylus (525BC-456BC),
Agamemnon
_____
"I wear no Burka." - Mother Nature
    
----------
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