sez you: >> This is way too complex for me to figure out, but a key question is can
internal demand drive the expansion of the Chinese economy ? China is already saddled
with a pretty bad overcapacity problem and inflated landed property market.< <
I wrote: >both of those would be helped by, say
Sez me: > >to the extent that the rich folks in other places are "paying for the war,"
most of it is buying US Treasury issues, which means that we in the US pay them
interest. As long as they get that, won't they be happy?<<
Sez you: > Yeah, the US makes interest payments to its creditors, but
Jim Devine sez:
to the extent that the rich folks in other places are "paying for the war,"
most of it is buying US Treasury issues, which means that we in the US pay
them interest. As long as they get that, won't they be happy?
John Gulick sez:
Yeah, the US makes interest payments to its credito
Paul wrote:
Jim writes that one motive for Iraq was the strategic help it gives
Israel.
I am not a big fan of the overall "motive" debates for Iraq (it mostly
distracts from the work at hand),
- - - -
I've engated in the same spectator sport myself, but I would agree with
Paul that the effort i
Finally, I know where you're going with this, and I do agree to some
extent
that a renegade cabal of highly ideological neo-cons seized control
over the
foreign policy apparatus, and they are true believers in their inane
concoctions -- that US virtue and US power are one and the same, that US
he
Devine, James wrote:
I know that dollar seigneurage is a big thing, but what is this
income as a percentage of US GDP?
Tiny. I saw some estimates by a Fed staffer once - can't remember the
exact number but it was on the order of $13 billion. The real bonus
for the U.S. is borrowing madly in our ow
and long term consequences -economic and not- matters only for
ordinary ppl.
ciao
lumpenpro
- Original Message -
From: "Doug Henwood" <[EMAIL PROTECTED]>
To: <[EMAIL PROTECTED]>
Sent:
John Gulick writes:>I agree that US military supremacy undergirds dollar primacy. Most
of us
here on pen-l agree to a greater or lesser degree that the US' little misadventure in
Iraq was and is at
least partly about rescuing dollar primacy ...<
like Doug, it seems, I disagree with this alleged
medium and long term consequences -economic and not- matters only for
ordinary ppl.
ciao
lumpenpro
- Original Message -
From: "Doug Henwood" <[EMAIL PROTECTED]>
To: <[EMAIL PROTECTED]>
Sent: Monday, September 08, 2003 11:51 PM
Subject: Re: debt, again
> John G
Doug Henwood asked:
How, exactly, would running Iraq strengthen the USD? Maybe some oil rents
might flow to
Big Oil, but otherwise - what's the material payoff?
John Gulick replies:
I probably can't lay out a line of argument you haven't heard before, so I'm
not very motivated to respond, but in
John Gulick wrote:
Most of us
here on pen-l agree to a greater
or lesser degree that the US' little misadventure in Iraq was and is at
least partly about rescuing dollar primacy by means of gaining additional
leverage over erstwhile allies/would-be rivals in the global system.
Everyone says that,
Jim Devine wrote:
* in the short run, the US seignorage privileges are based on the fact that
the US$ is used as a means >of payment all around the world. Neither Japan
nor Europe have run large enough trade deficits to >broadcast their
currencies into world circulation enough that they can be use
John wrote:
> I don't think a yuan-dollar readjustment would bring about such equilibrating
> results. Why not?
> If the yuan is revalued, China and perhaps even Japan will progressively bail on
> their dollar-denominated asset holdings. There will probably be some kind of
> cascading effect:
Jim Devine,
You wrote:
a rising yuan (relative to the US$) would eventually cut China's trade
surplus with the US. By lowering >the US trade deficit, it would reduce the
US demand for funds (supply of US bonds) at the same time >it lowered
China's supply of funds (demand for US bonds). It's hard
a rising yuan (relative to the US$) would eventually cut China's trade surplus with
the US. By lowering the US trade deficit, it would reduce the US demand for funds
(supply of US bonds) at the same time it lowered China's supply of funds (demand for
US bonds). It's hard to say which would win a
Ian posted the following:
[obviously a minority view, even from a mainstreamer like Roach]
"My own epiphany came from a chat with a Chinese economics professor a few
weeks ago. When I brought up the issue of ending the RMB peg, he
astonished me by saying that ending the peg would cause a massive
- Original Message -
From: "John Gulick" <[EMAIL PROTECTED]>
> Eublides posted:
>
> "Asian debt withdrawal threat to US deficit"
>
> An important passage contained within: "...if China and other Asian
> countries were to allow their currencies to strengthen against the US
> dollar, they w
Eublides posted:
"Asian debt withdrawal threat to US deficit"
An important passage contained within: "...if China and other Asian
countries were to allow their currencies to strengthen against the US
dollar, they would have less need to own US assets."
