Yes but it is not the system that is the problem it is just that some
individuals are "jerks" - the corporate capitalist system is fine.
Jim "Or so it is said in some Pacifica circles." D.
----- Original Message -----
From: "Per Fagereng" <phantom@xxxxxxxxxxx>
To: <jdemaegt@xxxxxxxxxxxxx>; "Kevin White" <cuitlacoche1@xxxxxxxxx>;
<pacifica_now@xxxxxxxxxxxxxxx>; <fulcrumsofchange@xxxxxxxxxxxxxx>;
<NewPacifica@xxxxxxxxxxxxxxx>; <pacificaradiowaves@xxxxxxxxxxxxxxx>;
<rocklandfriendsofwbai@xxxxxxxxxxxxxxx>
Sent: Sunday, July 20, 2008 5:57 PM
Subject: Re: Don't count on the ailing-capitalist corporate system bailing
us out
> Silly me. Do you think it's possible that the jerks get promoted?
> That the jerks get the perks?
>
> Per Fagereng
>
> ----- Original Message -----
> From: <jdemaegt@xxxxxxxxxxxxx>
> To: "Per Fagereng" <phantom@xxxxxxxxxxx>; "Kevin White"
> <cuitlacoche1@xxxxxxxxx>; <pacifica_now@xxxxxxxxxxxxxxx>;
> <fulcrumsofchange@xxxxxxxxxxxxxx>; <NewPacifica@xxxxxxxxxxxxxxx>;
> <pacificaradiowaves@xxxxxxxxxxxxxxx>;
> <rocklandfriendsofwbai@xxxxxxxxxxxxxxx>
> Sent: Sunday, July 20, 2008 4:23 PM
> Subject: Don't count on the ailing-capitalist corporate system bailing us
> out
>
>
>> BUT you forgot to add that some of our "economic overlords" are good
>> people and some are "jerks". And it is only the "jerks" that are causing
>> any problems - the "Businesses" themselves are not the problem.
>> And, by the way - won't Obama be CHANGING all us this and Saving
>> America?
>>
>>
>> Jim "It is really just an individual problem and it is NOT the
>> capitalist corporate system that is the problem - instead it is just the
>> 'jerks' of any and all types that are causing all the problems." D
>> ----- Original Message -----
>> From: "Per Fagereng" <phantom@xxxxxxxxxxx>
>> To: "Kevin White" <cuitlacoche1@xxxxxxxxx>;
>> <NewPacifica@xxxxxxxxxxxxxxx>; <pacifica_now@xxxxxxxxxxxxxxx>;
>> <fulcrumsofchange@xxxxxxxxxxxxxx>
>> Sent: Sunday, July 20, 2008 4:00 PM
>> Subject: Re: [Fulcrumsofchange] Don't count on ailing-dollar bailout
>>
>>
>> One possibility is that our economic overlords want the dollar to
>> decline.
>> That way America's debts can be paid in cheaper dollars. Sooner or later,
>> however, the creditors will cut their losses and dump the dollar.
>>
>> Meanwhile our overlords will have moved their money to other currencies
>> or to commodities, or to (now cheap) real estate.
>>
>> Another related possibility is that the US will come out with a New
>> Dollar,
>> and exchange one New for 10 or 100 Old, thereby "cutting" inflation. The
>> kicker is that only US citizens could exchange Old for New. Our foreign
>> creditors would get screwed. Needless to say, no one in their right mind
>> would lend the US anything.
>>
>> Per Fagereng
>>
>> ----- Original Message -----
>> From: "Kevin White" <cuitlacoche1@xxxxxxxxx>
>> To: <NewPacifica@xxxxxxxxxxxxxxx>; <pacifica_now@xxxxxxxxxxxxxxx>;
>> <fulcrumsofchange@xxxxxxxxxxxxxx>
>> Sent: Saturday, July 19, 2008 9:32 PM
>> Subject: [Fulcrumsofchange] Don't count on ailing-dollar bailout
>>
>>
>>> ALL BUSINESS: Don't count on ailing-dollar bailout
>>> By RACHEL BECK, AP Business WriterFri Jul 18, 12:28 PM ET
>>> Federal rescue plans are all the rage in Washington right now, for what
>>> seems to be everything but the dollar. The U.S. currency is not going to
>>> get a bailout, even though its steep decline is feeding inflation and
>>> straining the economy.
>>> Federal Reserve Chairman Ben Bernanke and other officials have assured
>>> us that the government is on the case of the plunging dollar.
>>> Talk is cheap — they won't likely do anything about it.
>>> That's because the Bush administration since taking office nearly eight
>>> years ago has not supported any U.S.-led intervention in
>>> foreign-exchange markets despite the greenback's steep decline. That
>>> action would involve buying the ailing currency to boost its value.
