Barack Obama’s New Economic Team.

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April 11, 2010

SouthAmerica: Reply to Yannis

Based on your reply I would not be surprised that you work for Goldman Sachs.

Anyway, this thread was on the economics forum, and it has been just moved to the Politics and Religion forum.

But the subject being discussed on the thread still is economics and the major economic players of our government.

There’s no reason whatsoever to move this thread from the economics forum to the Politics and Religion forum other than to try to hide the open discussion - unless we have hit a nerve with our discussions.

If that is the case then we can expand, focus and put the spotlight on the subject even further on another thread.

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August 29. 2010

SouthAmerica: On this past week, House Minority Leader John Boehner called for Larry Summers and Timothy Geithner, Obama's top economics advisors, to resign.

I don’t agree with John Boehner that these 2 guys should resign – they should get fired by Barack Obama.

The timing is perfect right now for Barack Obama to make these very important changes to his economic team to prevent that the Democrats lose control of Congress in the coming elections.

Barack Obama is past overdue in making imperative changes to his economic team, and he should bring a new balanced economic team ASAP, as follows:

1) He should replace ASAP Treasury Secretary Tim Geithner with Nobel Prize-winning economist Joseph Stiglitz.

2) He should replace at the same time Chief Economic Adviser Larry Summers with economist Stephen Roach.


*****


“Morgan Stanley’s Asia Chairman to Step Down”
The New York Times
June 4, 2010

Morgan Stanley announced on Friday that Stephen Roach, the chairman of the bank’s Asia operations and one of the region’s most high-profile economists, would relocate from Hong Kong to New York, in part to take up a teaching position at Yale University, Bettina Wassener reports in The New York Times.

Mr. Roach, who has spent the past three years in Hong Kong, will remain with Morgan Stanley and assume the role of non-executive chairman of Asia on July 1. He will return to the region about once a month to continue liaising with Morgan Stanley clients, government policy makers and regulators.

A prolific writer and speaker, Mr. Roach has become recognized as a highly influential expert on global imbalances and on Asia’s growing role in the world.

At Yale, he will teach upper level undergraduates and graduate students, with a focus on Asia macro-economic policy, Morgan Stanley said in a statement. Beginning this autumn, his first course, entitled “The Next China,” will focus on the Chinese economy.

http://dealbook.blogs.nytimes.com/2010/06/04/morgan-stanleys-asia-chairman-to-step-down/

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buzzy2: "... the IMF has effectively pronounced the U.S. bankrupt."


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August 29, 2010

SouthAmerica: I know that for all practical purposes the US is bankrupt.

Thanks God we have enough fools around the world that keep sending their money for safe keeping in the old USA.

These foreigners have not realized as yet that these investments are like buying a ticket for the next trip of the Titanic.

You can bet that investing your money on the next trip of the Titanic is not really a good investment - you probably would have gotten a better return on your investment by investing with Bernie Madoff.

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The biggest threat to wealth preservation in the US is socialism:
Why?
i) Monetary socialists, inflationists, central bank fetichists they will depreciate the dollar to zero in the long-run.
ii) Interventionists, want capital controls, high taxes, anti-wealth regulations.
iii) Ultimately they won't be happy with just taxes and inflation as wealth-expropiation mechanisms and they will just take your property outright by decree.

U.S. government deficit is just a symptom not the disease.
 
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August 29, 2010

SouthAmerica: Reply to buzzy2

I posted the following on this forum over 2 years ago.

As I said on that posting: “The value of the 1947 US$ 1.00 – in 2008 that US dollar is worth only $ .09 cents that is how much of the value of the US dollar has evaporated because of inflation.”

But during the Reagan years the US government changed the way they calculated inflation. And if we were still using the same method of calculating inflation that they used before the mid-1980’s then: “The value of that same 1947 US$ 1.00 – in 2009 that same US dollar was worth only $ .01 cent and that is how much of the value of the US dollar has evaporated because of inflation.”

The reality is that today the purchasing power of the US dollar is nothing to write home about it.


*****


March 8, 2008

SouthAmerica: There are many reasons for the decline of the US dollar, and here are just a few of them:

First, we have reached the end of the line for the US dollar currency supremacy, and that has to do among other things with the economic and geopolitical changes that we had in the world since 1945.

