http://www.telegraph.co.uk/finance/econo...takes.html

Quote:His policies even have the potential to consign the US to a similar fate as Argentina, which suffered a painful and humiliating slide from first to Third World status last century, the paper says.

There are "troubling similarities" between the US President's actions since taking office and those which in the 1930s sent the US and much of the world spiralling into the worst economic collapse in recorded history, says the new pamphlet, published by the Institute of Economic Affairs.

In particular, the authors, economists Charles Rowley of George Mason University and Nathanael Smith of the Locke Institute, claim that the White House's plans to pour hundreds of billions of dollars of cash into the economy will undermine it in the long run. They say that by employing deficit spending and increased state intervention President Obama will ultimately hamper the long-term growth potential of the US economy and may risk delaying full economic recovery by several years.

The study represents a challenge to the widely held view that Keynesian fiscal policies helped the US recover from the Depression which started in the early 1930s. The authors say: "[Franklin D Roosevelt's] interventionist policies and draconian tax increases delayed full economic recovery by several years by exacerbating a climate of pessimistic expectations that drove down private capital formation and household consumption to unprecedented lows."

Although the authors support the Federal Reserve's moves to slash interest rates to just above zero and embark on quantitative easing, pumping cash directly into the system, they warn that greater intervention could set the US back further. Rowley says: "It is also not impossible that the US will experience the kind of economic collapse from first to Third World status experienced by Argentina under the national-socialist governance of Juan Peron."

The paper, which recommends that the US return to a more laissez-faire economic system rather than intervening further in activity, has been endorsed by Nobel laureate James Buchanan, who said: "We have learned some things from comparable experiences of the 1930s' Great Depression, perhaps enough to reduce the severity of the current contraction. But we have made no progress toward putting limits on political leaders, who act out their natural proclivities without any basic understanding of what makes capitalism work."

"But we have made no progress toward putting limits on political leaders, who act out their natural proclivities without any basic understanding of what makes capitalism work."

The above says it all, but since they think Capitalism is evil then destroying it is good.

Talk about killing the goose that laid the golden egg. These guys are pathetic.

They made their millions, they just have to keep anyone else from making the same accomplishment.

I still have faith that those in search of profit will bail our asses out of this mess..but..this could be the last time. As the article implies...dumping money into the economy is simply decreasing value of every dollar and dangerous.

I firmly believe that if this mess is not turned around...the dollar will NOT be the world's future currency.

The main reason IMO that we are still surviving is that the dollar is held around the world and countries have no option but to stick this mess out with us.

Imagine what our economy would be like today if the dollar was not the world currency. I shudder to even think how bad it would be.

The South is already the 3rd World when you compare it to the West and the Northeast just inside the USA.

(09-12-2009 02:36 PM)RockyMtnRamfan Wrote:  The South is already the 3rd World when you compare it to the West and the Northeast just inside the USA.

And there you hear it from the Blithering Idiot of the Rocky Mountains.

What would the world do without your Wisdom's you twit monger ???

The South is way above where you flippant fools are by leaps and bounds ... so f*k off FeverTick.

.

(09-07-2009 12:19 PM)GGniner Wrote:  http://www.telegraph.co.uk/finance/econo...takes.html

Quote:His policies even have the potential to consign the US to a similar fate as Argentina, which suffered a painful and humiliating slide from first to Third World status last century, the paper says.

There are "troubling similarities" between the US President's actions since taking office and those which in the 1930s sent the US and much of the world spiralling into the worst economic collapse in recorded history, says the new pamphlet, published by the Institute of Economic Affairs.

In particular, the authors, economists Charles Rowley of George Mason University and Nathanael Smith of the Locke Institute, claim that the White House's plans to pour hundreds of billions of dollars of cash into the economy will undermine it in the long run. They say that by employing deficit spending and increased state intervention President Obama will ultimately hamper the long-term growth potential of the US economy and may risk delaying full economic recovery by several years.

The study represents a challenge to the widely held view that Keynesian fiscal policies helped the US recover from the Depression which started in the early 1930s. The authors say: "[Franklin D Roosevelt's] interventionist policies and draconian tax increases delayed full economic recovery by several years by exacerbating a climate of pessimistic expectations that drove down private capital formation and household consumption to unprecedented lows."

Although the authors support the Federal Reserve's moves to slash interest rates to just above zero and embark on quantitative easing, pumping cash directly into the system, they warn that greater intervention could set the US back further. Rowley says: "It is also not impossible that the US will experience the kind of economic collapse from first to Third World status experienced by Argentina under the national-socialist governance of Juan Peron."

