Crying Over Spilt Milk In World Trade

As rioting farmers in France demand global protectionism, US economists sigh about immense job losses due to offshoring nearly all possible US jobs.  The idea that we can stop this process via the simple means of putting up trade barriers, doesn’t occur to any major US economist.  This is thanks to immense seas of propaganda in economics schools.  Protecting an economy is ‘evil’.  A Japanese economist predicts the yen will rise to 50 to a dollar.  And the US backs off of false charges that China is manipulating its currency.


First, the stupid economist who can see reality but can’t see any sane solutions:


Economist: 1 in 3 U.S. Jobs Could Go Abroad

“Indeed, with so much protectionist talk and some protectionist action in the air, fear of offshoring may force its way back onto the policy agendas of the U.S.” .

Writing on, an economics news site, Blinder said that estimates indicate that nearly 40 percent of U.S. occupations can be outsourced to the third world…. . …“I used data on job content to assess the offshorability of each of roughly 800 U.S. occupations,” writes Blinder. .

“My conservative, moderate, and aggressive definitions placed 22.2 percent, 25.6 percent, and 29.0 percent, respectively, of all U.S. jobs in the offshorable category. Even though these estimates are not all comparable, they present a distressingly wide range — from 11 percent to 38 percent.”


Oh, perish the thought!  ‘Protectionism’ is rearing its ugly head!  We must remain unprotected!  HAHAHA.  I happen to believe in the concept that words mean something.  The curious history of the word, ‘Protectionism’ is typical of how words can be made into something that is the opposite of what they really are.


That is, to protect one’s economy is supposed to be evil.  The belief system rose out of the Great Depression.  That is, when England, France and Germany all sought to pay for WWI by flooding the US with their export products, the US retaliated by raising up big barriers to prevent them from flooding our markets and driving down prices of native made goods.  This supposedly ’caused’ the Great Depression.


Now that we are in the middle of a second Great Depression, this occurred during a time of nearly total ‘free trade’ and the US denuded itself and has no barriers to infiltration of markets by foreign labor and foreign powers and lo and behold, we still had a Great Depression event!  So trade barriers do NOT cause great depressions.


No, it is lending bubbles that cause these things.  The WWI lending bubble was immense.  And the borrowers couldn’t pay back the US lenders.  So they defaulted.  End of story.  This present lending bubble is also global and it also involves a stupid empire going bankrupt spending vast fortunes on imperialist wars.  When the US goes bankrupt, this will disrupt world trade and banking in an even bigger way than the present mess.


The US government has an obligation to protect our native industries and to prevent capitalist exploiters from shipping our jobs to other nations and then bringing back the production into the country under the false guise of ‘free trade.’  This is NOT free trade at all.  It is very expensive trade.  It is trading our jobs for foreign jobs and this means US economic power is being rapidly transferred to other nations.  This is, in other words, treason.


China not currency manipulator: U.S. government_English_Xinhua

“Since the end of the dollar peg in July 2005, the renminbi has appreciated a cumulative 21.2 percent against the dollar and 15.7 percent on a real effective basis, based on the BIS (Bank for International Settlements) measure, said the report. .

According to the BIS index, China’s real effective exchange rate appreciated 13.3 percent between June 2008 and February 2009, it said. The report also said China has made notable contributions to the world economic recovery. .

China’s “timely and aggressive fiscal and monetary policy stimulus has resulted in a strong domestic economic recovery and a decline in its current account surplus, and as a result contributed significantly to the recovery in global demand,” it said.


Ever since the fake floating currency game was launched by the same people who believed that protectionism via simple tariffs was evil, we have had to fix these trade messes by destroying the value of our currency.  Since the importation of goods from cheaper labor regions is how our economy deals with inflation, we can’t allow the US dollar to deteriorate overseas lest the price of goods in America rise and thus, trigger inflation devices such as Social Security hikes.


This is a classic ‘horns of dilemma’ situation.  And easily foreseen!  Yet, viewed as still a working solution despite half a century of utter failure.  When the dollar is weak agains the yen, yes, Japanese exports to the US drop.  But thanks to protectionism in Japan, US imports to that trade rival don’t rise very much at all.  The Japanese wait until the US tires of a dying dollar and resumes backing it up so we can keep inflation under control in the US.


