Inside USA - Buffalo blues - 14 June 08 Part 2

[ddeadhead]

obama wins hell ya for everyone jerry gooooooooooooooooo

[cinderskenney]

we need more trains.

[cinderskenney]

we're going to have to find another way of life without oil for fuel. sail boats?

[CrazyDo91]

that one "fishing" guy sounded like he had a Country accent...??..hmmm funny

[gregwi562]

Wow. Seems like such a logical and realistic solution. Maybe we ought to make you are next cowboy president.

[garylandy]

compassion? yeah but not for you or YOUR family!

these people have to be fought like enemies! this is terror what they are doing! because they dont give a fuck about you and your life, they have to be fought like you fight enemies!

[Renegen1]

Your problem lastnymleft I think is that your belief in libertarianism or austrian economics is nothing more than faith. As the old saying goes, faith ignored contradicting evidence. I used to sit on the very same side of the fence as you did, so no worry. I eventually got some empirical evidence and changed my tune. But that's the problem we face today. Smart people like you today that support the very same side the corporations do and they don't even notice their wrongs.

[lastnymleft]

"I eventually got some empirical evidence"

You've not produced any.

The only thing you've presented is the argument for breaking windows being good business for the glazier, from someone in the crowd standing around the shopkeeper looking at the vandal's work.

[Renegen1]

Hey man this is part two. The housing is on part one. I said quite a lot here and brought arguments. Did you read the debt webpages? By the way you brought forward yet another character attack and you also failed to respond to my story where I used to share the very same feelings and values as you. Nothing said? Apparently there's just no talking to you.

[lastnymleft]

Try actually "Reply"ing to my comments, rather than creating new ones. I hadn't seen those comments you made with actual points in them, but am responding now.

If you need more than 500 characters, refresh, and reply again. Don't just create new standalone comments.

[Renegen1]

"It was absorbed because of the strong demand for the currency"

How's that working for you?

And then you give me a 4 year chart. What part of TWENTY YEARS don't you understand?

Type US national debt in Google, it seems YT wont let me link.

It explain the debt situation and by consequence the money supply equation.

Also lost, you are so confident of yourself, tell me how many trillions the 5 biggest US banks have combined on their balance sheets? You want them to "self correct?" Insanity.

[lastnymleft]

"What part of TWENTY YEARS don't you understand?"

Take it back 37, when *Nixon* gave us the fiat system (clue: roughly when he also gave us *HMO'S*)

mwhodges.home.att. net/exchange_rate.htm

It's got to the point of there being serious repercussions because the market wasn't allowed to correct earlier. Instead, Greenspan tried to inflate his way out of it. Now the situation is worse, and will continue to deteriorate for so long as the gov interferes in trying to stop the INEVITABLE correction.

[Renegen1]

Also don't give me BS like oil increase in price over all last 20 years is 90% due to USD inflation when oil was $30 in 2003, the price of oil fluctuated quite wildly over these 20 years. Also the price of oil and other commodities are high in the whole world! Explain that. It is supply and demand, emerging markets and also manipulation or at least negligence by the oil companies who are benefiting from this windfall.

[lastnymleft]

"don't give me BS like oil increase in price over all last 20 years is 90% due to USD inflation when oil was $30 in 2003"

That just goes to show how much it has been inflated since then. M3 is currently expanding at 17%/annum. Recent OPEC report: for every 1% drop in the USD, oil rises $4.

v=iwAHnpIR8is

v=wLnAgiXOLug

"the price of oil and other commodities are high in the whole world"

You mean the commodities that are traded internationally in the USD that is becoming worth less and less?!

[lastnymleft]

"It is supply and demand [etc, etc]"

All bit-players in this drama. Do you think the US government wants to accept responsibility for having created this crisis? Of course not, hence they are blaming everything but the MAIN factor: the declining value of the USD thanks to inflation of the money supply to prop up an unsustainable economy. All the commodities in crisis are traded internationally in USD. There is no real shortage; it's a PRICE blowout. The WFP *budget* is short $750M

v=utNYlXZDWB8

[Renegen1]

You're not helping your case and you look like a crackpot more every post, commodity prices are high across the world, I've said it before too.

[lastnymleft]

"commodity prices are high across the world"

OF COURSE they are high across the world, commodities are traded internationally in *USD*! That's the whole point of it being "the world's reserve currency"

That means when India sells rice to the Philippines, or Norway sells oil to Japan, or Australia sells iron ore to China, they are sold in terms of USD. So when the USD is made to decline, more are required to pay for the commodity. And that price is passed on. A debased USD raises ALL prices

[Renegen1]

Haha, go back to Econ 101, I won't need to say much, you pretty much revealed your economic ignorance.

[lastnymleft]

So, that's it? No rebuttal of my specific points? Just ad-hominem?

Very telling.

[Renegen1]

Here's a rebuttal, go back to econ 101 and learn 1) how currencies work, 2) how reserve currencies work. Here's a hint, when a currency is weak, it is ALWAYS in relationship to another currency. Trust me, for you to reveal yourself so foolish no rebuttal would be necessary because you've shown to be completely ignorant of the subject matter, it's meaningless to debate.

[lastnymleft]

"when a currency is weak, it is ALWAYS in relationship to another currency"

Right. Name one currency against which the USD have been strengthening.

I provided a graph of the USD relative to other major currencies, back to 1971. Take another look. It has declined seriously against ALL of them. And this is despite other central banks inflating their currencies to reduce the disparity.

This is why Saddam switched from USD to Euro. (Just prior to invasion). Iran is switching now, too. Etc.

