Re: Why Bernake is smirking.

In sci.econ, phil scott
<phil@xxxxxxxxxxxxx>
wrote
on Sun, 16 Dec 2007 12:54:46 -0800 (PST)
<d2c18486-8058-4112-aa01-9df385870313@xxxxxxxxxxxxxxxxxxxxxxxxxxxx>:
On Dec 16, 12:27 pm, The Ghost In The Machine
<ew...@xxxxxxxxxxxxxxxxxxxxxxx> wrote:
In sci.econ, phil scott
<p...@xxxxxxxxxxxxx>
wrote
on Sat, 15 Dec 2007 12:42:20 -0800 (PST)
<c9dc70f5-063b-4ef1-a53c-5a780aa73...@xxxxxxxxxxxxxxxxxxxxxxxxxxxx>:







Bernake smirks...worth listening to despite the echo.

http://uk.youtube.com/watch?v=yAwvlDJgJbM

I noticed Bernake's facial expressions under the beard... he smiled
faintly when Dr Paul mentioned that the funny money situation had been
going on 10 years before he (bernake) got there... then later bernake
went into an undiquisable smirk as Dr. Paul began to get very explicit
about the devaluation of the dollar robbing savers blind.... Im sure
the rest of congress sees it too.

Bernake would be smirking for two reasons.... first, there is nothing
he can do given congress/ and presidential requests to float the boat
as long as possible...and two, he knew this going in. and so did
Greenspan, and those interests who profit so handsomely during wars
and financial collapse (title to stock and property reverts to the
prime banks when all others default... the story of 1929)... just
prior to 1929 the newly founded FED flooded the nation with money,
creating the bubble that ended in the crash).

If Bernake fails to flood the market with funny money, and stops doing
that as the FED did in 1928-29.. we will see the nastiest world wide
crash yet. He knows that. Beyond his direct control are the causes
of national insolvency, which are:

1. we have offshorred much of our industrial production base.

Cheaper for multinational corporations.

2. we have offshored many of our best jobs.

Cheaper.

3. we have allowed our borders to be over run with illegals who cost
hundreds of billions in services we cant afford.

Cheaper than actually fixing the problem, which is somewhere in Mexico.

4. we have 70%+ govt bloat.

Government *IS* bloat. Until someone can state exactly
why government exists (the only reasons I can think of are
a common monetary base, standards handling, and a standing
navy), perhaps we're better off without it?

Then again, without it we'd have a form of anarchy which would
probably quickly revert to a form of feudalism.

Also, a lot of county/parish/borough/precincts exist
at the local level; these among other things tax for
fire and police protection and public schools (which are
slowly withering for lack of funding here in California,
and probably in other states as well).


per student funding average in calif is 10,500 dollars. well above
the national average, with drastically lower than average results.
thats because of the 100,000 dollar a year 'admisinstrators' taking
most of the money... for details search google.

I'll admit to wondering if this is a problem that needs to be fixed at
the California level only -- but we've had a mini-revolt here, which
resulted in Arnold Schwarzenegger as governer, and he just got reelected
for another 6 year term as well.

Can anyone say Reagan protege? :-) Fortunately, he won't
become President without a Constitutional amendment.





5. many civil servants are retiring at age 51 with $100,000 to
$150,000/hr !! (police, fire, prision guards etc)...Half of some
county budgets.

They'll need it. The estimated wages to continue a
"middle class" lifestyle have been estimated to be as high
as $200k. We should have had a hint of problems when
"supplemental social security" became the sole source
of income for a large number of elderly. (Dunno if
that was during the Carter or the Reagan Administration.
I suspect the latter, but Carter had some massive problems
of his own.)


it will be nasty for sure. a lot of retirees are already moving to
third world countries in order to afford a living.

That only goes so far. At some point -- dunno when --
everyone will have the same wages, living conditions,
and problems. Of course I don't see that happening for
50 years or so.




6. we have bogus/ unfair trading laws.

Actually, our side is completely fair (we're as open as
a sieve, practically). It's the other side that causes
problems. There is the exception of food tariffs, though.

I think 'open as a sieve' as serious problems.

There's probably an optimum tuning-point. What it is, I don't know.

the tarrifs of others is also a problem but imo only faintly... as
long as US labor is forced to compete with slave labor we sell our
own natonal interest.

US labor is always competing with other's labor, slave or no. It's the
nature of the beast. Best we can do is impose tariffs on those known to
use slave labor, and since one of them is China one has some very
interesting geopolitical questions to answer first.

There's also the issue of how one determines fact. The World Court
is arguably the most logical, but I don't see the US paying much
attention to its findings. :-) (A pity.)



Whether a throttle (tariff) would help there, I for one don't know.
It doesn't help that trade problems are treated as "tit for tat" affairs
at the diplomatic level, looking more like geopolitik than economic
disputes.



Bernake cant do a damn thing about any of that....so he smirks.

http://fskrealityguide.blogspot.com/2007/12/real-gdp-growth-has-been-...

What can he do?

nothing...but iddue credits and hyper inflate the currency.. our
problem is with a corporate controlled congress selling out national
interests...and simple idiocy... most of these dont even understand
the issues.


these dont self correct btw.

I wouldn't expect them to. However, we will also dip down below the
world average (about $10k/year) in GDP/cap, which should at least
counterbalance the immigration problem we're currently having.
Depending on inertia, we might overshoot, then correct. The time frame
for all this is unknown, especially since Mexico's oil fields are
starting to fail. They might have 10 years left.


my advice, brace yourself.



Phil Scott



Phil Scott

--
#191, ewi...@xxxxxxxxxxxxx
"640K ought to be enough for anybody."
- allegedly said by Bill Gates, 1981, but somebody had to make this up!

--
Posted via a free Usenet account fromhttp://www.teranews.com- Hide quoted text -

- Show quoted text -



--
#191, ewill3@xxxxxxxxxxxxx
Been there, done that, didn't get the T-shirt.

--
Posted via a free Usenet account from http://www.teranews.com

.

Relevant Pages

  • Extraordinary Times, Intentional Collapse, and Takedown of the U.S.A.
    ... Much has been written about whether a worldwide plan exists to control ... It was this elite, acting through Western banks, which appears to have ... destroy the Russian nation after the fall of the Tsarist regime at the ... Lending of money at interest was often left to the European Jews, ...
    (rec.martial-arts)
  • Re: Interesting
    ... what kinds of jobs can be outsourced. ... How do you define the wealth of a nation? ... playing field for labor, NOW while we still can use our markets as ... degree of job-security risk private industry workers face. ...
    (soc.retirement)
  • Re: Russian tradition of assassinating journalists and human rights activists is alive
    ... Sure - colonial contracts and money made on robbery of the nation ... Sure - canceling colonial contracts and money flowing in the country to ... As to the single country currency as an anchor of the world economy - ... countries feel great unity due Cold War - and it fails. ...
    (soc.culture.baltics)
  • Re: A good question
    ... history from the lower and middle classes to the rich ... criminal activities that now have our economy and nation ready to go ... trillions of taxpayer money to “rescue” the economy, ...
    (soc.retirement)
  • Re: The Down economy
    ... It's goods and services that are real, not money, whether it's pegged ... which assume a closed system to determine how said economy will behave ... We're using that intellectual capital to build factories around the ... Labor is a commodity; it responds to the laws of supply and demand. ...
    (misc.writing)