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At this time China, our lender of last resort, doesn't have the money available to finance our new spending package. In order for them to buy the securities we will print to pay for this "stimulus Bill" they have to run an equally large trade surplus with the US. How does that help the US economy?
"Worries about China's finances are once again resurfacing in America. Commentators from Newsweek's Fareed Zakaria to British economic historian Niall Ferguson argue that Washington needs China to buy U.S. Treasury bonds to fund U.S. fiscal spending. And with Beijing embarking on a public spending plan of its own, the argument goes, China can't afford to play the role of America's lender of last resort anymore.
This fearmongering grossly misrepresents the U.S.-China economic relationship. For starters, China's two trillion dollars in reserves is already invested, so it cannot be used to fund future U.S. deficits. China can only invest future reserve accumulation in U.S. debt, and the only way it can accumulate new reserves is by running a trade surplus."
Momonkey, the China daily, printed an article which hints that China won't be buying any treasury bills to support pork unless congress tones down the socialist protectionist 'buy american' rhetoric.
Experts: Stimulus bill could backfire on US (http://www.chinadaily.com.cn/bizchina/2009-02/12/content_7469334.htm - broken link)
Momonkey, the China daily, printed an article which hints that China won't be buying any treasury bills to support pork unless congress tones down the socialist protectionist 'buy american' rhetoric.
Experts: Stimulus bill could backfire on US (http://www.chinadaily.com.cn/bizchina/2009-02/12/content_7469334.htm - broken link)
can you point to anything that isn't partisan like the cato inst. or mises or the Heritage founadation? The reason I ask is because most mainstream economist overmhelmingly think we need it. Could you also please explain how these right wing economist have any credibility, especially against the Keynesians since the keynesians have been so much more accurate?
Unlike Cato, I won't defend Bush economics which got us into the current mess, more than any other factor, but it is difficult to find any economist who doesn't fall into a school simply because it unfortunately is treated as a mathematical equation rather than as a subjective study of human behaviour.
Myself I can only support an opinion which is neither left or right, but anti-authoritarian. The anarcho-libertarian in me will always side with less government, more choice. C'est laissez vie is my motto in most cases.
The only person off the top of my head I can think of who is non-partisan in politics but is opposed to the stimulus is Gerald Celente.
Personally, my personal take is that The famed 1930’s economist Lord Keynes claimed governments could correct recessions by massive deficit spending which would be repaid when boom times returned. His theories have become a state religion for liberals on the left of the Democratic Party.
But massive deficit spending is like treating a poison victim with more big doses of poison. This kind of economic voodoo reminds me of medieval medicine: try every kind of dangerous procedure until you either kill the patient or he somehow survives the doctors.
The current crisis was caused by runaway borrowing by the Bush administration, individuals, hedge funds, and the unregulated `shadow’ financial industry in New York and London. Obama’s remedy: borrow and spend trillions more.
Unlike Cato, I won't defend Bush economics which got us into the current mess, more than any other factor, but it is difficult to find any economist who doesn't fall into a school simply because it unfortunately is treated as a mathematical equation rather than as a subjective study of human behaviour.
Myself I can only support an opinion which is neither left or right, but anti-authoritarian. The anarcho-libertarian in me will always side with less government, more choice. C'est laissez vie is my motto in most cases.
The only person off the top of my head I can think of who is non-partisan in politics but is opposed to the stimulus is Gerald Celente.
Personally, my personal take is that The famed 1930’s economist Lord Keynes claimed governments could correct recessions by massive deficit spending which would be repaid when boom times returned. His theories have become a state religion for liberals on the left of the Democratic Party.
But massive deficit spending is like treating a poison victim with more big doses of poison. This kind of economic voodoo reminds me of medieval medicine: try every kind of dangerous procedure until you either kill the patient or he somehow survives the doctors.
The current crisis was caused by runaway borrowing by the Bush administration, individuals, hedge funds, and the unregulated `shadow’ financial industry in New York and London. Obama’s remedy: borrow and spend trillions more.
So who reflects your view? In all honesty its not just Bushs fault that we are in this mess. Its cultist belief made very popular by Reagan about small government and lower taxes. It actually is a noble idea, but it's unrealistic. Even Reagan abandoned the belief and move Keynesian. I can provide links if you need( I'm not doing it now because its late and I'm being lazy) in all honesty. I have found no real life proof that tax-cuts have proven effective ever.
Quite a few. Most of the criticism I've heard is that Obama is not going far enough. Seriously.
Maybe you could post few that have commented on the spending bill that became law.
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