>>> "It would take a rare set of circumstances to get the U.S. right now to
>>> intervene," said David Gilmore, a managing partner in Foreign Exchange
>>> Analytics in Essex, Conn.
>>> With that in mind, we have to look at what Bernanke told Congress on
>>> Wednesday with some skepticism. While noting that intervention is rarely
>>> done, he said that temporary action on currencies isn't out of the
>>> question.
>>> "Market intervention is a policy that's been undertaken a few times ...
>>> but there may be conditions where markets are disorderly, where some
>>> temporary action might be justified," he said during a hearing before
>>> the House Financial Services Committee.
>>> That kind of rhetoric has been the only tool that Bernanke and Treasury
>>> Secretary Henry Paulson have used to bolster the dollar in recent
>>> months. In early June, they also floated the idea that intervention was
>>> a possibility, giving the dollar a brief run higher.
>>> Bernanke's words on Wednesday gave a little jolt to the battered
>>> greenback, which had slumped the day before to a new low against the
>>> euro. At one point on Tuesday, a euro bought $1.6038, the most since the
>>> inception of the 15-nation currency.
>>> The dollar's decline that day was fed by intensified worries about the
>>> health of the U.S. economy and financial system after the government
>>> announced a rescue plan for mortgage giants Fannie Mae and Freddie Mac,
>>> not long after one of the country's biggest mortgage banks IndyMac Bank
>>> collapsed and was taken over by federal regulators on July 11.
>>> While the dollar has been falling for some five years, continuing grim
>>> U.S. financial news has spurred a considerable slide in recent months.
>>> Not only has the U.S. economy taken a beating in the last year, but
>>> conditions seem to be getting worse as the housing market remains in a
>>> serious slump, credit conditions are tight and inflation is soaring.
>>> To combat declining economic growth, the Fed has cut its overnight
>>> borrowing rate seven times since September to the ultra-low level of 2
>>> percent. But that has done little to improve conditions, and has only
>>> exaggerated the dollar's weakness as investors have moved their funds —
>>> and thereby, sold their dollars — into countries offering higher
>>> interest rates.
>>> Intervention talk from Bernanke and others may just be a way to buy some
>>> time, and hope the dollar reverses course on its own, a result of market
>>> forces rather than central bank intervention.
>>> Currency experts say that could happen should the euro-zone's economies
>>> begin to break down as the U.S. outlook starts looking up.
>>> Some of what has propelled the euro to new heights against the dollar
>>> has been the idea that Europe is in better financial health than the
>>> United States. The European Central Bank, which sets interest rates for
>>> the 15-nation euro zone, has adjusted its own rate once since last
>>> summer, making no cuts and then raising rates last month in an attempt
>>> to curb inflation.
>>> But new data show increasing economic weakness in parts of Europe. Stock
>>> markets there have declined sharply since May in tandem with those in
>>> the United States. Investor sentiment in Switzerland and in Germany —
>>> Europe's biggest economy — has slumped, while there is evidence of
>>> weakening business conditions, with big job cuts and bankruptcies being
>>> announced.
>>> Should things worsen abroad, it could indicate that United States is
>>> ahead of Europe in this downward business cycle. "(T)he fundamentals
>>> could soon shift in favor of the dollar over the euro," said Marc
>>> Chandler, global head of currency strategy at the investment firm Brown
>>> Brothers Harriman.
>>> But the U.S. government has other tools that it could use besides
>>> currency intervention. One option, notes Gilmore of Foreign Exchange
>>> Analytics, is to turn back the clock to the late 1970s, and issue what
>>> became known then as "Carter Bonds." Those were U.S. Treasury bonds
>>> named after then-President Jimmy Carter, and they were denominated in
>>> German marks and Swiss francs. Their purpose was to make U.S. Treasuries
>>> more appealing to offshore investors — an effort that worked.
>>> For now, the dollar is on its own, without any federal aid to prop it
>>> up. It's a lonely place to be.
>>> ___
>>> Rachel Beck is the national business columnist for The Associated Press.
>>> Write to her at rbeck(at)ap.org
>>>
>>>
>>>
>>> _______________________________________________
>>> Fulcrumsofchange mailing list
>>> Fulcrumsofchange@xxxxxxxxxxxxxx
>>> http://lists.pacificana.org/listinfo.cgi/fulcrumsofchange-pacificana.org
>>>
>>
>> _______________________________________________
>> Fulcrumsofchange mailing list
>> Fulcrumsofchange@xxxxxxxxxxxxxx
>> http://lists.pacificana.org/listinfo.cgi/fulcrumsofchange-pacificana.org
>>
>
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