This is in particular, due to high energy costs if we let the dollar weaken.  Right now, the dollar has dropped as the top FOREX holding device.  This means the value of the euro and the yen have been rising against the dollar and are replacing the dollar as holdings in trade rival nations.  Neither Japan nor Europe likes this.  They much prefer the old status quo whereby they always ran big trade surpluses with the US.


China, by the way, complains today that their immense trade surplus of $40 billion a year, is dropping.  So they don’t want the US to be attacking China for doing what Germany and Japan have been doing for the last 50 years.  And they are right.  Until the US changes its tune and stops this ‘free trade’ farce, we shouldn’t yap about the fact that China is taking advantage of this stupid business.


Dollar to Hit 50 Yen, Cease as Reserve, Sumitomo Says (Update1) –

The dollar may drop to 50 yen next year and eventually lose its role as the global reserve currency, Sumitomo Mitsui Banking Corp.’s chief strategist said, citing trading patterns and a likely double dip in the U.S. economy.

.“The U.S. economy will deteriorate into 2011 as the effects of excess consumption and the financial bubble linger,” said Daisuke Uno at Sumitomo Mitsui, a unit of Japan’s third- biggest bank. “The dollar’s fall won’t stop until there’s a change to the global currency system.”


I will note that Japan has no solution to this mess because Japan is one of the biggest causes of this mess.  The minute the US joined Japan’s ZIRP system, the Japanese carry trade died.  When the US went into the black hole of zero interest lending, Japan’s advantages over the US when it came to funding world lending has collapsed.  Now, everyone is using the US as the Japanese carry trade business.


And of course, the hoarding of yen began in China.  And Iran. I recall here at my own blog, discussing how Iran’s demand that Japan pay for Iran’s oil in yen was a hair trigger event that would lead other nations to do the same. Since the yen is getting stronger and stronger, any oil pumping nation that holds yen instead of dollars sees its hoard grow ‘bigger’ vis a vis the dollar.  So holding a dying dollar is expensive and holding yen instead means getting a hike in future buying value.


Once this dynamic is underway, it is hard to stop. The only way to stop it is to force the US to raise interest rates higher than Japan.  And we aren’t doing this.  So the Japanese can’t undersell us by dropping their own rates which are near zero.  See how easy this is to understand?


China Swaps Show Bond Upgrade That’s No ‘Slam-Dunk’ (Update2) –

Investors are signaling China’s debt rating is too low for an economy set to overtake Japan as the second biggest, driving up returns on government and corporate securities. .

Contracts to insure China’s bonds are less expensive than those for Greece, Ireland, Spain and Italy — each deemed at least as safe by Moody’s Investors Service, Standard & Poor’s or Fitch Ratings, after being pricier in 2008. They also are cheaper than all but four of 39 emerging-market credit-default swaps tracked by Bloomberg, including Israel and Abu Dhabi, which have the same or higher international-debt ratings.


Probably one of the worse rating systems on earth is Moody’s.  Of course, China’s debt ratings should be sterling at this point.  The government is stable.  China isn’t at war with crazed fanatics in distant lands, bleeding to death.  4 more US soldiers were blown up in Afghanistan yesterday.  The Taliban and even al Qaeda are running amok in both Pakistan and Afghanistan and are filled with fury and eager to inflict greater punishments on the US.


China dealt with uprisings inside of China by executing rioters.  In the US, we simply shoot rioters dead on the spot.  In France this week, the government arrested ‘V’ type anarchist rioters and put them on a show trial the very next day.  And would have executed them but dare not ape China quite so closely.  At least China waited more than a month before putting rioters on trial!


Anyway, the US rating should be dropping due to the US running both trade and government spending in the red while spending a fortune on fruitless wars.  This is a classic warning sign that an empire is going belly up.  So the US is not strong, it is weak.  Its economic size is mostly due to red ink spending, not balanced books. China has a surplus in trade so it is in a charming state unlike the US which is in deep trouble.


U.S. Derivatives Bill Bars Dealers From Owning Clearinghouses –

Derivatives legislation approved by a U.S. House panel yesterday would prohibit swaps dealers such as Goldman Sachs Group and JPMorgan Chase & Co. from collectively owning more than 20 percent of a clearinghouse. .

