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4%? Fuck, that’s pathetic.
Let me guess, most of that is either toilet paper, Viagra or Pentagon weapons.
Posted by Greg Bacon | June 21, 2010, 5:02 amThe loss of product and industry actually started in the textile district in NY. That industry engined countless factories in our country… zippers, button, threads… cloth… dyes… trucks rolled and trains ran all carrying products and good… etc etc etc etcetc. Within 17 years it went from driving a whopping 80% of our industry… to zero! Then back when ole’ Ross Pero said ” we all would be sorry if NAFTA was passed… and that we all would hear a big sucking sound which would be all our jobs leaving our borders”. NAFTA passed, and away they all went! And when Beaulahman says he is called paranoid– naw, he isn’t. I actually think NAFTA was orchestrated, in part, to pay back our debt to China and others. See, our country– the bosses of our country [which are not who the majority think] do not really care about the average man and woman– other than as surfs for their cause. I could go on forever. OH– and the Pentagon weapons you mentioned… lol… you are wrong. Come on… read the papers and the contracts the military brags about. Our arms and planes come from overseas!!!! Russia, Germany, Japan… and also Spain! Viagra is made in India…. paper… South America!
Posted by Lynda | June 21, 2010, 6:24 pmEuropes Economics… NYT
Inflation in China rose 3.1% in May, higher than the government had forecast. Consumer prices were up 6.1% and wholesale prices rose 7.1%
The numbers raised the issue of whether China’s predicted 11% to 12% increase in GDP will set off uncontrollable inflation, or whether increases in wholesale prices which are too high to be passed on to Chinese consumers and its trade partners will cause deflation.
China recently announced that May exports were up roughly 50% from last year.The Chinese do not have to worry about an overactive economy. The real trouble with European finances did not begin until late April. The impact of a sharp economic slowing in the region is still as much as a quarter away. The EU’s GDP is $25 trillion, which may make it China’s largest trading partner. Pressure to revalue the yuan could also hurt trade with the EU and US.
Europe’s new austerity and falling liquidity, which is undermining bank lending, could sharply curtail imports. Government cuts will cause at least 100,000 public employee layoffs. Germany said it will cut 15,000 public workers as its cuts costs to reign in its deficit. The UK has also said it will cut tens of thousands of people from the government’s payroll.
Higher taxes will affect spending by private sector workers who will have to give more of their incomes to their governments to help pay off large deficits. The taxes may be regressive and could cause an increase in joblessness as companies facing higher tax bills lay-off workers to support margins hurt by rising corporate taxes.
The specter of a Greek default still exists. Polls show about two-third of institutional investors who trade in the global capital markets believe that Greece will default on its sovereign bond obligations. A Greek failure and contagion, which would probably affect Spain, would cause huge cuts in public workforces as Europe’s smaller nations attempt to control their debt levels.
China’s inflation will slow as demand for its exports drops, perhaps precipitously.
Posted by Lynda | June 21, 2010, 6:50 pmThen why in the hell are we expected to hire 220,000 new people here in this country to work for the government? That is just in the next two years? 20,000 new IRS persons for the HCB. Where is the rest?? What sector of the government will all these new jobs be?
Posted by drdoug | June 22, 2010, 10:24 pmDefense Deptartment.
Posted by Lynda | June 23, 2010, 8:56 am” Army, Navy, Air Force, Marines, Coast Guards, Reservists….” The biggest budget in the world… the U>S> Military!!!!
Posted by Lynda | June 23, 2010, 1:22 pmThey have plans for all us ‘little people’….
Posted by Lynda | June 23, 2010, 1:22 pm