The current economic discourse is all about using semantics to hide the underlying economic problems that everybody and their grandmother can see in everyday life. Economic statistical methodologies have been twisted to serve the goals of the financial oligarchy. I would be weary of any economic numbers from the US government.
'Revolts to spread to 40 US cities'
- Thread starter lem34
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That's too bad considering this has long become a firmly rooted part of American business culture. I think one of the main problems stem from the idea that free flow of people will be a net positive for both trading partners. This on the surface is true if the playing field is level enough to allow each country's advantages to be exploited. What I see in the US is an almost fanatical adherence to unfettered free trade globalization. In an era where billions of people are beginning to rapidly close what was once considered an insurmountable skills gap, in such an environment, high wage countries will eventually lose by either needing to outsource their production to remain economically viable or lower the wages of their skilled workforce to remain competitive. It doesn't help that American popular culture has become a gutter of moral decadence, which is not conducive to fostering responsibility and hard work let alone a national moral compass. Observing American politics at work, one has to wonder if ongoing American political fiascos is a reflection of a dysfunctional political process or simply a reflection of American society.
Talk of USD$ reserve currency status is not a nationalistic discussion. Although it would be a positive outcome for countries like India who would otherwise remain perpetually under heavy American influence. I'm not sure why you with an India flag would be against this? It is to India's long-term geopolitical advantage to have a more balanced multilateral arrangement as its economic strength grows. Reserve currencies of a dominating stature like the current USD$ system is detrimental to all up and coming nations.
A reserve currency is NOT stabilized by printing more money. On the contrary, this usually acts as a disincentive to hold said reserve currency because holders would lose intrinsic value except where competing currencies print a comparable ratio of their own currencies to offset the "relative" inflation of the reserve currency.
Any currency can be a reserve currency but only the USD$ and Euro can be considered global units of account. I think you are mistaking the purpose of a reserve currency with its features. The Yuan has absolutely 0% chance of becoming a global reserve currency of the stature currently held by the USD$ not only for some of the reasons you mention but more importantly, because the USD$ reserve currency status is a largely geopolitical creation that has largely geopolitical implications.
From a purely economic standpoint, it is very likely that the Yuan will become a regional reserve currency that will be prominent among China's significant trading partners. However, in the case of the US, Eurozone and Japan, it is highly unlikely these allied countries would ever abandon their interdependent currency relationship vis-a-vis everybody else in favor of a global Yuan reserve currency where China would gain enduring economic advantage over them as the USD$ currently still retains.
The Petrodollar regime is largely a byproduct of past colonial history and current imperial machinations. It is not as simple as you make it sound. As long as the US+allies can control the oil producing countries, it will be able to maintain the PetroDollar system because it forces everybody else to buy a critical commodity with USD$ that is essential to all economies. In other words, threats of usurping the USD$ reserve status "COMPLETELY" is unlikely even in the event of American hyperinflation because the American + allied military will never allow oil producing countries control because it is the lynchpin to American power. It is much more likely that the USD$ will simply become 1 of several reserve currencies and oil will continue to be traded mostly in USD$ and with Euros to some European countries.
The insurance you're talking about is the same paper garbage that makes the house of cards so fragile. The more there is, the more danger there is when counter-parties simply can't pay up.
No kidding, but there is that problem with inflation, aka debt monetization, better known as robbing from the poor and giving to the rich.
Depends on what you mean by "Default". If you consider printing trillions of dollars to pay off debt, which will inevitably lower the real value of said dollars, then it is a default by stealth. No holder holds currency reserves to lose value. The interest is always expected to at least keep up with the currency inflation.
Exactly, which is why the printing of currency to pay otherwise unpayable bonds is a recipe to cause an eventual run on that currency since it is in effect defaulting by paying back debt with depreciated currency. It's like saying a lender will buy debt at $1 and get back $0.50 worth in 5 years, while competing currency debt will get back $0.90, it makes absolutely no sense when stronger currencies depreciate LESS.
Occupy Wall Street protests spread to Baltimore, other cities:
St. John's United Methodist Church, a centuries-old church on St. Paul Street, looked the way it does during its occasional rock concerts. Hundreds of people some older than 40, some in their 20s gathered there Sunday not for the music, or a prayer service, but to vent.
"Banks got bailed out," yelled Mike McGuire, one of the organizers of the meeting. "We got sold out," the crowd shouted back.
