A bit more info re the government's lies: During some months/ quarters we have seen rise in retail sales, manufacturing, etc. These measurements are in dollars (not volume), and with hyper inflation, it's no wonder the numbers are up. Did you know that refining oil is considered manufacturing? Company X meeting demand of 1,000 gallons/ day last year at $2.50/ gallon versus 800 gallons/ day this year at $4/ gallon shows a net INCREASE in manufacturing. If Grocery chain X sold 1,000 gallons/ day of milk last year at $3/ gallon and they sell 700 gallons/ day this year at $5/ gallon, your government wants you to believe that sales are UP! So they count food and energy in manufacturing and retail sales, yet they exclude both from inflation measurements. In business accounting that would be fraud. But in government "that's how it works." We know demand for everything in the US is down, so how can the numbers be up? They (the US government) grossly misrepresent the data. CNBC and other media outlets play right along with it through their own smokescreens. They have people there who know what's really going on. Someone recently said we need financial reconstruction in this country. The first thing we need so we can know what we really have is accounting reconstruction at the government level. For as long as they paint the dress on the pig there is no real way to fix it.
Everything you said is spot on. Remember when some lame congressman wanted to include McDonalds workers in "manufacturing" because they "manufacture hamburgers"?
Great post mgookin. For more along the same line here is a link to an article about how the BLS massages the numbers. http://mises.org/story/1873
Let them make hosiery and plastic toys and textiles. We are exporting high tech (and creativity and marketing). Yes, what I wrote is an exagerration. But the concept is true. Our high tech companies are simply the best: global leaders and they have to come to us...
First, I'd like to say please don't take debate of your postings personally. In a previous post you made a statement "Since there's an insult I'll respond..." or something along those lines. You are respected for your opinions even when we (at least I) disagree with the message. I'm curious to know what "tech" you think we export, and further, what is keeping other countries from trumping us on that "tech." One thing about technology is that it can be done from anywhere, as opposed to something like natural resources (may I say "drill for oil?") which is something a country, it's people and it's GDP & currency, can all benefit from when exported. Do you really think Microsoft will retain in perpuitity the market share it has today? I say Chindia will come up with a much better suite of software soon and MS will tank. Asus makes awesome mobo's while Intel always stays behind the curve (they don't even make 1600 fsb mobo's for the 1600 cpu's they make). And what does Intel make here anyway? Anything? What market share do GM, Ford, & Chrysler have in Asia? Most certainly nowhere near the market share that Asians have here. There is no comparison. Idiots inside the beltway are continually saying "Americans are the most productive workers in the world." That's horse shit all the way. They are measuring productivity per hour, not per dollar. Do we buy stocks in hours or dollars? As the dollar gets further crushed, of course the cost to pay workers declines, which makes us "more productive" according to their fraudulent accounting practices. Everything out of DC is a smokescreen for a great depression looming upon us because and only because they gave away the world for the intended benefit of big business. How much have GM and Ford benefitted from sending their factories offshore? Maybe they made money the first year but now they're both on the verge of bankruptcy. IT'S BECAUSE THE JOBS LEAVE THIS COUNTRY LIKE ILLEGAL ALIENS RUNNING FROM ICE. It's going to bite us in the ass bigtime. We ain't seen nothin yet.
A good measure of demand might be to simply track the monthly number of TEU clearing US ports. If more and more manufacturing is leaving US soil (which it is) and the number of returning TEUs is dropping (which it is) then demand is dropping. Throw in intellectual outsourcing and the creation of hi tech stuff that is been given away just as fast as it is being created and demand is really really dropping. regards f9
Same thing with shoes, right? If there's any business we ought fail miserably in, it's shoes, eh? Well, Nike is outrunning the Asian competition - no pun intended. http://seekingalpha.com/article/57883-nike-beats-on-strong-international-sales Nike (NKE) reported its second-quarter 2008 fiscal earnings after the bell Wednesday, exceeding analyst estimates. For the quarter, the company's net income increased to $359.4 million ($0.71/share) compared to $325.6 million ($0.64/share) last year. Revenue jumped 14% to $4.3 billion. Analysts were expecting earnings of $0.66/share on sales of $4.2 billion for the quarter. Revenue increased 7% in the U.S., 17% in Asia, and 18% in Europe compared to last year. Next quarter's future orders came in at $6.5 billion, a 13.5% rise from the same period last year. Analysts polled by Thomson had expected earnings of $0.66/share on revenue of $4.21 billion. CEO Mark Parker said, "Our strategy for continued growth is very clear -- commit totally to the consumer, deliver innovative and relevant product, and focus our execution and discipline on those parts of the business that offer the greatest growth opportunity," (NIKE F2Q08 (Qtr End 11/30/07) Earnings Call Transcript). Shares of Nike gained 2.4% in late after-hours trading. "It's a surprisingly strong quarter," said MFC Global retail analyst Sarah Henry. "They've done a good job with their brands. They seem to be taking market share globally. The geographic diversity is helping them in an uncertain environment."
No offense taken - I don't even remember what was said. I'm just pointing out that the most important proof of all that you are saying is sales and revenue. If you showed me how the majority of our SnP compies were getting their butts handed to them I would say you have a good point. But I just don't see how one can argue that it's Nightmare on Elm Street when company after company is kicking everyone's butt overseas. Again, if anyone is losing jobs in the U.S. and wealth in the U.S., it's not because of foreign competition, it's because of the incompetence of our own central bankers and federal government. We've got to wake up. It's not globalization that's killing us. Globalization is saving us. If it's weren't for the fantastic job our big corporations are doing internationally, we would have been in a much harder recession much sooner. Thank God for overseas sales!
Btw, I don't think that this isn't going to last much longer: overseas markets are tanking. Many, many overseas stocks are going to Weinstein's Stage IV if you know what I mean. It looks our banking and governmental leaders may take the rest of the world down. But, again, this is probably going to be one case where the rest of the globe tried to drag us along but we were just too big of an anchor...