tag:blogger.com,1999:blog-21123853.post7301980116350622329..comments2024-02-12T04:30:53.556-05:00Comments on Tim White Listens: Defining the wealth disparity in Sino-American relationsTim Whitehttp://www.blogger.com/profile/16588518063096822071noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-21123853.post-64496605902666765322008-12-29T21:24:00.000-05:002008-12-29T21:24:00.000-05:00And the money follows Paulon back. China's curranc...And the money follows Paulon back. China's currancy travels electronically.<BR/><BR/>If you've been paying attention you are well aware of the burgioning threat of unemployment in the Peoples Republic. The money is coming here so China can secure a marketplace that is much needed so it can stifle civil unrest at home.<BR/><BR/>As for the central bank and the gold standard and all the other good stuff from the good old days you should be reminded that there were "panics", recessions as well as "eras of good feeling" then as now. Good old Herbert Hoover let the market solve a problem but the impacts were too big to ignore (Mellon was in charge then) and the result was FDR who brought more to the table than some of us would have liked. Market excesses had done their dirty deed and the only direction was down and the only out was some government intervention. It was an imperfect solution that was ultimately rescued by the outbreak of World War II but the folks believed it was the new deal.<BR/><BR/>Both historical perspectives of the gold/dollar standard, central bank/decentralized banks have offered less than perfect outcomes. The economy is like climate change...another cycle few if anyone has any power over, everyone has an opinion about but somehow everything runs its course.<BR/><BR/>Things are not as dire nor are they great. I say move forward not backward and government has a role to play but ultimately it will be on the backs of we the people.<BR/><BR/>TPSAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-21123853.post-40080051918144634912008-12-27T23:01:00.000-05:002008-12-27T23:01:00.000-05:00Regardless, it is Paulson who travels to China and...<I>Regardless, it is Paulson who travels to China and not vice versa</I><BR/><BR/>And that says it all.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-21123853.post-76219256387214333092008-12-27T11:42:00.000-05:002008-12-27T11:42:00.000-05:00The transfer of wealth has been massive and is lar...The transfer of wealth has been massive and is largely irreversible.<BR/><BR/>Our elected officials should have debated this years ago, but they never did. I actually find it ironic when Obama gets hammered for "spreading the wealth," while the much bigger (and rarely discussed) redistribution of wealth from "developed" to "developing" nations is so much bigger. And now with Bernanke effectively bragging about selling American gold... not only has America's "P&L" been moved overseas in large part, our "balance sheet" has gone too.<BR/><BR/>I think America has the potential for a very bright future. But getting there will be painful.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-21123853.post-89595757105837702222008-12-26T23:18:00.000-05:002008-12-26T23:18:00.000-05:00Tim,The debtor nation would be considered poor. T...Tim,<BR/><BR/>The debtor nation would be considered poor. The creditor nation would be considered rich. <BR/><BR/>The creditor nation calls the shots. <BR/><BR/>Of course if the debtor nation has the world's reserve currency, and a powerful military then matters must be handled gingerly. Regardless, it is Paulson who travels to China and not vice versa.<BR/><BR/>Regards,<BR/><BR/>Mike Ulicki<BR/>CheshireAnonymousnoreply@blogger.com