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Originally posted by Number23
the deficit and debt burden have shrunk (and continue to shrink) and unemployment has fallen to near record lows. In fact America's “broken” economy is the best performing industrial economy on earth. For an economy that is in peril of “imminent collapse” it sure looks healthy.
Originally posted by Mdv2
Second, people still don't seem to understand how those US figures are deliberately being manipulated. To the Bush administration it is important that a low unemployment rate reflects the merits of their policies, and thus to convince the American public that their policies are beneficial for the US, and basically that they are doing a good job.
How exactly are the US unemployment figures being manipulated, or adjusted, whatever you'd like to define it as.
Huff's book has long been out of print, but I suspect that dog-eared copies are still carefully hidden in the desk drawers of many advertising copywriters, public relations
consultants, politicians and even some economists. Or maybe they learned how to lie with statistics without Huff's help.Examples of statistical fabrication abound: the UN's bogus ranking of Canada as No. 1 on its Human Development Index; the Gross Domestic Product, which rates all economic growth as good, even crime and pollution; and Canada's official unemployment rate, which omits discouraged and involuntary
If I were to pick the most dishonest case of statistical skullduggery, it would probably be the official unemployment rate in the US. This rate -now claimed to be down to five per cent - completely disregards the millions of people who have given up looking for work, as well as those who are working fewer than 20 hours a week but would prefer full-time jobs. The calculation of the U.S. unemployment rate, however, is done much more deceitfully, and with some of the most blatant statistical perversions
For that country's business and political leaders, it is important that the national jobless rate reflect the merits of their policies. Mass layoffs, part-time work, job
insecurity, big corporate tax breaks, cuts in welfare and UI benefits are not conducive to a lower rate of unemployment. In fact, they invariably have the very opposite effect. But the political flunkeys want to convince the American public that their free market approach benefits workers as much as shareholders. And how better to peddle that lie as the truth than with the crafty misuse of statistics.
According to the Council on International and Public Affairs (CIPA), the real U.S. rate of unemployment, if properly calculated, would be 11.4 per cent - more than double the official rate. The CIPA listed seven major changes in the definitions of "employed" and "unemployed" that were made in the U.S. methodology that have had the combined effect of substantially reducing the number of
Americans officially listed as being jobless.
Among the categories dropped from the labour force survey, in addition to the discouraged, were the under-16 group, those on strike or locked out and those who weren't actively looking for work in the four weeks prior to the survey. But by far the largest group omitted from the list of jobless in the U.S. are the working-age men who are out of work because they are in prison or on parole.
The 1.5 million American men in jail and the 8.1 million on parole make up nearly 10 per cent of that country's male workforce. By not including them in its labour force survey, the U.S. is able to reduce its official unemployment rate by more than five per cent.
Just as the omission of a large group of unemployed can drastically skew the statistics, so can the inclusion of a group whose members are virtually 100 per cent employed - such as the members of the U.S. armed forces. By lumping
these 1.5 million army, navy, air force and marine personnel
in with the civilian workforce, the official unemployment
rate is reduced by nearly another one per cent.
Ed Finn is a research associate with the Canadian Centre for
Comptroller General, David Walker:
• While the 2005 budget deficit was widely reported at $318 billion, on an operating basis as most companies report, the year's deficit was easily double that amount.
• We finance our deficits by borrowing -- and now 50 percent of our public debt is owned by foreigners.
WASHINGTON - The federal budget deficit, helped by a surge in government revenue, is running 14.1 percent below the pace of last year, the government reported Wednesday.
Treasury Department said that with just one month to go in the budget year, the deficit totals $304.3 billion, down from $354.1 billion during the same period a year ago.
The Congressional Budget Office is forecasting that the deficit for the entire year will be $260 billion, which would mean that September will see a sizable surplus.
You have voted Number23 for the Way Above Top Secret award. You have used all of your votes for this month.
Originally posted by Number23
Deficit? It's on glide slope to be cut in half (just like Bush said) from it's peek in 2004
Originally posted by Mouth
Man, I am a sucker for good news.
SAN FRANCISCO (MarketWatch) -- Gold and silver futures fell Friday to their lowest levels since June as the U.S. dollar rose to a seven-week high against the euro. The dollar rose against the euro, but traded little changed against the yen early Friday, recovering from losses suffered in the prior session in reaction to strong eurozone economic news.
The U.S. currency briefly lost strength after a government report showed consumer price inflation moderated in August as gasoline and home ownership costs rose at a slower pace. See full story.
"Gold should now look to test towards the June low around $542.50 although oversold signals on the charts could trigger a modest short covering bounce," said James Moore, an analyst at TheBullionDesk.com.
Gold for December delivery fell by $7.30 to trade at $578.70 an ounce on the New York Mercantile Exchange. It fell as low as $576.60, the contract's weakest level since June 13.
Originally posted by TONE23
My next posting of the exchange rates will therefore be posted on the first week of each month. my next posting will therefore be the first week of October.
Originally posted by iskander
Daimler Chrysler rings a bell?
Here's a question to a red blooded patriotic Americans, how exactly do they feel about all that fine and affordable German engineering in their HEMI Durango's and Rams?
How about Ford? High gas prices is what forcing the latest layoffs right? Not the cheap Mexican labor and medical insurance costs?
