Speaking from a different perspective, the Goldman Sachs International Vice President stated at a panel in Britain: People should "tolerate the inequality as a way to achieve greater prosperity for all"... "we should not ... be ashamed of offering compensation in an internationally competitive market which ensures the bank businesses here and employs British people."

I really hate these people. But they own everything. We do not get a choice in our silly political system.

TWO PARTIES.

There is not choice for me.

Rowan, well done. If we step back from our places in the situation, and just look at history, is this not when revolution traditionally happens? I'm not a student of history OR government, but I thought that was the progression usually.
You point out so well that this time is unlike the other depression in our history, as this is more global. Back then Americans were needed to consume things, plus make things. Now all those bets seem off, since money, resources, and products can circle the globe pretty easily.
I've been doing some looking for a blog on US military bases around the world, and so many sites with info mention that we are so present in so many countries partly for resource grabs, but also to control the monetary system. Any thoughts?

There are two fundamental mistakes in your analysis. Your characterization of the U.S. as a "nation that produces nothing" is often repeated, but never justified. That's because it's simply not true. As you can see, Germany and China have pulled slightly ahead in global exports, but the U.S. is close behind. The next nearest competitors in the top ten are lucky to be exporting half of what the top three are pushing. When we examine the data, we can see that it's fair to say that the U.S. has two very strong competitors, but no one else is even in the same weight class, so to speak.

The other mistake you make, which is also frequently repeated, is exemplified here:

Hocked to the ears and beyond to Dubai banks, China and Japan, the United States has it's butt blowing in the wind and survives at the pleasure of those creditors. If any of them choose to call the loans, or sell off the their dollar reserves, then what is a now dire situation in the United States may take on the hue of the "good old days."

China will not and cannot "choose to call the loans" as you say. China buys U.S. debt in the form of bonds. The bonds are standard contracts. China can sell these contracts, but there has to be a buyer in order to do this. They cannot simply call their money back.

A big Chinese sell-off of U.S. t-bills is highly unlikely. Why? Because China has a unique motivation in buying U.S. bonds. China is trying to grow its economy rapidly, but lacks the middle class that would support a healthy domestic market for Chinese products. As a result, they need someone to buy their products. That someone is us. China buys U.S. t-bills because it wants to keep the yuan low against the dollar, thus resulting in cheaper Chinese goods for U.S. consumers.

This is a classic mercantile approach, but it has consequences, chief among them being that China simply can't stop buying U.S. bonds without fundamentally altering this dynamic. If they did, the result would not be the collapse of the dollar. The dollar would drop relative to the yuan, but this in turn would cause a correction in our trade imbalance with China. That's a good thing for American workers.

I highly recommend checking out what economists like Paul Krugman and Dean Baker have to say on the matter.

"Jobless recovery" is the phrase I keep hearing, Rowan. Doesn't sound very pleasant. I reckon the GS VP's don't particularly give a rip about this condition since it doesn't affect them, which is why they can be so cavalier.

Pisses me off, though.

But, who am I to blow against the wind?

I was wondering what percentage of our exports are weapons; I keep hearing that it's one of our major exports. An inept google search showed me percentages all over the map, possibly politically skewed. I then got to wondering how much of the weaponry we export is in-kind, i.e., bribery that taxpayers underwrite. Along the way, I discovered many complaints that our armament industries do business with those nations we by and large count as "bad guys." Rather like the corporations who keep doing big business with Iran, somehow ducking under the radar as far US sanctions prohibit. What a complicated game it is for those few at the top!
They are pigs at our troughs; and 'we're dying of their gravy spills.' --Buffy Sainte Marie

http://www.youtube.com/watch?v=0AjaVyyveig&feature=PlayList&p=D8BF766A97234221&playnext=1&playnext_from=PL&index=37

COLORADO; Tens of thousands of new entrepreneurs have jumped off the welfare roles and transitioned into yearly incomes they have never experienced previously in their lives, due to Colorado's progressive regulations on the use and cultivation and sales of medical marijuana.

Not only are they able to wean themselves off the welfare teat, they become top-end consumers, spending a much higher percentage of that new income than any millionaire ever could.

So, not only do Colorado counties and the state benefit from shrinking welfare rolls, they get the benefit of sales and income taxes previously non-existent.

Sane pot laws create jobs, both in the ag industry with hemp, and in the general culture, with pot. If the corporations could control it (which, by it's very homegrown nature, they can't) it would have been legal long ago.

Can anyone tell me why none of the major media or Blogs like TPM are ignoring the incredible reporting of Matt Taibbi on the behavior of Wall Street with the help of our govt..???

aireball

BTW, it amazes me that the greedy buggers would be so willing to turn nations into shit heaps and sit atop them like flaming golden idols. So much for great minds.

There is a story running on MSNBC stating that consumer confidence has unexpectedly fallen.

I think they keep running the same story every few weeks because I have seen the same one before. They just put todays date and run it again. I swear I have seen it three times now.

The only thing I find unexpected in all of this is that people in Washington D.C. and on Wall Street have remained just as stupid and just as clueless as before they made this mess. They have the only gig in the world where you can totally fuck it up and come back to work the following week like nothing happened and keep doing the same dumb shit they did the week before. And call it change.