“An inherent conflict exists between broker dealers and clearinghouses and exchanges,” Representative Stephen Lynch said when he introduced his provision on Oct. 14. “Brokers and dealers should not be able to capture trading and clearing intermediaries.” .

A clearinghouse, such as CME Group Inc.’s, acts as an intermediary between banks and their customers, guaranteeing trades, requiring margin and collecting collateral. Dozens of broker dealers and large derivatives customers maintain their own clearing facilities, according to a list of clearing firms on CME Group’s Web site.


The creators of the Derivatives Beast created the markets where this monster is ‘traded’.  And if trades fail, the US taxpayers have to pick up the losses.  This mess teetered on the edge of catastrophe exactly one year ago. And due to this fact, should be OUTLAWED.  Not ‘fixed’.  OUTLAWED as a hazard just like industrial pollution shouldn’t be allowed to destroy our planet, neither should financial pollution.


I am just outraged that JPM and GS could get away with murder. But then, they own our government.  Will Obama give a speech about derivatives and how we MUST terminate the OTC business created by JPM and GS?  Of course not.  He can barely articulate how we can fix the healthcare system.  He can’t take out the cancer of this system which is the insurance business.


Governments Should Share Cost of Bank Bailouts, EU Draft Says –

European governments would have to share the cost of rescue plans for banks with operations in multiple countries under a draft European Union report dealing with the aftermath of the global financial crisis. .

The European Commission will urge “equitable sharing of the direct financial costs” of international bank bailouts, according to a draft report obtained by Bloomberg News. The proposal, which may be released as soon as Oct. 20, also calls for a common “insolvency regime for banks” and the use of so- called living wills. .

European governments approved $5.3 trillion of aid to support banks during the credit crunch, according to a separate EU document in June. The commission in Brussels is reviewing national state-aid plans for lenders including Lloyds Banking Group Plc, Royal Bank of Scotland Group Plc and ING Groep NV.


See?  Not only were European voters forced to fund over $5 trillion in rescue operations, the markets that created this mess still exist, haven’t been altered hardly at all and are piling on future deals which we must fund!  And so the solution is to make EVERYONE ON EARTH PAY FOR THESE MESSES!


The Iceland people who allowed pirates to open banks in Iceland are now living in great poverty trying to pay off the messes created by pirates!  And they are not allowed to skip out of this mess.  No, the bankers may.  But not the innocent bystanders.


French Farmers Torch Hay on Paris’ Champs-Elysees –

Screen shot 2009-10-16 at 11.13.39 AM3 News > Business > Story > French farmers dump milk to protest price slump

Agriculture is still one of the most shielded economic sectors in the 27-nation European Union, but it has not been able to protect farmers from the global financial crisis that caused demand to crash. EU officials insist they still intend to gradually create freer markets for European farm products….


…Le Maire predicted overall agricultural revenue would drop by up to 20 percent in 2009 after a 20 percent drop in 2008, though farmers say the decline this year is the worst in decades…. .

….Fabien Pigeon, a wheat farmer from the Paris region, said he is euro230,000 ($341,872) in debt. ”We sell at less than 30 percent the cost of production. The cost to produce a ton of wheat is euro134, but the price of a ton is less than euro100. Two years ago, the production cost was euro110 and the price was euro200,” he said.


Gerone Porthault, a 27-year-old who works with his father and brother on their wheat farm near Rambouillet, southwest of Paris, said he was not asking for more subsidies but for globally regulated prices. .

The grain farmers’ fiery protest comes after dairy farmers dumped rivers of milk across fields in France, Belgium and other countries to protest collapsing milk prices. Dairy farmers had urged the EU to limit production through quotas to drive up prices and shield them from market fluctuations.


Screen shot 2009-10-16 at 11.14.41 AMHistory of Wisconsin

In the Great Depression, farmers dumped milk to keep up milk prices.  One feature of Great Depressions is the total waste of everything.  Instead of preserving stuff, people are forced to destroy stuff. This is why the US paid people to turn in their cars and instead of reselling them, crushed them and turned them into junk.


