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Geithner says US can 'no longer drive global growth'

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posted on Jun, 25 2010 @ 03:00 PM
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reply to post by Maxmars
 


Great points all around





posted on Jun, 25 2010 @ 04:26 PM
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We can no longer drive global growth, but by golly, we'll make sure we can fund our wars!


He's right though, but it simply isn't that simple.

We were never in the business of promoting growth around the world; we were always interested in keeping the third world completely oppressed. We have done this through advocating free-market reforms. If free market reforms are the way to rise to power, then why has every so-called 'free market miracle', from Chile to Taiwan to South Korea, actually been the result of government market planning or nationalized industry?

The powers that be, an international marriage of state and corporate interests, promote the free market lie through multinational bodies such as the International Monetary Fund, the World Bank and the World Trade Organization and keep the third world poor, fighting and defunct, a harvest ripe for the picking.

The second problem is the Triffin paradox: the US dollar acts as the international reserve currency, leading to a discrepancy in economic goals here and abroad. Thus, we must run a trade deficit (importing more than exporting) in order to keep our money flowing abroad. Keynes foresaw this and that it would blossom into an economic crisis, and he attempted to propose an international currency called the 'Bancor', which would backed by some thirty-odd commodities, including gold.

Conceding to a global reserve currency such as this would be the most viable option for America and the rest of the world to prevent full blown economic collapse. With a powerful reserve currency that isn't American dollars to draw upon, international economic grounds like the IMF, WTO and World Bank would then need to work hand in hand with the governments of developing nations that are desperately in need of growth to direct economic planning until a real market, albeit regulated and monitored, can take over.

The US can no longer drive global growth, but international cooperation can.



posted on Jun, 25 2010 @ 04:29 PM
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We can't fund global growth, let alone our own growth, WHEN WE HAVE NO MANUFACTURING BASE.

No tax policy will fix this other THAN TARIFFS!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

TARIFFS!!!!!!!!!!

TARIFFS!!!!!!!!!!!

TARIFF CHINA!!!!!!!!!!!!

TARIFF SLAVE LABOR!!!!!!!!!!!!!!

TARIFFS TARIFFS TARIFFS!!!!!!!!!!!!!!!!!

[edit on 25-6-2010 by David9176]



posted on Jun, 25 2010 @ 04:32 PM
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reply to post by David9176
 


Yeah, and tariffs too!

Good point, David.



posted on Jun, 25 2010 @ 04:36 PM
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reply to post by Someone336
 





Yeah, and tariffs too! Good point, David.




I will say it all day everyday and hopefully people will come to their senses.

TARIFFS!!!!!!!!!!!!! RAISE TARIFFS!!!!!!!!!!!!


Give American workers A CHANCE!!!!!!!!!!!!!



posted on Jun, 25 2010 @ 04:36 PM
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I'm having some serious problems with double posts...I think my mouse is taking a dump.

Sorry for all the double posts for those who have come across them...

[edit on 25-6-2010 by David9176]



posted on Jun, 25 2010 @ 04:44 PM
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reply to post by David9176
 


I dare add a rescinding, or at least a major reformation, of NAFTA, which caused only some 450,000 new manufacturing jobs in the decade after it was implemented.

The Wall Street reform bill can't hurt either.



posted on Jun, 25 2010 @ 04:50 PM
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reply to post by Someone336
 


We recently celebrated a 10 year anniversary of "fake" free trade with China.

Look at the last 10 years......THEY WERE GLORIOUS!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!


I shouldn't be laughing.....I should be crying.



posted on Jun, 25 2010 @ 04:50 PM
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[edit on 25-6-2010 by David9176]



posted on Jun, 25 2010 @ 08:46 PM
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Dugh and this is new news??? It will be china driving the world business* our governemnt, and mostly the big bankers here in the states, along with corporations, have casued this too happen. hence forth the bailouts. it was all about take as much as youo can and run n hide* thanks for seeling us out Bernenke and all the big banks in the news past 2 years
you really filed not only the american public, but the world for that matter..way to go
I swear, thier intentionally crashing the system here*



posted on Jun, 25 2010 @ 09:21 PM
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He is right and I am afraid he knows what he is talking about, after all he is a Goldman man.

What he is trying to tell to those that understand the state of our economy is that, new statistics show that the status of the US as a world leading manufactured is about to be lost to China. US in another year will no longer be head of that position anymore.

It is sad because US uses its "government manipulated" GDP to show that is still leading the world as a manufacturing force, even people here in ATS when they take subjects that has to do with US as an economic power, backs their stance with the GDP and US position as producer

Sorry, but China will be taking that position very soon.

Developing countries depend very much on US consumerism to drive their own economies, as we can see US eonomic problems can not longer support for too long anymore that consumerism.

We have gone from producer to consumer and even that is in a precarious situation right now with unemployment and the nation turning into a welfare service job nation.




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