The US dollar served its purpose since the end of WW II and became the major foreign exchange reserve currency for the system that emerged after the war. The days of the US dollar playing that special role that created an international monetary system that revolved around the US dollar as its main currency – that system is very sick and it is dying a slow death.

Very soon the world will need to put that patient out of their misery, and after the major collapse of the US dollar finally arrives creating the biggest international monetary crisis the world have ever seen – a real US dollar global meltdown – from the ashes of the old system it will emerge the new international monetary system that it will be more useful for the first century of the new millennium.

The US government and Americans in general lost sight of the role that the US dollar has been playing in the world international monetary system since 1945 when the US dollar started becoming a part of the foreign exchange reserves of many countries.

When a currency achieves that status of a major reserve currency the world expect at a minimum that the currency would be managed in a way to protect its intrinsic value over time.

That is not what has been happening to the US dollar for a long time. The value of the 1947 US$ 1.00 – in 2008 that US dollar is worth only $ .09 cents that is how much of the value of the US dollar has evaporated because of inflation.

Since the US dollar became the center of the international monetary system – an unusual place for any one country's currency to stay for a long period of time – the world has changed in drastic ways during all these decades resulting in a system that it is completely broke today and ready to be replaced by a new system that represents the new circumstances that have evolved.

Today we have too many US dollars flying around the world an over supply of US dollars that can be considered more as a massive bubble than a currency that can be justified by the prospects of the economic performance of the United States in the coming years. (Today over 70 percent of the US dollar currency ever created if flying around the world outside the circle of influence of the Federal Reserve and the US government.)

Today, the United States are not masters even of its own currency, since the accumulation of US dollar reserves by other countries around the world – have transferred a lot of the economic policy powers from the United States to other countries.

Today China and Japan have become the masters (since they hold a large chunk of the US dollars flying around the world) and the United States needs not only that these countries keep lending money to keep the US economy afloat, but the private sector in the US also has started collapsing and they need the inflow of money from Foreign Sovereignty Funds to keep major financial institutions afloat in the United States.

…The Chinese and the Japanese among a number of countries that are heavily invested in US dollar assets – these countries are stuck with their accumulated US dollar assets and they can’t afford to diversify out of this mess. They are watching their investments turning into confetti and if they start getting out of the US dollar then they can cause a stamped and the financial meltdown that I am talking about.

The question is: which central banker will spook the herd and start the Panic?

I guess central bankers in Asia very soon they might be getting to the point very that they can’t justify adding more US dollars to their foreign exchange reserves and they have to stop accumulating their US dollar assets any further – since these US dollars are turning into confetti – and when they do that they are going to influence the direction of interest rates in the US markets and interest rates will go sky high.

When a currency turns into confetti, interest rates go sky high.

http://www.elitetrader.com/vb/showthread.php?s=&postid=1823980&highlight=1947+US+dollar#post1823980
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Quote from SouthAmerica:

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August 29, 2010

SouthAmerica: Reply to buzzy2

I posted the following on this forum over 2 years ago.

As I said on that posting: “The value of the 1947 US$ 1.00 – in 2008 that US dollar is worth only $ .09 cents that is how much of the value of the US dollar has evaporated because of inflation.”

But during the Reagan years the US government changed the way they calculated inflation. And if we were still using the same method of calculating inflation that they used before the mid-1980’s then: “The value of that same 1947 US$ 1.00 – in 2009 that same US dollar was worth only $ .01 cent and that is how much of the value of the US dollar has evaporated because of inflation.”

The reality is that today the purchasing power of the US dollar is nothing to write home about it.


*****


March 8, 2008

SouthAmerica: There are many reasons for the decline of the US dollar, and here are just a few of them:

First, we have reached the end of the line for the US dollar currency supremacy, and that has to do among other things with the economic and geopolitical changes that we had in the world since 1945.

The US dollar served its purpose since the end of WW II and became the major foreign exchange reserve currency for the system that emerged after the war. The days of the US dollar playing that special role that created an international monetary system that revolved around the US dollar as its main currency – that system is very sick and it is dying a slow death.

Very soon the world will need to put that patient out of their misery, and after the major collapse of the US dollar finally arrives creating the biggest international monetary crisis the world have ever seen – a real US dollar global meltdown – from the ashes of the old system it will emerge the new international monetary system that it will be more useful for the first century of the new millennium.

