. Jem: China is not "stuck". They could have exchanged their dollars for Euros anytime. ***** August 30, 2010 SouthAmerica: The game it has been China sell all kinds of stuff to the United States and then use the US dollars to finance the US government massive deficits â year after year. China was just placing the rope around the neck of the United States - to hang the US economy some time on the future. ***** Jem: 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. ***** SouthAmerica: You need two to tango. And the US Federal Reserve has been very accommodating for a long time under Greenspan, and now under Bernanke to a strategy of sending millions of job to China in return for cheap money to blow bubbles inside of the US economy, and also on the emerging countries around the world such as in Brazil. This is a story that will have a bad end for everybody when the shit finally hit the fan. .
. James L: And how did this "A+ economic team" do so far? ******* August 30, 2010 SouthAmerica: I gave to Obamaâs economic team A+, because of Paul Volcker. Paul Volcker still is an A+++++ economist on my book. It was a major mistake to ask Tim Geithner to be Secretary of the Treasury. And I donât understand why he has not been fired for a long time from that job. I never liked the fact that Larry Summers is so closely connected to Robert Rubin and âGoldman Sachs the Pillage Peopleâ. It was a big mistake that Barack Obama made when he gave Ben Bernanke a second term as Fed Chairman. The wreckage left behind by the Bush administration has been colossal and the 8 years of a Bush administration destroyed the foundations of the US economy. It is time for Barack Obama to bite the bullet and try something drastic such as: 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. .
January 22, 2011 SouthAmerica: In my opinion, the Obama administration made a major mistake in replacing Paul Volcker with Jeff Immelt â that is the equivalent of replacing a Rolls Royce with a Yugo. If job creation is the top priority of the Obama administration, then Jeremy Rifkin would be the right person for that job and not Jeff Immelt. GE number of employees worldwide: 304,000 people Jeff Immelt: His tenure as the Chairman and CEO started on September 7, 2001 - four days before the terrorist attacks on the United States on 9/11/01. GE common stock: September 7, 2001 = US$ 40.00 per share January 21, 2011 = US$ 19.74 per share Note: If we adjust for inflation the US$ 19.74 per share value then his performance is even worse. In March 2, 2009 GE stock traded for US$ 7 per share. If GE used âmark-to-market accountingâ to produce their financial statements, and had to write-off all the garbage that they are keeping off the P&L â then that company would be in big trouble today, and possibly it would be forced into bankruptcy. .
April 14, 2011 SouthAmerica: Ben Bernanke should resign as Fed Chairman ASAP, and Obama should replace him with Stephen Roach. http://www.bloomberg.com/video/68611388/ April 12 (Bloomberg) -- Stephen Roach, nonexecutive chairman of Morgan Stanley Asia, talks about risks to the U.S. recovery, Federal Reserve monetary policy and economic lessons from the experience of Japan. Roach speaks with Carol Massar on Bloomberg Television's "Street Smart." (Source: Bloomberg) .
April 17, 2011 SouthAmerica: I don't know what Barack Obama is waiting for to replace ASAP Secretary of Treasury Tim Geithner with Joseph Stiglitiz. http://www.youtube.com/user/RTAmerica#p/u/20/fL6Rxe9BV_U Joseph Stiglitz is a Nobel Prize winning economist, Columbia University professor, and former Senior Vice President and Chief Economist of the World Bank. In a one-on-one interview at INET's Bretton Woods conference in New Hampshire he told RT why he thinks the US dollar as the reserve currency is hurting the entire world, how Federal Reserve have failed, and why inequality in the US may be reaching a tipping point that hurts the economy and society, with policymakers sending the US further in the wrong direction. .
Ever since Al Gore and now Obama were awarded Nobel prizes for absolutely GD nothing, a Nobel prize just doesn't mean what it used to.
No doubt Stiglitz is smart, but has some hair-brained ideas mixed in with plausible ones. Yet, he is hands down more competent than Geithner, which is not saying much. I am for canning Bernanke as soon as possible, along with the rest of his merry little QE yes-men/women and installing a hawk, asap. USA needs a good housecleaning. New blood along with some daring individuals. seems like we are stuck with nothing but fuck-ups, anymore.
. April 18, 2011 SouthAmerica: Lucrum, I am not suggesting Joseph Stiglitz because he won an Economics Nobel Prize. When I watch his lectures and TV appearances, and also read his articles â I agree with his way of thinking and many of his conclusions. I don't agree with everything he says, for example on the subject of Special Drawing Right (SDR). I don't know why an economist of his caliber is wasting his time on that subject? Larson, I agree with you: âUSA needs a good housecleaning.â I would also like to see a number of executives of âGoldman Sachs the Pillage Peopleâ, and many members of their network of thieves and scoundrels going to jail. .