If you read CBSMarketWatch Irwin Kellner's TOTALLY LAME justification
for the US trade deficit, you have to wonder about the state of America's so-called "intellectual" leadership.
I mean Kellner has a Bully Pulpit for his economic preachments; and the less informed might actually believe him!
Kellner basically makes, WITH A STRAIGHT FACE, the argument that the trade deficits, and other problems, DONT COUNT in the US, because the Asians and the Arabs and the Eurolanders are UP THE THEIR NECKS IN US ASSETS ALREADY.
ERGO:
THEY CAN'T AFFORD TO STOP BUYING AMERICAN ASSETS NOW!
BECAUSE THEN WE WOULD ALL SUFFER.
This is apparently the "Doctrine of Mutual Assured Destruction" APPLIED TO ECONOMICS.
Who could made this type a LAME statement and still hope to be believed ON ANYTHING?
THIS IS A PONZI SCHEME MENTALITY RUN AMUCK!
YES, IF EVERYONE KEEPS THE "CHAIN LETTER" GOING WE ALL "GET RICH!"
BUT THERE IS A LITTLE PROBLEM.....SOONER OR LATER, SOMEONE STOPS THE
SCHEME. THEN THE BOTTOM FALLS OUT QUICKLY.
For the DOLLAR DEBACLE to really cause trouble; we need only foreigners AT THE MARGIN to stop buying US assets!
IN ECONOMICS, EVERYTHING HAPPENS "AT THE MARGIN" FIRST!
THEN AND ONLY THEN, IT METASTASIZES TO THE REST OF THE MARKET.....
IS THIS REALLY THAT HARD TO SEE?
So, what's Kellner's real motive?
Well, frankly, I think the US is painted into a corner on these deficits.
And, NOTHING can stop the inevitable from happening now.
Kellner suggests that we open America to tourism by Eurolanders because we are "so cheap" now!
Well, fine.
Lets have the Eurolanders spend some time in the RED STATES, so they can see how our ignorant natives really live!
They might be interested in the study of PRIMATIVE CULTURES!
With this kind of leadership we'll all be selling rugs off the hood of our cars eventually!
http://cbs.marketwatch.com/
