Where Your Dreams Become Reality
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Poster: lol lol lol lol
Subject: RE: Are we actually slipping into a depression?
Doug:...that's making the mistake of taking the government at its word on employment figures. As we've discussed before, if you look at John Williams' Shadow Stats, which show various economic figures as the US government itself used to calculate them, unemployment has actually reached Great Depression levels.
The US government is dishonestly fudging the figures as badly as the Argentine government – which is, justifiably, viewed as an economic laughingstock in most parts of the world. One reason things are going to get much worse in the US is that many of those with economic decision-making power think Cristina Fernandez Kirchner is a genius. A little while ago, there was an editorial in the New York Times – the mouthpiece for the establishment – written by someone named Ian Mount. Get a load of this. I've got it in front of me.
If you can believe it, the author actually says: "Argentina has regained prosperity thanks to smart economic measures." The Argentine government "intervened to keep the value of its currency low, which boosts local industry by making Argentina's exports cheaper abroad while keeping foreign imports expensive. Argentina offers valuable lessons … government spending to promote local industry, pro-job infrastructure programs and unemployment benefits does not turn a country into a kind of Soviet parody."
Well, no, I guess it turns it into something the US can ape. He goes on: "Argentina is hardly a perfect parallel for the United States. But the stark difference between its austere policies and low growth of the late 1990s and the pro-government, high-growth 2000s offers a test case for how to get an economy moving again. Washington would do well to pay attention."
The guy has obviously never been here, though he admits that "Argentina is far from perfect." His modest concession is that the taxes to imports and exports have "scared away some foreign investment, while high spending has pushed inflation well over 20 percent. And it would be laughable to suggest that the United States follow its lead and default on its debt."
When I first read the article, I thought I was reading a parody in The Onion. I love Argentina and spend a lot of time down here. It's a fantastic place to live – but not because of the government's economic policies. Its only competition in state stupidity is Brazil, which regularly destroys its currency.
Fortunately, though, the Argentine government is quite incompetent at people control, unlike the US. It leaves you alone. And there's a reasonable chance the next president down here won't be actively stupid, which isn't asking much. But it's amazing that the NYT can advocate Argentine government policy as something the US should follow. A collapse of the US economy would be vastly worse than that of the Argentine economy – the US dollar is the world's currency.
Here in Argentina they're used to it and prepared for it to a good degree. Very unlike in the US.
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