[Renegen1]

And actually the size of the debt is just gigantic, I think half the budget goes to interest payments. Yes it might lead to stagflation, but that's how the smartest people in the world think it's the best way to solve the problem. A large part of the budget is defense, the defense industry if you've ever paid attention to Iraq or Iran, is super strong and won't have its budget reduced. Yes, this could lead to stagflation and the only thing that got the US out of that was super tight money supply

[Renegen1]

Also he didn't just blame speculators, but Wall Street. A lot of the problems today is because of Wall Street, housing bubble for once but also other problems. Wall Street makes money by issuing more debt, creating mergers, and creating new financial products. Wall Street in a sense pioneered this deregulation that has been happening for the last 20 years. Read Liar's Poker, the SnL crisis benefited Wall Street through trading fees, and directly lead to them controlling mortgages today.

[bhq5678]

Agreed with Gregwi562> USA can adjust and I do hope they do it fast. With high oil price due to speculation and lowering of US dollars, it have vast impact on the economies of other world. There are too many bad news these few months already and I do hope this is the lowest that it can go... protectionist foreigh economic policy is not the way to go as healthy economics on the other side of the world will mean more buying power ie more american product can peneterate other countries

[gregwi562]

Your glee about the pain some Americans are feeling is only temporary. And you have a way too simplistic understanding of the international economy. The American population is way too dynamic anyway for this situation to be permanent. Recessions happen. The USA will adjust because it has to. And also because it can. God help those other countries out there who are too bureaucratic and traditional to adjust.

[vtxtd2]

lol, they do that and their critically ill economy will die even faster. That is the simple reason why they won't do it.

[scentciti]

the real AmeriKKKa

[xxashyy]

AmeriKKKa? WHat the hell you talking about? and what does that have to do with this video? I wish people sometimes would think before posting.

[Orion602]

very good report aljazeera. I would like to see more:)

[EsotericDesi]

Great Show..!

[EdyPegasus]

Start fishing with sail boats. LOL

[Renegen1]

This trucker wasnt so stupid, he said some good things.

[lastnymleft]

Apart from the fact that he blamed the nebulous "speculators" for the rise in the fuel price. It's more specific: Ben Bernanke and his partners in crime at the Fed are to blame. They are flooding the world with USD to try to prop up an unsustainable economy (in an election year) meaning every USD becomes worth less and less. You need more of them to buy the same amount of product. EVERYTHING bought or traded in USD is affected: oil, wheat, rice, corn. Supply and demand are only ~10% of the cause

[Renegen1]

You might not know but Ben Bernanke is only covering up the mess that Al Greenspan created. Greenspan flooded the world with USD for 20 years and he could because the US was the world reserve currency. Look at the national debt. The Fed bought the government bonds that were issued by the politicians to create a false sense of wealth. They were accomplices. Now the debt is too high and no one will buy USDs, thus Bernanke has to gently stop the economy, and reduce the debt by inflation.

[lastnymleft]

But, as Dr Paul says, you can't solve the problem of inflation with....more inflation. They're only making it worse for when the inevitable crash comes.

[Renegen1]

Dr Paul is an idiot. Sorry, but I too used to believe in his speeches but not anymore. First, where was the inflation for the last 20 years? It was absorbed because of the strong demand for the currency. But now inflation is the only solution. Dr Paul is right on one thing, inflation is a hidden tax. To reduce the debt you either cut spending, or increase tax. Obviously higher taxes will never pass with the dumb american voter.

[lastnymleft]

R1: "Dr Paul is an idiot"

Because you don't understand economics?

"where was the inflation for the last 20 years?"

Driving the oil price from $3 in 1971 to $140 today, 90% of which was money supply.

"It was absorbed because of the strong demand for the currency"

How's that working for you?

finance.yahoo. com/currency/convert?from=USD&­to=EUR&amt=1&t=5y

"inflation is the only solution"

For those with limited vision. How about let the market self-correct by purging the malinvestment?

[Renegen1]

Now come on last, I said that I already heard all of Paul's positions and after believing him for a while I rejected them eventually. If you're going to contradict me you better bring damn good arguments. I understand economics very very well, I won't try to brag but it is my passion and it is my future career path and I'm pursuing an MA in it. Please explain to me what concept of economics YOU have.

[lastnymleft]

renegen1: Are you sure you're not majoring in Braggadocio? You have quite the gift for it.

As it stands, there is nothing you have said that I have not adequately rebutted, and nothing I have said that you have adequately rebutted. If you have a point, or a rebuttal to my points, make it. And do it quick. You're sounding rather hollow, right now.

[Renegen1]

You don't know the first thing of arguing which is to actually provide facts. It's pathetic you say that it was rebutted and therefore you won't provide the rebuttal. So you insult me or contradict me but end there. Fine, I might end my discussion with you since you do not appear a reasonable person. It should have clicked in your head when I said I was an ex-Paul supporter. When my Facebook page still calls me a libertarian, when I deleted an old Paul favorite on my profile.

[lastnymleft]

"You don't know the first thing of arguing which is to actually provide facts. It's pathetic you say that it was rebutted and therefore you won't provide the rebuttal. So you insult me or contradict me but end there. Fine, I might end my discussion with you since you do not appear a reasonable person. It should [SNIP] when I said I was an ex-Paul supporter. When my Facebook page still calls me a libertarian, when I deleted an old Paul favorite on my profile."

480 characters, and nothing *said*.

[moneymagnetelizabeth]

Now there is no working poor, workless poor. Our manufacturing facilities are empty and now our luxury office buildings are empty. And the crab fisherman will also see less consumers sitting at the restaurant. The WTO depletes and drains countries of its natural resources and human resources. I stopped buying and live minimal. My car is sitting.

[rblwoaclu]

live here poverty is epidemic.we have rich and we have poor and working poor.