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Whoha
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The TOC is supposed to be classified guys...
Dec 2001
time: 23:35
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if it was directed to me, your forefathers felt much the same way in the 1600s as we in the US are doing now, they ran a 2 to 1 import to export ratio, that is, until it all collapsed.
"Yet, Spanish leaders were deluded by a sense of false prosperity. This is testified by the statement of a prominent official, Alfonso Nunez de Castro in 1675: “Let London manufacture those fine fabrics of hers to her heart's content; let Holland her chambrays; Florence her cloth; the Indies their beaver and vicuna; Milan her brocade, Italy and Flanders their linens...so long as our capital can enjoy them; the only thing it proves is that all nations train their journeymen for Madrid, and that Madrid is the queen of Parliaments, for all the world serves her and she serves nobody.” A few years later, the Madrid government was bankrupt. The Spanish nobleman had foolishly elevated consumption, a use for wealth, above production, the creation of wealth."
want the whole article?
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Grandpa Troll
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I owe..I owe..it's off to work I go
Jul 2000
time: 00:35
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quote:
Originally posted by Whoha
if it was directed to me, your forefathers felt much the same way in the 1600s as we in the US are doing now, they ran a 2 to 1 import to export ratio, that is, until it all collapsed.
"Yet, Spanish leaders were deluded by a sense of false prosperity. This is testified by the statement of a prominent official, Alfonso Nunez de Castro in 1675: “Let London manufacture those fine fabrics of hers to her heart's content; let Holland her chambrays; Florence her cloth; the Indies their beaver and vicuna; Milan her brocade, Italy and Flanders their linens...so long as our capital can enjoy them; the only thing it proves is that all nations train their journeymen for Madrid, and that Madrid is the queen of Parliaments, for all the world serves her and she serves nobody.” A few years later, the Madrid government was bankrupt. The Spanish nobleman had foolishly elevated consumption, a use for wealth, above production, the creation of wealth."
want the whole article? |
Good Point
For real..I would enjoy reading this article
 Attachment: roman_speaker_md_wht.gif
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DanS
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Kickball Capital of the World
Jan 1970
time: 00:35
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The OECD is calling on the Federal Reserve to raise rates soon...
From FT
quote:
OECD urges Fed action to cool US economy
Tuesday May 11 2004, 10:06
PARIS, May 11 (Reuters) - Policy makers should start efforts to cool the U.S. economy sooner rather than later and a hike in the Federal Reserve's interest rates in June would be a
reasonable start, the OECD's chief economist said.
The U.S. central bank would have to shoulder the burden of withdrawing stimulus from the world's largest economy as there was little prospect of a tightening of fiscal policy, Jean-Philippe Cotis told Reuters in an interview.
"The general message we have is basically withdrawals (of stimulus) should be started sooner rather than later," he said. "For the U.S., the main risk is that macroeconomic policies
remain too expansionary too long during the upswing."
Asked whether June would be a reasonable time for the Federal Reserve to start raising interest rates, Cotis said: "Yes, sure."
Rate rises should be measured, he said: "Incremental is the best option, but it could depend obviously on circumstances."
"The contribution of fiscal policy to cool off the U.S. economy is going to be extremely modest, and so the bulk of stabilisation policy will fall on the central bank," he added.
Cotis spoke to Reuters ahead of publication of the Organisation for Economic Growth and Development's (OECD) twice-yearly Economic Outlook, in which the think-tank forecast
the U.S. economy would grow by 4.7 percent this year.
The Federal Reserve has held the federal funds rate at 1.0 percent, its lowest since 1958, since last June. The next Fed policy meeting is a two-day affair on June 29 and 30. Any U.S. rate rise would be the first since May 2000.
In the euro zone, Cotis said, the economy was sluggish and a cut in interest rates could help underpin the recovery. "Basically price stability is really there," he said of the 12-nation currency zone. "It may be useful to cut and if it's not necessary (to cut rates) then you can start tightening a bit earlier than expected."
"We see it more as an insurance policy," he said of a possible rate cut.
The European Central Bank left interest rates steady at 2.00 percent for the 11th straight month last Thursday. The euro's exchange rate against the dollar had eased to a level that did not hurt European exporters, Cotis said.
"Things are okay on the exchange rate front. They are not acting as a drag any more on the recovery in Europe," he said.
"Now Europeans can fully benefit from the recovery of world demand and hopefully it will also trigger a domestic recovery at the end of the day." |
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DanS
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Kickball Capital of the World
Jan 1970
time: 00:35
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quote:
Seriously, shouldn't the growth increase the amount of tax collected? |
Leaving aside corporate taxes that are modest in any event, the U.S. has a graduated income tax system. As people's incomes rise, they start to pay a higher percentage to Uncle Sam. So yes, the amount of tax collected should increase. But that's a longer-term impact, not short-term enough to affect inflation.
quote:
A freeze isn't a cut. You said a cut. |
Yes, you are correct, sir. However, I was conceding the leftist mantra that spending must increase as fast as the rate of inflation, otherwise it is effectively a cut.
In any event, as long as spending increases somewhere in-between the rate of inflation and the rate of nominal economic growth (about 6.6% this year), we are heading the right direction. I would just rather it be on the lower end of that range, so the economy would be less stimulated and the Fed wouldn't have to raise rates as fast.
But in order to do this effectively right now, you would have to have the congress start rescinding spending already authorized. The chances of them doing that are null. On the other hand, the congress will probably pass a continuing resolution for most of the spending bills and they'll take care of spending after the election. This will naturally put the breaks on spending increases for a couple of months.
Last edited by DanS on 12-05-2004 at 00:52
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DanS
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Kickball Capital of the World
Jan 1970
time: 00:35
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Get out your calculator. It doesn't take long (3 or 4 years).
This has nothing to do with the Laugher's curve.
Last edited by DanS on 12-05-2004 at 01:11
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10-05-2004 23:07
someone get out of a jam..and not lose face..maybe that would help..otherwise..
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