David Westerfield

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Tag: recession


China Risks Moving World Into Greater Recession

China has now become the biggest risk to the world economy – Ambrose Evans-Pritchard, (bracketed insertions and emphasis mine)

These are headlines you won’t ever read, that to me are worthy of true news alerts.

“By holding the yuan to 6.83 to the dollar to boost exports, Beijing is dumping its unemployment abroad – ‘stealing American jobs’, says Nobel laureate Paul Krugman. As long as China does it, other tigers must do it too.

Western capitalists are complicit, of course. They rent cheap workers and cheap plant in Guangdong, then lobby Capitol Hill to prevent Congress doing anything about it. This is labour arbitrage.

At some point, American workers will rebel. US unemployment is already 17.5pc under the broad ‘U6‘ gauge followed by Barack Obama [the same gauge used to determine unemployment during the Great Depression if that is any indicator of where things actually stand]. Realty Track said that 332,000 properties were foreclosed in October alone. More Americans have lost their homes this year than during the entire decade of the Great Depression. A backlog of 7m homes is awaiting likely seizure by lenders. If you are not paying attention to this political time-bomb, perhaps you should.”

It’s worth noting that Evans-Pritchard is known for making overstatements, though he has been right most of the time to be sure. However, these numbers are not overstatements.

Obama on US Debt

Obama: Too much debt could fuel double-dip recession – Reuters.com

Our Debt as it Stands Now – TreasuryDirect.gov

“‘It is important though to recognize if we keep on adding to the debt, even in the midst of this recovery, that at some point, people could lose confidence in the U.S. economy in a way that could actually lead to a double-dip recession,’ [President Obama] said.

Hello … The Democrats are the one’s with these outrageous policies, bailouts, massive government spending, health care expenditures, the very one’s looking to expand our debt way beyond where it is now. On top of that, President Obama himself has been a huge backer of these policies, fighting tooth and nail, as well as campaigning, to make sure they are passed.

Is he back-peddling now on all the spending? I mean I hope he is, don’t get me wrong, because we need to reverse this stuff or the economy is going to get even worse. I would applaud him for doing so. It just makes you wonder what the Chinese are saying to him on his trip behind the scenes, or if he’s just talking out of the other side of his mouth. And I wonder if what they are saying to him will make any impact, if they are making economic threats of some nature. Interesting development … just trying to make sense of all of this, because, well, it doesn’t.

Update:

Senate Health Bill Totals $849 Billion, CBO Estimates – FOXNews

Ah, What Do Those Pesky Economists Know Anyway?

Why has the economy collapsed? The real, fundamental issue? “When you really get down to it, it’s the lack of ethics, the lack of morality that’s seeped into our society in the last decade that has largely brought us to this point.” – Eric Hovde.

Read More

Where Did the Mighty Green Push Go?

Oh yeah, that’s right … it was all marketing anyway, a facade … and when the economy crashes, marketing and advertising are the first things to get cut. Plus, when the economy is down, there’s no money to be made, because the green push only works when the economy is doing well. Hmm, what does that tell us about the reality of things?

The mighty Green push has disappeared from the media, with the exception of big companies like NBC and CNN still pushing it (I’m assuming because for them, there is still money to be made based on statistics), despite the fact that 2/3 of the presenters at the UN’s IPCC conference dissent against the theory of man-made global warming.

Can you tell this is a sticking point for me? 🙂 The level of absurdity with this nonsense continues to boggle the imagination.

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