Exactly. All points bulletin to foolish "pro
Sabri quotes:
"Excess spread which measures the profitability of credit card
securitizations, edged up 3 bps to 5.89%, yet remains 28bps below
year-ago levels. The softness in excess spread can be attributed to the
low interest rate environment which has cause many issuers to re-price
cards downwa
http://www.riskcenter.com/cgi-bin/article.pl?id=7220
September 2: Consumer Credit Quality To Worsen Into 4Q
Location: New York
Author: Richard Drason, Rui Pereira and Michael Dean
Date: Tuesday, September 2, 2003
Fitch anticipates consumer credit quality measures to resume their
worsening trend
In a message dated 3/9/2003 12:48:40 AM Eastern Standard Time, [EMAIL PROTECTED] writes:
"We try to be alert to any sort of megacatastrophe risk, and that
posture may make us unduly apprehensive about the burgeoning quantities
of long-term derivatives contracts and the massive amount of
uncollater
Here are some notes I took from Warren Buffett's letters to his
stockholders, regarding the funny finance behind the swindles.
http://www.berkshirehathaway.com/2002ar/2002ar.pdf
"Charlie and I are of one mind in how we feel about derivatives and the
trading activities that go with them: We view t
In a message dated 3/8/2003 10:49:33 PM Eastern Standard Time, [EMAIL PROTECTED] writes:
Thanks to the efforts of Eliot Spitzer, the New York attorney whose
investigations into banks unearthed some of the worst excesses, those that
remain have had to clean up their act. Most of the big firms have
Title: RE: [PEN-L:30304] debt
>Several economists and stock market analysts have fretted in recent weeks about
debt levels and the ability of consumers and businesses to meet their
obligations. A surge in defaults could have drastic effects on the economy and
stocks, they say, and even relativ
>April 6, 2001
>CBC Radio One Commentary
>by David Gracey
>
>These days the media is full of bad news stories about the economy. We
>hear of massive layoffs in the auto sector. Consumer confidence is plummeting.
>
>The same economists who only a few months ago were talking about a soft
>landing
Chris,
Regarding capitalism's economic crimes, People's Attorney Castro says:
Fidel Castro: "Another Nuremberg is required to judge the unjust economic
order"
Complete text of President Castro's speech at the opening session of the
South Summit, April 12, 2000 is at:
http://www.granma.cu/in
At 10:13 12/04/00 -0400,
[Chris]
>Quite. A typical capitalist crisis of "overproduction". That is,
>overproduction relative to the limited purchasing power of the market, and
>in particular the impoverished masses of the world.
>
>_
>
>Charles B: But what of the FROP and inability to valo
>>> Chris Burford <[EMAIL PROTECTED]> 04/11/00 07:12PM >>>
At 15:14 11/04/00 -0400, you wrote:
>What's behind the debt crisis
>
>
>By Wadi'h Halabi
>The fundamental cause
>
>What is behind this phenomenon? The answer may be surprising to some. In
>the last analysis, the problem is that there
At 19:03 11/04/00 -0700, you wrote:
>Chris, the article you quoted sounded like a gloss on the work of William
>Greider (a liberal journalist who writes for the U.S.-based NATION
>magazine). For example, see his April 10th article in the archive of the
>NATION at: http://www.TheNation.com/
>
>J
Chris, the article you quoted sounded like a gloss on the work of William
Greider (a liberal journalist who writes for the U.S.-based NATION
magazine). For example, see his April 10th article in the archive of the
NATION at: http://www.TheNation.com/
Jim Devine [EMAIL PROTECTED] & http://liber
At 15:14 11/04/00 -0400, you wrote:
>What's behind the debt crisis
>
>
>By Wadi'h Halabi
>The fundamental cause
>
>What is behind this phenomenon? The answer may be surprising to some. In
>the last analysis, the problem is that there is "too much" food, "too
>much" steel, "too much" of practi
Our Chico Food Not Bombs serves people about 8 blocks away. I am going to
suggest to my friends there that they pass out the report that Max sent us
instead of food this week end. It should make everybody feel a lot better
than a warm lunch.
--
Michael Perelman
Economics Department
California St
> From: Peter Dorman <[EMAIL PROTECTED]>
> I know that the reaction on the part of debt forgiveness activists will
> be that this does not go far enough, and that all the debt should be
> wiped clean. I agree with them, but I don't like the strategic move
> they made many months ago to f
I know that the reaction on the part of debt forgiveness activists will
be that this does not go far enough, and that all the debt should be
wiped clean. I agree with them, but I don't like the strategic move
they made many months ago to focus their efforts on just the poorest
countries. The glo
> I think that we ought to highlight Michel Chossudovsky's
> analysis, which squarely puts Yugoslavia among other nations that have
> suffered or disintegrated under the weight of external debt payments and
> which treats nationalisms not as the cause of the Balkan wars but as
> _effects_ of the f
Yoshie Furuhashi wrote:
>US/Germany competing
>to grab a piece of privatized action
Where do you see this?
Doug
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