Wednesday, November 10, 2010

Have a Seat, America

The Economic Collapse reports — One Piece of Moderately Good Economic News and 14 Pieces of Bad Economic News That Are So Horrifying You Might Not Want To Read Them Standing Up.

UPDATE: "If we cannot trust what the government tells us about weapons of mass destruction, terrorist events, and the reasons for its wars and bailouts, can we trust the government’s statement last Friday that the US economy gained 151,000 payroll jobs during October?" asks Paul Craig Roberts, calling into question that "one moderately good piece of news for the U.S. economy" from the article — Phantom Jobs.

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Blogger Francis Xavier said...

There's a whole lot of bunk in this article, as is generally the case at that site.

1. The thing with seasonally adjusted employment stats is that sometimes jobs created are NOT included, and sometimes jobs not created are included. In other words, less jobs were destroyed than would have been expected in an economy treading water.

2. These Asian finance minsters knew, as does anyone in this situation, that in buying debt in a currency that can be debased at the borrower's pleasure they were taking risks upon themselves. Presumably being able to create jobs by exporting to America, the implicit quid pro quo, was worth it to them. They may, however, not wish to tell their publics that they knew the price they'd pay.

3. These colossal obligations the US is said to have include the obligation to buy medications for senior citizens AT PRICES HIGHER THAN THE OTHER PARTS OF THE GOVERNMENT PAY and other hugely wasteful and indeed stupid obligations. Anything that causes a rethink can only be good.


Are there problems? Sure. But this is fanatical pessimism, which is contrary to the Christian belief in hope and working to improve one's lot.

6:54 PM  

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