The US government and Americans in general lost sight of the role that the US dollar has been playing in the world international monetary system since 1945 when the US dollar started becoming a part of the foreign exchange reserves of many countries.

When a currency achieves that status of a major reserve currency the world expect at a minimum that the currency would be managed in a way to protect its intrinsic value over time.

That is not what has been happening to the US dollar for a long time. The value of the 1947 US$ 1.00 – in 2008 that US dollar is worth only $ .09 cents that is how much of the value of the US dollar has evaporated because of inflation.

Since the US dollar became the center of the international monetary system – an unusual place for any one country's currency to stay for a long period of time – the world has changed in drastic ways during all these decades resulting in a system that it is completely broke today and ready to be replaced by a new system that represents the new circumstances that have evolved.

Today we have too many US dollars flying around the world an over supply of US dollars that can be considered more as a massive bubble than a currency that can be justified by the prospects of the economic performance of the United States in the coming years. (Today over 70 percent of the US dollar currency ever created if flying around the world outside the circle of influence of the Federal Reserve and the US government.)

Today, the United States are not masters even of its own currency, since the accumulation of US dollar reserves by other countries around the world – have transferred a lot of the economic policy powers from the United States to other countries.

Today China and Japan have become the masters (since they hold a large chunk of the US dollars flying around the world) and the United States needs not only that these countries keep lending money to keep the US economy afloat, but the private sector in the US also has started collapsing and they need the inflow of money from Foreign Sovereignty Funds to keep major financial institutions afloat in the United States.

…The Chinese and the Japanese among a number of countries that are heavily invested in US dollar assets – these countries are stuck with their accumulated US dollar assets and they can’t afford to diversify out of this mess. They are watching their investments turning into confetti and if they start getting out of the US dollar then they can cause a stamped and the financial meltdown that I am talking about.

The question is: which central banker will spook the herd and start the Panic?

I guess central bankers in Asia very soon they might be getting to the point very that they can’t justify adding more US dollars to their foreign exchange reserves and they have to stop accumulating their US dollar assets any further – since these US dollars are turning into confetti – and when they do that they are going to influence the direction of interest rates in the US markets and interest rates will go sky high.

When a currency turns into confetti, interest rates go sky high.

http://www.elitetrader.com/vb/showthread.php?s=&postid=1823980&highlight=1947+US+dollar#post1823980
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More...


China is not "stuck". They could have exchanged their dollars for Euros anytime.

What they are stuck with is the results of their currency manipulation. They never should gotten so many of those dollars in the first place had their currency been allowed to rise to its true value.

A manipulation which they pursed to keep they goods looking in cheap in the U.S.

A manipulation in which they conspired with bankers on the U.S. to provide cheap mortgage money going to the U.S. homeowner. Which would up causing a massive misallocation of resources.

You knew the whole world trade system was screwed up when you could by barbell weights in America which say made in China.
 
Quote from AMT4SWA:

The PRIVATELY held FED owns this next elected president just as many before.....economic team proves it, more of the same SCUM that has destroyed our once great country.

Universal Health Care run by our government.......LOL!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! :eek: :D :eek: :D :eek: :D

Go ask our heros, the american solidiers what they REALLY think of their FREE government run Universal Health Care. That is all I need, the government deciding when and what medical care I get in a realm of growing tyranny.....FU(% THAT!!!!!!!!!!!!!!!!!! :mad:
More...

WOW did I ever CALL IT back in 2008!!!!!!!!!!!!!!!!!! :cool:
 
Quote from SouthAmerica:

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SouthAmerica: Reply to AMT4SWA

I don't see too many people over 65 complaining of their Medicare coverage.

In a nutshell:

Universal health care means: Medicare for the entire population instead of Medicare covering only people over 65 years old.

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More...
WOW are you sure about that.....LOL!

BTW, large Insurance Companies "think tank" groups WROTE the obama healthcare bill.....I think you missed the REALITY by a long shot! :eek:
 
Quote from SouthAmerica:

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SouthAmerica: Reply to 4xqs

The American taxpayers are the shareholders of the Federal Reserve.
More...
Never have been and never will be.....what the american citizenry DOES OWN is the DEBT on their backs created by the PRIVATELY HELD criminal syndicate FED! :eek:

http://endthefedusa.ning.com/
 
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