This is a ridiculous use of resources.  As well as producing useless debt that makes it even harder to pay off present debts. We are in a debt bubble collapse.  Deeper debts don’t fix this.  The US fixed the Great Depression by NOT demanding any reparations at all after winning WWII.  This made us the world’s heroes as well as unusual.  We didn’t loot anyone.  We rebuilt the world.


And then got entangled in fighting ‘communism’ which led us down exactly the wrong road which is why we are now fighting ‘Muslim radicals’ in distant lands. None of which is protecting America or making our nation stronger.  Far from it.

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Filed under .money matters, Free Trade

41 responses to “Crying Over Spilt Milk In World Trade

  1. isha

    A recent concert… look at the response from the audience …

    Chinese rock band

  2. Sky

    A free trade trip down memory lane – from an article dated 1994 :

    GATT, APEC and NAFTA Part of Push for One World Government

    Recent developments with the General Agreement on Tariffs and Trade (GATT), the Asia-Pacific Economic Community (APEC) and the North American Free Trade Agreement (NAFTA) are part of the push for a ‘Global Plantation’, a one world economic system run by the ‘free trade’ imperatives of multinational consortiums and international financiers.

    With the consent of representatives of 116 nations, including the enthusiastic endorsement of the Australian Government, the GATT aims to put the nail in the coffin of national independence and self-reliance. In the approving words of U.S. insider Strobe Talbott the GATT will determine “trade, finance and development for a united world.”

    “The Asia-Pacific region should be a united one, not divided,” President Bill Clinton told the APEC meeting in Seattle in November. Kim Young Sam, president of South Korea, agreed stating that the APEC countries should “gradually develop into an Asia-Pacific Economic Community”.

    Read the rest of the article here. I like going BACK in time and reading what others had to say BEFORE events played out. That way you can judge if they were accurate or full of hooey.

  3. JSmith

    Are the rioting farmers in France still burning sheep?

    “French farmers have also kept up their attacks on trucks carrying imported cattle, lambs and meat. British, Dutch and German truckers say they feel terrified when they drive into France, where the farmers have assembled roadblocks of hay, nails and burning tires. French farmers set fire to one truckload of British sheep, killing 219 of them. They poisoned 94 sheep on one truck, slit the throats of sheep on another and doused animals on a third truck with insecticide to prevent their meat from being sold.” (from the link)

  4. if

    Next Wave of Banking Crisis to come from Eastern Europe
    In the case of Austrian banks, the country faces a rerun of the 1931 Vienna Creditanstalt crisis which in chain-reaction spread to the German banks and brought Continental Europe into the economic crisis of 1931-33. At the recent EU Finance Ministers’ meeting in Brussels, Austrian Finance Minister Josef Pröll reportedly pleaded with his colleagues to come up with a €150 billion rescue package for the banks in eastern Europe. Austrian banks alone have lent €230 billion there, equivalent to 70% of Austria ‘s GDP. Austria ‘s largest bank, Bank Austria , which in turn is owned by Italy ‘s Unicredito along with the German HypoVereinsbank, faces what the Vienna press calls a ‘monetary Stalingrad’ over its loan exposure in the east. In a botter historic irony, Bank Austria bought the Vienna Creditanstalt in recent years in its wave of mergers.
    According to estimates published in the Vienna financial press, were only 10% of the Austrian loans in the east to default in coming months, it ‘would lead to the collapse of the Austrian financial system.’ The EU’s European Bank for Reconstruction and Development (EBRD) in London estimates that bad debts in the east will exceed 10% and ‘may reach 20%.’
    German Finance Minister Peer Steinbruck reportedly flatly rejected any EU rescue funds for the east, claiming it was not Germany ‘s problem. He may soon regret that as the crisis spreads to German banks and results in far greater costs to German taxpayers. One of the most striking aspects of the present crisis which first erupted in summer of 2007 is the increasingly evident incompetence of leading finance ministers and central bankers from Washington to Brussels to Paris and Frankfurt and Berlin to deal resolutely with the crisis.
    The London office of US investment bank, Morgan Stanley has issued a report estimating the total of western European bank lending to the east. According to the report Eastern Europe has borrowed a total of more than $1.7 TRILLION abroad from mainly west European banks. Much of that has been short-term borrowing of less than a year. In 2009 eastern countries must repay or roll-over (renew) some $400 billion, fully 33% of the region’s total GDP. As global recession deepens the chances of that are fading by the day. Now western banks are refusing to roll-over such loans, under political pressure and financial pressure back home. The credit window in the east, only two years ago the source of booming profits for the west European banks, have now slammed shut.


