Nobel Paul, the conscience of liberality, recipient of the Pseudodynamite Memorial Svenska Piggybank Award, has a nice neoliberal screed about the latest, greatest enemy of glowballeyezayshun: the YELLOW MENACE, and their predatory currency manipulation.
Major advanced economies are still reeling from the effects of a burst housing bubble and the financial crisis that followed. Consumer spending is depressed, and firms see no point in expanding when they aren’t selling enough to use the capacity they have. The recession may be officially over, but unemployment is extremely high and shows no sign of returning to normal levels.GodDAMN those emerging economies, not doing their fair share to haul Joe and Jane sixpack out of their three-mortgage, jobless-recovery hole. We gave emerging economies capitalism, and what do we get in return but the vicious, perpetual competition for profit and advantage. I'd call it irony, if I were a religious man.
The situation is quite different, however, in emerging economies. These economies have weathered the economic storm, they are fighting inflation rather than deflation, and they offer abundant investment opportunities. Naturally, capital from wealthier but depressed nations is flowing in their direction. And emerging nations could and should play an important role in helping the world economy as a whole pull out of its slump.
But China, the largest of these emerging economies, isn’t allowing this natural process to unfold. Restrictions on foreign investment limit the flow of private funds into China; meanwhile, the Chinese government is keeping the value of its currency, the renminbi, artificially low by buying huge amounts of foreign currency, in effect subsidizing its exports. And these subsidized exports are hurting employment in the rest of the world.
Back in the nineties, before he was, har-har, radicalized by the two-turntable craziness of DJ Gee-Dubz, Krugman was one of our loudest advocates for the forcible cracking-open of so-called developing countries--for their own good, of course--rescuing them all from the curse of their own self-determination. The Chinese, however, cheated by being good at the game, and listening to Krugman bitch about their gameplayin is like listening to the sour grapes of American basketball fans in the post DreamTeam era, when a bunch of stinky foreigners who knew how to play team ball started whoopin America at the very game we invented. Ohmahgawd, who'd have thought that opening the world to competition would mean that we'd have to compete?
21 comments:
" The recession may be officially over"
BwAAAAAAAAaaaa...
Hey we just sent our B-Team to the World Championships and, except for a scare against Brazil in the Group stage, the USA kicked ass!
I guess the only logical conclusion is this: Coach K for President!
i clicked through, but stopped reading @ "Serious people."
Okay then. We play Quintana and O'Brien next week. They'll be pushovers.
Not fair? Who's the fucking nihilist here?
As Spider Robinson said, God is an iron.
This isn't nam...there are rules.
God did not give everyone an equal disposition to the means of war. Some men are meant to fight on the front lines. But you, my son, are meant to fight with your Economics. You must use your Economics as a weapon against all enemies. You must seek out our nation's enemies, wherever they hide, and deliver the swift verdict of Economic justice upon them.
OH EM GEE! China is interfering with natural processes! They are creating abominations, I tell you, abominations of God's holy economic laws! Run for your life, Saint Krug, or Yellow Frankenstein will throw you in the river!
Not pictured: Foxconn Industries
I'd call it irony, if I were a religious man
If you were Pope of something, IOZ, I guess I'd have to convert over. Mainly cuz I bet the altar boys would be really, really cute.
Kruggie is mad because we can't follow the example of the British when India started whooping ass on their domestic textile industry with cheaper, better quality goods: send in the troops!
Nony 11:13 - Pau wasn't playing, otherwise Spain would have kicked our ass.
That said it was also the first FIBA the US has won since 1994.
Apparently Kruggles has never heard of a tariff.
You have meddled with the primal forces of nature, Prof. Krugman.....
I'm very concerned about this; namely, how to profit when the markets explode, probably later this year. I'm guessing the plan would be to short equities, then t-bills, then gold, as suckers fly out of one and into the next for each successive hopeless final bubbling. I'm just old and mean enough that if I can profit off the dying screams of "bulls" who are "long" the "greatest economy the world has ever seen" I will risk my miserable funds just for the chance to gloat.
The Open Kimono, by Seymour Hare
Everything Marx and Lenin said turned out to be exactly right (and Smith and Ricardo and Malthus, but never mind). This is mindblowing. Once the elite types determined to prove Marx and Lenin and Mathus wrong were removed, sometimes bloodily but usually not, and the ones who didn't freaken' care came in...wow! Its like Mongol time.
I'm really in awe. Anyway I guess I'm a communist because I sure as h--- don't want Islam and that seems to be the two alternatives on offer.
"Apparently Kruggles has never heard of a tariff"
Neither Kruggles nor his fellow "free-trade" fetishists can go there.
Is anyone else curious as to why Kruggles and his fellow travelers get their panties in a bunch over China sucking down foreign currencies (particularly US Dollars) into their FOREX reserves to protect their export position yet care not a whit about Japan doing the same thing for 20 years?
When as kids we used to always say, "If you keep digging, you'll eventually get to China." I thought it was geo joke.
True, and good on you for rubbing it in. It should be pointed out now that more publicly traded American companies have an interest in Currency valuation favoring CHINA, than the US. So fuck those wal st slime, and pass the stick it to China and Wal st bill (except it really dosent, much)
Post a Comment