In July, the company pledged to accelerate its "Way Forward" restructuring plan, which when introduced in January called for the up to 30,000 job cuts as well as closing 14 facilities by 2012. The new cuts bring the total number of plant closures to 16.
GM and Ford together?
Anyone even remotely familiar with the news lately knows GM and Ford are in serious trouble. Just last week, Ford slashed jobs and called for plant closings to try and rebound from fiscal distress. At closing Monday, Ford’s stock was selling at an anemic $7.82. GM finished the day at $31.61.
DaimlerChrysler opens its first factory in China
BEIJING — DaimlerChrysler AG on Friday formally opened its first factory to make Mercedes-Benz and Chrysler sedans in China, joining a rush of foreign automakers scrambling for a share of the booming Chinese car market.
The company plans to expand its financing business and is talking to potential Chinese partners about possibly producing a lower-cost model for the U.S. market, said chairman Dieter Zetsche.
Originally posted by TONE23
I saw a fact sheet once... but I cant find it now.. where it said we have something like 76% of our job market is service based.. and something like 19% was industrial... does that sound about right? or were those numbers way off base?
Italy's central bank has switched a quarter of its foreign currency reserves into sterling, dumping billions in US Treasury bonds, in the most dramatic move to date by a G7 country to slash exposure to the dollar.
Dollar holdings were cut from 84pc to 63pc, a shift that is certain to be analysed closely by traders as a gauge of sentiment among the 12 central banks of the eurozone system. The yen share fell from 14pc to 10pc.
An Italian official said the Banca d'Italia was taking action in advance of a dollar slide, widely expected as the US interest rate cycle peaks this summer and investors focus once again on the US's $800bn (£425bn) current account deficit.
Tony Norfield, chief currency analyst at ABN Amro, said it was likely that other euro-zone banks were also selling dollars, although most of the rest do not reveal the exact breakdown of their foreign currency holdings.
Mr Norfield said: "The Italians have been quite sneaky, but I wouldn't be surprised if others are doing the same thing. The Bank of France is worth watching."
However, for China and Japan, the two giants, with combined reserves of some $1,800bn, it is much harder to diversify smoothly out of the dollar.
Any sign that they are liquidating their holdings of US bonds could trigger a global stampede, causing a dollar crash and a broader financial crisis. The two countries would be left with sharply devalued holdings.
LONDON (AFX) - The dollar remained on the backfoot as the news earlier that the Swedish Riksbank has increased the level of euro reserves to the detriment of its dollar holdings sparked talk that other central banks could follow suit.
The Riksbank announced earlier today it has raised its holding of euros to 50 pct of reserves from 37 pct previously, while cutting its dollar holdings to 20 pct from 37 pct, pushing the euro as high as 1.2361 usd.
'The Riksbank announcement could well be a sign of things to come,' said 4CAST analyst Chris Furness.
CAIRO -- Syria, accused by the U.S. of supporting terrorism, plans to end its currency peg to the dollar by December to reflect closer trade ties with Europe, central bank Governor Adib Mayaleh said.
The Central Bank of Syria has already converted half its foreign-exchange reserves to euros, Mayaleh said in a telephone interview from Damascus, without being more specific. Syria's reserves, including gold, totaled $4.1 billion at the end of 2005, according tothe U.S. Central Intelligence Agency, similar to the amount held by Lithuania's central bank.
"We want to have a currency peg that will reflect our external trade," Mayaleh said yesterday. The European Union is Syria's largest trading partner, taking half of its exports, he said. Italy and France are the biggest destinations for Syrian goods abroad, according to data published by the CIA fact book.
On Thursday, June 8, Russia became the latest in the list of countries that shifted a part of its Central Bank reserves from the dollar. Sergei Ignatyev, chairman of the Central Bank, said that only 50 percent of its reserves are now held in dollars, with 40 percent in euros and the rest in pounds sterling. Earlier it was believed that just 25-30 percent of Russia’s reserves were held in euros, with virtually all the rest held in dollars.
The Russian Central Bank’s move ties in with increasing signs that Middle Eastern oil exporters are also looking to diversify their reserves out of the dollar. “This is a bearish development for the dollar,” Chris Turner, head of currency research at ING Financial Markets, told the British Financial Times. “It reminds us that global surpluses are accumulating to the oil exporters,and Russia is telling us that an increasingly lower proportion of these reserves will be held in dollars. This suggests there is a trend shift away from the dollar.”
Central banks in Kuwait, Qatar and the United Arab Emirates said that they were buying the euro. And Russia's finance minister, Aleksei Kudrin, complained about the dollar's "instability."
Originally posted by TONE23
The part I dont understand is about China and Japan... I am not understanding how they actually come into play here... I know they own alot of out 'debt'.. but What does that mean exactly and why is it difficult for them to dump their reserves?
1.00 EUR(Euro) = 1.27278 USD (United States Dollars)
1 EUR = 1.27278 USD 1 USD = 0.785682 EUR
1.00 GBP (United Kingdom Pounds) = 1.88892 USD (United States Dollars)
1 GBP = 1.88892 USD 1 USD = 0.529404 GBP
1.00 EUR (Euro) = 1.26720 USD (United States Dollars)
1 EUR = 1.26720 USD 1 USD = 0.789140 EUR
1.00 GBP (United Kingdom Pounds) = 1.86550 USD (United States Dollars)
1 GBP = 1.86550 USD 1 USD = 0.536050 GBP