    ELAINE: Yes, Eastern Europe was to be milked for interest rate profits forever. Only history tells us, this is always a willow-whisp belief that is cruelly crashed by reality. Eastern Europe is like Italy or Argentina. Dumping debts is second nature.

  5. Gus

    New COO of SEC is 29 year old Goldman exec LOL

    In GS we Trust


    ELAINE: Storch is an old name….hmmm….yes, they dug up some poor young chap to run interference for Goldman Sachs. Good find. Thanks. I have been very busy doing roadwork this last week and had little time to surf the net.

  6. Jim Dandy

    what is the point of the chinese video clip?

  7. flipspiceland

    The entire argument about Tariffs, protectionism, and other barriers erected to ‘free trade’, is but a subset of the real problem, and obscures the picture for the disUnited States. It’s too narrow in its focus, myopic, Magoo-like.

    The world’s real leaders (Tyrants, really, the Oligarchs), and by that I mean the people you rarely or never see or hear about, not those figureheads and dummies on their laps, like TheBamster, Bush, clinton, Geithner, the new SEC drone, Storch (there’s a marker that demonstrates my argument in spades) Bernanke, and Paulson, Kashkari, Cuomo, Orszag et aldnauseum, look upon the disUnited States as merely another tentacle of the World Order octopus. The disUnited States is used (the people, that is) primarily for its people’s money and Massive Armaments capabilities. The “Defense” department is really the Offense department and as the greatest, meanest, fiercest highest paid fighting force in the world, is a tool of the (that tired old word) the Elite to accomplish its nefarious goals around the world. Tennesee, Alabama, Pennsylvania and all the rest of the states are but cogs in their wheels.

    The men and women who volunteer to serve these world dominators, exploiters, and tyrants are well-meaning fools who have been brain-washed. Not that it would make any difference in the long run because once they stop volunteering conscription will follow as night the day. And woe to you who stay here and defy the ‘Greetings’ order.

    Once we begin to understand that the disUnited States, or specifically its people are pawns in the perpetual gobal chess game, that it’s people have been systematically dumbed down, are benumbed by the complexity of it all, it becomes easier to understand why things happen the way do and provides a blueprint going forward of what to expect, what has been planned all along.

    If you think these Despotic Oligarchs, really just Idi Amin’s in suits and dresses, are looking out for the welfare of even one of the 350,000,000 people in the disUnited States, then they have succeeded beyond their wildest dreams in conning you.

    They live in another world than you and I. If you have kids you may want to encourage them to find a way to become a part of the US government, higher the better. From the looks of Washington D.C. where I am writing this from, the success of this decades long venture is no bubble. This is the real thing and nothing will puncture it but an atomic attack. And good luck with that, whoever you are that might be planning it.


    ELAINE: All my many cartoons about gnomes has no meaning to you? HAHAHA. Look, if you think eliminating just one family or another will fix anything at all, you are mistaken. I use tariffs as a marker: people who protect this nation are not traitors. There are many internationalists who don’t give a fig if this nation survives, they just want to make as much money as possible and then live in some other country. I call them traitors a great deal of the time.

    As for defeating internationalists, pray tell, what do we use? What tool will thwart them? Nationalist protections? Think about those two little words for a minute.

  8. justiceatsqualor

    flipspiceland, are you their mouthpiece? It’s all one big bubble, made worse by energy peaking, so that this time, the elites don’t have to worry about the guillotine, or even the lamp post, so much as the dinner bell. . .

  9. justiceatsqualor

    squalor eat elite

  10. flipspiceland


    What is bubblicious about having a corner of the world roped off from the proletariat?

    You don’t think the elites have and occupy safe havens all over the world, immune to any of the devastation that affects the rest of the world population?

    You don’t think Lord Blankfein can find a vehicle powered by a non-fossil fuel t get him to St. Kitts, Mustique, or some other protected territory to sit out his final years in luxurious comfort? You don’t think George Soros lives, has lived, and will continue to live in grandeur along with the Paulsons ( a bit lower on the rungs) and the rest who look down from their lofty perches on the ants of the world?