And just like that, the Occupy Wall Street movement that has brought throngs of young people to the streets of Manhattan arrived in Baltimore, the latest city Los Angeles and Washington are among the others to brace for occupations against corporate greed. Starting at noon Tuesday, protesters will stage a demonstration at McKeldin Square in theInner Harbor.
By Monday, more than 800 people had signed up on Facebook to attend the initial rally, with some planning on staying overnight for days.
Much as in New York, the occupiers know what they'll be rallying against, but to what end, they're still not sure. Not yet, anyway.
"Clearly, we don't have a specific set of goals," McGuire said. "The state of affairs is objectionable enough that we're leaving our houses in a serious and concerted way to express our discontent."
Occupy Wall Street was originally conceived three weeks ago as a sit-in smack in the middle of the moneyed streets of Manhattan's financial district, in full view of the dealers, traders and industry bigwigs against whom the protesters are taking aim.
The New York protesters have since moved to nearby Zuccotti Park, where participants have been dressing up in outrageous costumes, doing yoga, chanting and painting signs, looking, at times, more like young people at sleep-away camp.
"We had a drum circle that went on until 4 a.m.," said McGuire, a 38-year-old Baltimore carpenter who camped out on a cardboard box on the first Saturday of the New York protest.
Police arrested more than 700 of the New York protesters this weekend as they spilled onto the Brooklyn Bridge, blocking traffic. By Monday, most had been released.
In Baltimore, police were monitoring social media and news reports for updates on the protest, said spokesman Anthony Guglielmi. He said it wasn't clear if the protesters needed a permit. Police are only concerned that the protesters stay organized and don't disrupt traffic.
He declined to say how many officers would be deployed to the scene. "We will make sure we have resources in place so that it doesn't become a distraction."
In the weeks since Occupy Wall Street started, copycat movements have sprung up in front of City Hall in Los Angeles, in Boston's financial district and in Chicago, where they've staked out the Federal Reserve Bank.
In Baltimore, Tuesday's demonstration was set up in a matter of days and word about it traveled fast via social media. Last Thursday, discussion on a Google group that sympathized with the protests' values moved to Club Charles in Station North, said Nick Becker, a 30-year-old herbalist who was among the organizers.
"While I was there, I started the Twitter account and a Google group," he said. "Before I left, there were already 20 people following the account on Twitter." Within 24 hours, he had 100 followers.
On Sunday, more than 150 people sat at St. John's on second-hand couches and rusty folding chairs around a circle, where McGuire and three other facilitators paced. They called on people to raise their hands if they had experience with mass cooking, dealing with cops, dispensing of waste and other skills that might be useful in staging a protest. While an agenda was projected on the wall, participants were asked to snap their fingers and wave their hands to signal agreement.
The Washington Monument in Mount Vernon and the headquarters of the Baltimore Development Corporation were suggested as possibilities for staging the protest. But ultimately, the crowd settled on McKeldin Square, a concrete plaza at Pratt and Light Streets, for its visibility.
McGuire said organizers did not believe a permit was needed to gather overnight at the park. Organizers have been taken back by the speed by which the planned protest has gathered followers. By early Monday morning, about 300 people had RSVP'd the protest's event page on Facebook. By late afternoon, it had jumped to over 800, with new ones signing up by the minute.
"It was a group that assembled over the course of three days," McGuire said. "I've been in Baltimore since my birthday 38 years ago and working in social movements since 1989, and this is the first of its kind."
In Baltimore and in New York, academics are seeing small flickers of comparison between the rallies and the revolutionary demonstrations that inflamed the Middle East and North Africa earlier this year, said Jeff Larson, an assistant professor sociology at Towson University who studies social movements.
Occupy Wall Street protests spread to Baltimore, other cities - baltimoresun.com
St. John's United Methodist Church, a centuries-old church on St. Paul Street, looked the way it does during its occasional rock concerts. Hundreds of people some older than 40, some in their 20s gathered there Sunday not for the music, or a prayer service, but to vent.
"Banks got bailed out," yelled Mike McGuire, one of the organizers of the meeting. "We got sold out," the crowd shouted back.
And just like that, the Occupy Wall Street movement that has brought throngs of young people to the streets of Manhattan arrived in Baltimore, the latest city Los Angeles and Washington are among the others to brace for occupations against corporate greed. Starting at noon Tuesday, protesters will stage a demonstration at McKeldin Square in theInner Harbor.
By Monday, more than 800 people had signed up on Facebook to attend the initial rally, with some planning on staying overnight for days.
