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Monday, 1 April 2013
6 takedowns of David Stockman's fiscal end times rant in The New York Times - The Week
Six against one! That's pretty even for economists.
As an economist myself, I would note that when Thailand crashed in 1997 about twenty five percent of the value of assets was lost in Asia! This certain spurred growth in Asia and the problem of liquidity was resolved. The Asian crisis was triggered by a volcano and bad weather!
The big issue is the exchange rate between China and USA. As a US dollar depreciates China might decide its present strategy of dollar holdings is too risky and urge the world into the SDR, which I believe would be a good thing. It would change the role of the IMF, IBRD, and BIS institutions significantly.
The US dollar volatility is likely to increase as its conflicting roles in both trade and investment become more apparent to all scales of markets and governing institutions, pension funds, energy investors and property developers.
The key role of the US dollar has been a vehicle for financial instability. Gold is not a likely option, so an enhanced role for the SDR, institutionally determined gold, seems likely.
The break with the past would be that the SDR would become a privately traded currency against which the world currencies would float as the role of the US dollar in all forms of international transactions was very gradually reduced.
In the end, Keynes will unavoidably win. There is no other future than a Keynesian future spurred on by low interest rate and mismanagement of dollars and dollar assets by American banks.
Arthur
Sketches from scratches: http://Woohs.blogspot.com
Is the iPad bad for children? - The Week
As regards the short and long term development one has the question? Health issues also abound and many of these are hidden!
No policy change on oilsands processing
The madness continues to put money into the pockets of people who really don't care about the ......
No Margin for Error: the GOP and Foreign Policy | The American Conservative
Interesting! I thought Bush was on a religious mission? Isn't that what the GOP is all about!
Sun News : Foolish not to go with Justin Trudeau
Scratched faces at the Sun? But, Trudeau certainly is worth experiencing, even if he is a quarter of his father!
The Economist explains: Why does Greenland’s election have global implications? | The Economist
All countries have resources. It's just that in some they are easier to EXPLOIT?
Pope Francis and the Turin Shroud: Making sense of a mystery | The Economist
I do wholeheartedly agree with Pope Francis!
David Stockman warns of economic collapse, critics cry 'cranky old man' - CSMonitor.com
Krugman is both right and wrong!
David Stickman is both right and wrong!
They need to be placed in a room with the door bolted shut and asked to reconcile views that are not all that different. They are just talking past each other as economists often do!
Why Was Paul Krugman So Wrong? | The Nation
Preaching free trade is one thing, but once you announce a policy there are those that figure out how to make it unfree while saying it is free! All policies have responses, some that follow what is expected from the policy and others that do the opposite.
Liberalisation of the financial markets went too far and became something other than mere liberalisation. Unleashing! MORE LIKE!
So Krugman is correct, but the writer of the following words defines the hazards of forecasting policy outcomes in any situation!
Unsolved Mystery: 1,000 Dead Ducks in Chinese River: Video - Bloomberg
The dead don't talk!
http://www.bloomberg.com/video/over-1-000-dead-ducks-in-chinese-river-QfJ~pQr_Tdi1WkOyse48sg.html?Source=Taboola
More at Sketches from Scratches ... http://woohs.blogspot.com
http://www.bloomberg.com/video/over-1-000-dead-ducks-in-chinese-river-QfJ~pQr_Tdi1WkOyse48sg.html?Source=Taboola
More at Sketches from Scratches ... http://woohs.blogspot.com
GOP must figure a way out of mess left by Iraq War | www.middletownjournal.com
Bush was the disaster, but the following writer wallows in a dream sucking life out of a generation! Excuses for abuses?
So, It's Easter: Is Hillary Clinton Running for President Yet? - Connor Simpson - The Atlantic Wire
Just think in another way!
Hillary Clinton Mended U.S. Global Image from Day 1 | Womens eNews
There had been an immense amount of damage from Bush's administration....incalculable!
Bush is like Stevy Harper of Canada living in the wrong world for his morals!
Egypt’s 'Jon Stewart' questioned over criticizing Muslim Brotherhood, released on bail
Some humour is really in bad taste!
Marilyn Monroe's heartbreakingly desperate letter, historic memorabilia hit marketplace
Marilyn Monroe writes that she is going crazy!
Washington acknowledges taking Pyongyang’s threats seriously
Questions raised about North Korean motive?