    I am certain their energy sources will be ample for their needs, desires, and personal indulgences for generations. You should be,

  11. John

    Oooh J.E.S. that’s NASTY!

    Like it. What a dark world you inhabit.

    I hope your vision is a little overdone, but our imaginations can prepare us for whatever we must face.

  12. if

    Yesterday, George Osborne, Britain’s Conservative Party finance minister-in-waiting, did something extraordinary. He told the truth.
    “We are sinking in a sea of debt,” he admitted. And on the very day when France’s president, Nicolas Sarkozy, said he would not raise taxes, Osborne said that he would not lower them. In order to lighten Britain’s debt, he’d leave Labor’s 50% maximum tax rate right where it is.
    Voters don’t like hearing about debt. Politicians don’t like talking about it. And economists don’t want to think about it. And in a kind of collective suicide pact, they have all agreed not to worry about it. But debt is at the center of the world’s financial troubles.
    Paying off debt is like dying. You try to put it off as long as you can. But nobody runs an open tab forever.

  13. justiceatsqualor

    John, it’s all speculation and hyperbole until the derivatives beast finishes bleeding out. Give me a little leeway.

  14. justiceatsqualor

    darkly hilarious.

  15. justiceatsqualor

    flipspiceland, not to go too far out on a tangent, but if it comes to them running from chaos of their own incompetence, then they’re worse off than me, and maybe you. They’re soft creatures of the perfumed palaces in the emerald city. In a Hobbesian nightmare their henchmen might turn on them once they get to the forest.

  16. isha

    Jim Dandy
    October 16, 2009 at 7:15 pm
    what is the point of the chinese video clip?


    Maybe there is no point. But I guess the point might be “irony” and “contraditions”…

    At least several levels of ironies…

    1. China is playing the capitalist game, but the communistic sentiment is still strong…

    2. Look at the first clip, a very populous rock band, playing “L’Internationale”. Can you imagine a U.S. youth “rebellious” group play the same song other than glorifying gun, sex, and drug?

    3. Commie China is holding the “capital” while the capitalistic U.S. is holding “debt”..

    4. The background of L’Internationale is exactly the so-called self- contradition of capitalisitic system, namely, ” those who produce the goods can’t afford to buy them.” therefore, the burning sheeping and spilling the milks;

    5. As Elaine rightly said before, the Maxistic theory of value is captial+labor but not what price the consumers willing to pay. And in the Maoist time, kids have to learn this and they put it into practice during the capitalistic times when they are adults…therefore, even though China has two stock markets, they are not in control of the economy and they are partially controlled..

    ironies go on and on…

  17. roger

    Marxist theory of value
    the source of value is labor.
    the source of surplus value is the buying of “labor power”

  18. PLovering

    @jim dandy, “what is the point of the chinese video clip?”

    The music had a marching beat, or marshalling beat, that got the juices flowing.

    Seemed the music was trying to instill a sense of national pride.

    And the audience responded … one could almost sense patriotism in the room.

    Reminded me of the National Anthem, playing here in the USA, back in the good olde days, before Lizards.

  19. emsnews

    The young Chinese are VERY patriotic. They are filled with enthusiasm and hope. This makes it very dangerous for the leadership. That is, this is a force that can shove things in any direction at all.

    In the US, our youth is crushed by contradictions. They see patriotism mocked by the people at the very top whose children refuse to sign up to fight in Afghanistan, just for one very glaring example.

  20. nah

    Anyway, the US rating should be dropping due to the US running both trade and government spending in the red while spending a fortune on fruitless wars. This is a classic warning sign that an empire is going belly up.
    probably read 5 times now that the dollar looks trashed but it looks great compared to everything else… id figure with a lil’ boy timmy geitner we could press some fiduciary responsibility… and if not and i dont have endless expectations for Über government, we could well live the dream under the praised dollar of our fathers fathers
    empire in decline is a soluble national fixation
    but luckily in the USA theres a bunch of dipshits somewhere that will have a hard time with corrupt government… and laws that are meant to be broken… well i guess its trickle down economics partners’

    fool me once

  21. nah

    October 17, 2009 at 1:14 am
    In the US, our youth is crushed by contradictions.
    our youth is highly educated… and well armed thank god… if nothing aint’ right could be a mountain to climb but i have faith that the tradition of US greatness can only be usurped if once a thousand times… bad government leaves a trail of bread crumbs of failed policy a mile long, and to be honest i have yet to see 100′
    world is full of crooks what do you do with them’ boys

  22. nah

    tastes like chicken

  23. Duski

    “The young Chinese are VERY patriotic. They are filled with enthusiasm and hope. This makes it very dangerous for the leadership. That is, this is a force that can shove things in any direction at all.”