Much as in New York, the occupiers know what they'll be rallying against, but to what end, they're still not sure. Not yet, anyway.
"Clearly, we don't have a specific set of goals," McGuire said. "The state of affairs is objectionable enough that we're leaving our houses in a serious and concerted way to express our discontent."
Occupy Wall Street was originally conceived three weeks ago as a sit-in smack in the middle of the moneyed streets of Manhattan's financial district, in full view of the dealers, traders and industry bigwigs against whom the protesters are taking aim.
The New York protesters have since moved to nearby Zuccotti Park, where participants have been dressing up in outrageous costumes, doing yoga, chanting and painting signs, looking, at times, more like young people at sleep-away camp.
"We had a drum circle that went on until 4 a.m.," said McGuire, a 38-year-old Baltimore carpenter who camped out on a cardboard box on the first Saturday of the New York protest.
Police arrested more than 700 of the New York protesters this weekend as they spilled onto the Brooklyn Bridge, blocking traffic. By Monday, most had been released.
In Baltimore, police were monitoring social media and news reports for updates on the protest, said spokesman Anthony Guglielmi. He said it wasn't clear if the protesters needed a permit. Police are only concerned that the protesters stay organized and don't disrupt traffic.
He declined to say how many officers would be deployed to the scene. "We will make sure we have resources in place so that it doesn't become a distraction."
In the weeks since Occupy Wall Street started, copycat movements have sprung up in front of City Hall in Los Angeles, in Boston's financial district and in Chicago, where they've staked out the Federal Reserve Bank.
In Baltimore, Tuesday's demonstration was set up in a matter of days and word about it traveled fast via social media. Last Thursday, discussion on a Google group that sympathized with the protests' values moved to Club Charles in Station North, said Nick Becker, a 30-year-old herbalist who was among the organizers.
"While I was there, I started the Twitter account and a Google group," he said. "Before I left, there were already 20 people following the account on Twitter." Within 24 hours, he had 100 followers.
On Sunday, more than 150 people sat at St. John's on second-hand couches and rusty folding chairs around a circle, where McGuire and three other facilitators paced. They called on people to raise their hands if they had experience with mass cooking, dealing with cops, dispensing of waste and other skills that might be useful in staging a protest. While an agenda was projected on the wall, participants were asked to snap their fingers and wave their hands to signal agreement.
The Washington Monument in Mount Vernon and the headquarters of the Baltimore Development Corporation were suggested as possibilities for staging the protest. But ultimately, the crowd settled on McKeldin Square, a concrete plaza at Pratt and Light Streets, for its visibility.
McGuire said organizers did not believe a permit was needed to gather overnight at the park. Organizers have been taken back by the speed by which the planned protest has gathered followers. By early Monday morning, about 300 people had RSVP'd the protest's event page on Facebook. By late afternoon, it had jumped to over 800, with new ones signing up by the minute.
"It was a group that assembled over the course of three days," McGuire said. "I've been in Baltimore since my birthday 38 years ago and working in social movements since 1989, and this is the first of its kind."
In Baltimore and in New York, academics are seeing small flickers of comparison between the rallies and the revolutionary demonstrations that inflamed the Middle East and North Africa earlier this year, said Jeff Larson, an assistant professor sociology at Towson University who studies social movements.
Occupy Wall Street protests spread to Baltimore, other cities - baltimoresun.com
AZADPAKISTAN2009
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People of the world stand by People of US to get rid of their oppressive corporate Government
the self imposed news blackout scares me and i worry about friends like bilalbhai in america. But I hear that iranians are willing to send peace keepers to america the al quds brigade is on standby
Stormweaver
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You mean the one that is democratically elected every 4 years?
Btw, these are not "revolts", they are protests and they are a part of an open society.
yea in america they are protests in muslim countries which have resourses america wants to steal they are revolts. yea right american doublespeak. guardians of the dictionary.
Tshering22
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Those who've never lived within the framework of a sane constitution, do not understand the difference between the two.
aah so you are the people indians and americans have the right to decide what is a revolt and what is a protest?
sachin@india
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well said mate.... bandar kya jane adrak ka swad
karan.1970
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question for Aryan... What is it that is happening in Pakistan.. ?? regarding the power failures... Revolt or protest.. I know its riots, but are these protest riots or revolt riots and why?
we are being let down by corrupt leaders I wish it to be revolt
karan.1970
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But how would you categorize it.. Is the revolt spreading in Pakistan as well
?? Pakistan spring ??