The paper, which recommends that the US return to a more laissez-faire economic system rather than intervening further in activity, has been endorsed by Nobel laureate James Buchanan, who said: "We have learned some things from comparable experiences of the 1930s' Great Depression, perhaps enough to reduce the severity of the current contraction. But we have made no progress toward putting limits on political leaders, who act out their natural proclivities without any basic understanding of what makes capitalism work."

We were already headed that way before Obama was elected.

(09-12-2009 04:01 PM)Tripster Wrote:  

(09-12-2009 02:36 PM)RockyMtnRamfan Wrote:  The South is already the 3rd World when you compare it to the West and the Northeast just inside the USA.

And there you hear it from the Blithering Idiot of the Rocky Mountains.

What would the world do without your Wisdom's you twit monger ???

The South is way above where you flippant fools are by leaps and bounds ... so f*k off FeverTick.

.

THat is a good one Trippy. The ONLY parts of the south that have ANYTHING close to the areas he mentioned(I would even include the upper midwest) are those areas that the Yankees have moved to.

The south is in the 3rd world? Who do you think has the jobs boy? Have you ever been past the MD line? How come NASA has so many locations down in Florida, Mississippi, Maryland, Virginia, Alabama, Texas, and Louisiana?

(09-07-2009 02:34 PM)Fo Shizzle Wrote:  I still have faith that those in search of profit will bail our asses out of this mess..but..this could be the last time. As the article implies...dumping money into the economy is simply decreasing value of every dollar and dangerous.
I firmly believe that if this mess is not turned around...the dollar will NOT be the world's future currency.
The main reason IMO that we are still surviving is that the dollar is held around the world and countries have no option but to stick this mess out with us.
Imagine what our economy would be like today if the dollar was not the world currency. I shudder to even think how bad it would be.

It may not be for much longer. That's one of several things that could cook us. Watch the next six months very carefully.

I feel a turn around coming...no particular reason why...I just feel it. I know it isn't credible but it's what i feel.

(09-12-2009 06:06 PM)nomad2u2001 Wrote:  The south is in the 3rd world? Who do you think has the jobs boy? Have you ever been past the MD line? How come NASA has so many locations down in Florida, Mississippi, Maryland, Virginia, Alabama, Texas, and Louisiana?

I said the nice areas are where the Yankees are.

(09-12-2009 06:18 PM)Owl 69/70/75 Wrote:  

(09-07-2009 02:34 PM)Fo Shizzle Wrote:  I still have faith that those in search of profit will bail our asses out of this mess..but..this could be the last time. As the article implies...dumping money into the economy is simply decreasing value of every dollar and dangerous.
I firmly believe that if this mess is not turned around...the dollar will NOT be the world's future currency.
The main reason IMO that we are still surviving is that the dollar is held around the world and countries have no option but to stick this mess out with us.
Imagine what our economy would be like today if the dollar was not the world currency. I shudder to even think how bad it would be.

It may not be for much longer. That's one of several things that could cook us. Watch the next six months very carefully.

Let me guess. Obama.

(09-12-2009 06:26 PM)nomad2u2001 Wrote:  I feel a turn around coming...no particular reason why...I just feel it. I know it isn't credible but it's what i feel.

I do too. The turn I expect won't be for the better.

A short solution would be to start exporting more. If there is any sort of tax for exporting, we should greatly reduce it. Tobacco still has a hot market outside of the US and would make NC a lot of money.

Obama, Pelosi, Reed are driving the Democratic Party off a cliff.

(09-13-2009 01:52 PM)nomad2u2001 Wrote:  A short solution would be to start exporting more. If there is any sort of tax for exporting, we should greatly reduce it. Tobacco still has a hot market outside of the US and would make NC a lot of money.

Without increasing exports, we die. And Obamanomics contains nothing to increase exports significantly.

Here's where a consumption tax would help. A 15% VAT could be charged on imports and rebated on exports under existing tariff and trade treaties. 29 of the 30 OECD (developed) countries have consumption taxes, giving them all a huge advantage over us.

(09-13-2009 01:58 PM)SumOfAllFears Wrote:  Obama, Pelosi, Reed are driving the Democratic Party off a cliff.

Problem is, we're in the car with them right now.

I would make one small correction to the thread title.

We were well down the road toward the third world before Obama. He has just made that destination more certain.

Obama did not put us on the road to the third world, but he is making sure we don't turn away from it.

(09-13-2009 02:04 PM)Owl 69/70/75 Wrote:  

(09-13-2009 01:58 PM)SumOfAllFears Wrote:  Obama, Pelosi, Reed are driving the Democratic Party off a cliff.

Problem is, we're in the car with them right now.

Ok make that : Obama, Pelosi, Reed are driving the The United States off a cliff.