    Yes, and at the moment Chinese leadership is patriotic too and raising living standards of all people. They are pretty much forced to as well, taking other direction would probably lead to revolts quite fast.

    Maybe we western people have still too good living standards to really start acting up. Well, current trends are that young people unemployment soars (20%+, at here at least)… and they are mostly not acting up. If young people are not demanding a change, then who is?

  24. Gavin


    You wrote:

    China, by the way, complains today that their immense trade surplus of $40 billion a year, is dropping. So they don’t want the US to be attacking China for doing what Germany and Japan have been doing for the last 50 years. And they are right. Until the US changes its tune and stops this ‘free trade’ farce, we shouldn’t yap about the fact that China is taking advantage of this stupid business.

    Do you believe China is a currency manipulator? I know firsthand of some Chinese pricing in the US glass market that makes no sense on a manu cost basis. So, if currency reform is not the answer anti-dumping laws are.


    ELAINE: You are correct, Gavin. Yes, they are dumping glass here. Just like all our trade rivals. The US dollar was supposed to regulate trade via ‘floating’ up or down. Obviously, this was an utter, total and complete failure. After 40 years of failure, the US should grow up and use the older, normal tools for trade balancing.

  25. PLovering

    “The chief, if not the sole, cause of the monstrous increase in cancer has been vaccination.”

    – Dr. Robert Bell; V. President International Society for Cancer Research, British Cancer Hospital.

  26. JSmith

    “Dr. Robert Bell; V. President International Society for Cancer Research, British Cancer Hospital”

    A google search on “British Cancer Hospital” would seem to indicate no such place exists.


    ELAINE: Ploverling has to be one of the most gullible and easily tricked people on earth. And this fool actually thinks he is smart.

  27. if

    This morning (10/16/09) comes news that the Chinese have bought another auto company – Britain’s van maker, LDV. And over on page 11 of The Wall Street Journal is a photo of the head of China’s big bank, CCB. Asked about whether the bank was looking at acquisitions in the West, Mr. Guo Shuquing said he wasn’t interested. Western banks are on a “downhill path,” he said.

  28. PLovering

    @JSmith, “A google search on “British Cancer Hospital” would seem to indicate no such place exists.”

    You don’t search much, do you?

    I found the whole quote, including British Cancer Hospital, right off the bat in 3rd Para.

    In fact, this whole page is devoted to cancer vaccine conflicts.

    Vaccines kill sure as bullets.


    ELAINE: That doesn’t link to any hospital. It links to a conspiracy page.

  29. melponeme_k

    For some reason I’m thinking of that movie made by the Johnson & Johnson heir. In which he interviewed his friends and managed to get his own father in front of the camera.

    The father was particularly interesting, he absolutely refused to speak about privilege or money. It just wasn’t done. And yet he seemed far out in outer space as he painted and told his son that he could take up some equally tasteful but useless past time to fill his days as well.

    What was unspoken in that film was the difference between the old money and the new. You could see the difference, so obvious and idiot could spell it. And I recall that it was old money who flipped the bird to the financial industry in the last depression. Where are they now? Have they completely given up on this country? Were they subsumed by the new?

    My Great-Grandmother was one of them. Not rich, but proud of her bloodlines. And even though I was adopted she never stopped reminding me that I had the oldest blood in the country (my being Native American). Which I never understood why that impressed her. But now I have an inkling.

    But that image of the man quaking behind an easel haunts me.

