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Yes I applaud him for raising awareness too but a few more details would be nice.
Originally posted by angrywhitechick
Whatever you think of the Senator on other issues I think he should be applauded for trying shed some light on this.
What proof do you want? ....
.....To replace Larry Summers as head of the National Economic Council, .... Gene Sperling, who held the same position in the Clinton administration. .... Chief of Staff.... William Daley, a former Clinton administration official and banker. And to top it off, General Electric CEO Jeffery Immelt was tapped to lead a newly created Council on Jobs and Competitiveness.
...in the 1990s Sperling worked behind the scenes to secure the passage of the North American Free Trade Agreement.... By the time Sperling moved up to take over the NEC, he was working on China’s entry into the World Trade Organization, an event which caused millions of manufacturing jobs in U.S. to be permanently lost.
Sperling also played a major role in repealing the Glass-Steagall Act, which separated commercial and investment banking. Many observers credit the act’s repeal with causing the financial crisis that brought the economy to its knees.
Daley too was instrumental in the passage of NAFTA and China’s entry into the WTO. During the debate over NAFTA, he served as a special council to the president. His only responsibility during that time was ensuring that the trade deal passed.
After delivering the trade pact that cost America 20 percent of its manufacturing jobs in just 14 years, Daley moved on to serve as Clinton’s Commerce Secretary from 1997-2000. During that time, he helped pave the way for China’s entry into the WTO....
Immelt, who will now have the president’s ear in an advisory role, has consistently supported the same failed trade policies that have cost America millions of jobs. As the leader of one of the world’s largest companies, he has been at the forefront of the outsourcing movement....
In the past, Immelt was a vocal supporter for China’s entry into the World Trade Organization. He also spoke out against the proposed “buy American” provision.
Immelt, Daley and Sperling certainly do not represent the “change” the president was fond of referring to in 2008. In fact, all three represent more of the same - failed trade policies that result in the loss of millions of jobs. www.economyincrisis.org...
....QE has Keynesianism in its roots. All economists know the solution to unemployment is lower real wages. A central part of Keynes’ theory was the notion of money illusion. Keynes believed that workers would not accept nominal decreases in wages but that they could be fooled via inflation, a belief that only an elitist could have. If the cost of living goes up and wages stay the same, then real wages go down and presumably employment goes up (or down less than it otherwise would).
Inflation, the critical tool in the Keynesian paradigm, has been used regularly.
Since the formation of the Federal Reserve, the purchasing power of the dollar has fallen almost 96%.
Could Bernanke Spark a Run on the Dollar?
....The only real fix is to lower the cost of U.S. workers relative to foreign rivals and machines, or else raise their bang for the buck. The latter, while clearly preferable, requires education and training that won’t turn things around overnight.” (“The Fed’s Magic Show Appears to Be Over”, Wall Street Journal)
In other words, the Fed is planning to give every working man and woman in the US a big pay-cut so they can go nose-to-nose with foreign labor. You can see how this blends seamlessly with Obama’s State of the Union Speech where he focused on “competition” as his central theme. More importantly, Obama reiterated his pledge to double exports in the next 5 years. The only way that can be achieved is by destroying the dollar. Here’s a clip from an op-ed by Judy Shelton that explains what’s going on: “Beware of President Obama’s call for a doubling of U.S. exports over the next five years as a way to reduce the unemployment rate. The obvious quick route to export success for any nation is to depreciate its currency. Dollar depreciation is already being pushed by the Obama administration as the key solution for resolving our massive trade deficit with China………The government will continue to run a large budget deficit, which must be financed by issuing more government debt. The debt is monetized when the Federal Reserve purchases it from the public. The effect is to increase the money supply. Inflationary monetary policy goes hand-in-hand with a falling dollar in foreign-exchange markets.” (“The Wrong Way to Double Exports”, Judy Shelton, Wall Street Journal)So, while working people and pensioners see their savings sliced in half to accommodate the globalist dream of an evenly-depressed world labor market; the investor class will get regular injections of Fed liquidity via QE2 to keep stocks “bubbly” and profits high.....
Originally posted by DerepentLEstranger
reply to post by Amaterasu
oh, that's the old "ignorance of the law is no excuse" excuse
we are expected to wait hand and foot on, and keep up to date re TCOTBIP's every whim.