Must reads:
How the economy was Lost
http://www.vdare.com/roberts/090223_economy.htm
The Real Great Depression(WRONG 1929 RIGHT 1873)
http://chronicle.com/temp/reprint.php?id=477k3d8mh2wmtpc4b6h07p4hy9z83x18
Exclusive Derivatives for dummies
Other articles of interest:
http://www.foxnews.com/story/0,2933,498765,00.html
http://www.wsws.org/articles/2009/feb2009/mort-f20.shtml
In times such as these, 2 useful proverbs!
1. Japanese saying, Even Monkey’s fall out of trees
2. The markets can stay irrational longer than you can stay solvent.
You can’t predict who will change the world:
And in defense of America ;) – there is no such thing as declining power of America in the age of globalization.
An interesting point about risk-taking, and unbounded enthusiasm in constantly tinkering and trail-error’ing American way of life, this para explains why outsourcing is better for America. The anti-sourcing lobby doesn’t want to hear any of this which is also true…there are people in the USA who simply want a job, a pay-check and above all predictability – this, in the backdrop of publicly traded companies, hedge funds, mutual funds, 401k funds and *THE SAME AMERICAN WHO WANTS PREDICTABILITY AND WISHES HIS 401k/PERSONAL STOCK ACCOUNT TO RISE WITH HIS RISING PAY* does not seem possible. Quite rightly so!
Globalization allowed the U.S. to specialize in the creative aspect of things, the risk-taking production of concepts and ideas--that is, the scalable part of production, in which more income can be generated from the same fixed assets through innovation. By exporting jobs, the U.S. has outsourced the less scalable and more linear components of production, assigning them to the citizens of more mathematical and culturally rigid states, who are happy to be paid by the hour to work on other people's ideas.