  30. nah
    Industry warns on “dark pool” reform
    The U.S. Securities and Exchange Commission meets in the coming week to consider changes that the industry widely expects will bring some order to the way dark pools communicate, force them to display more quotes, and publicly reveal more data about the amount of trading taking place outside the formal exchanges.
    theres endless data points covering manipulation based on Fed moves and other foreknowledge that ‘someone’ exploits on the market to ‘profit’ on the ‘serendipity’ of unforeseen events including manipulating shares themselves via computers to give every ‘average joe’ a 1 cent haircut in the name of liquidity
    but on the other hand anything the hurts the markets ‘individual investors’ by forming real value and volume could lead to a transparency crisis…. hell people mite just understand why some of these instatutions look like crooks when they really ‘arent’… just like faster than light liquidity trading

  31. emsnews

    Heh. It is. Except when GS or JPM do it.

  32. eschew

    Would an “anti-gullible” vaccine be conspiratorial?

  33. isha



    Do you believe China is a currency manipulator? I know firsthand of some Chinese pricing in the US glass market that makes no sense on a manu cost basis. So, if currency reform is not the answer anti-dumping laws are.


    ELAINE: You are correct, Gavin. Yes, they are dumping glass here. Just like all our trade rivals. The US dollar was supposed to regulate trade via ‘floating’ up or down. Obviously, this was an utter, total and complete failure. After 40 years of failure, the US should grow up and use the older, normal tools for trade balancing.


    Question from Isha:

    Currency manipulator???!!!

    “Currency”, what currency, whose currency?

    Manipulating? Who is doing the manipulating?

    1. What Currency?

    U.S. dollar is print and paper (or just virtual digits, zeroes added to the previous numbers), and the faceless group who is making the decision on the amount of fairy money added to the circulation have never consulted Chinese, and for this matter, they have never consulted the American people. Why in God’s green earth China has the obligation to plead loyalty to this phantom money that she has absolutely no control, no influence, while at the same time, the same group is doing their best to provide support to whose who would like to split China to pieces?

    2. Whose Currency?

    Is U.S. dollar belonging to American people? You tell me!!! Do you or your peers, have the slimmest control or influence over this beast? Do you have any control or influence over those people who control this beast?

    3. Who is the manipulator?

    Somebody is manipulating the U.S. dollar, somebody created and manipulating the derivative beast. China didn’t create and is not controlling the beast, China is trying, not always successful, to make the best of a nasty situation.

    Dollar’s reserve status was born out of the military and manufacturing power of U.S. nation state, and now the empire is sucking the blood of out of the same nation state. China has no saying in any of this and China certainly doesn’t enjoy this scapegoat position.

    When they are adding trillions, maybe hundreds of trillions of fairy “money” into the circulation, not only China, people over all the world are waking up to the reality and acting accordingly…

    4. Chinese dumping…

    You can also call it in a better name, “Chinese tribute”… the real deal is like this:

    China is sending millions of containers of glass, electronic, whatever, and U.S. is sending print and paper and virtual digits to China … Many Chinese would love to leave these goods for their own consumption, and maybe in the future, Chinese would do just that…


  34. emsnews

    True, Isha. Of course, none of this would happen if we had protective barriers up.

  35. JSmith

    “I found the whole quote, including British Cancer Hospital, right off the bat in 3rd Para.”

    Yeah – I found that same ‘quote’, too.

    Then I searched on the terms “Dr. Robert Bell” and “British Cancer Hospital” together and separately and got… nothing.

    Your so-called ‘quote’ is bull shit.

  36. JSmith

    In fact, many of the alleged ‘quotes’ on that page are dated from 1890, 1903, 1916, 1921, 1936, 1942… not exactly fresh new thinking there, is it?

  37. @flipspiceland: “The ‘Defense’ department is really the Offense department and as the greatest, meanest, fiercest highest paid fighting force in the world, is a tool of the (that tired old word) the Elite to accomplish its nefarious goals around the world.”

    Yet it spends more on war profiteers and on mercenaries like Wackenut (remember their hi-jinls in Kabul?) and Blackwater / Xe than it does on the troops themselves, including wages and salaries and housing and medical care!

  38. hi-jinks, not hi-jinls

  39. @Plovering:

    The good ole days of the US before the lizards lasted until 15 years before my birth, when the US Govt had Elaine’s father assist in paperclipping all the lizards in Germany to the US, lest the USSR get them.

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