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Could the U.S. Become Argentina? | Richard W. Rahn | Cato Institute: Commentary: "The U.S. has a per capita income of about $47,000 per year, while Argentina's is just $14,000 on a purchasing-power parity (PPP) basis. A hundred years ago, Argentina's per capita income was about 80 percent of that in the U.S. If Argentina had done as well relatively as the United States, it would have a per capita income of about $38,000 today. Countries can become wealthy in a few decades, as have South Korea, Taiwan, Hong Kong, Singapore and Finland, by following the correct economic policies. They also can become relatively poor, as have Argentina, Cuba and Venezuela, by doing the wrong things."
Read the article to see ways that we are following Argentina's path.
Wednesday, May 19, 2010
Ron Paul Challenges GOP's Foreign Policy Agenda | Doug Bandow | Cato Institute: Commentary
Ron Paul Challenges GOP's Foreign Policy Agenda | Doug Bandow | Cato Institute: Commentary: "Paul observed that conservatives, like liberals, enjoyed spending money, only 'on different things. They like embassies, and they like occupation. They like the empire. They like to be in 135 countries and 700 bases.'
Similarly, Paul said, conservatives talked about following the Constitution, 'except for war. Let the president go to war anytime they want.'"
"Indeed, the 'Defense Department' has become anything but. Most of America's forces do nothing to secure the U.S. They instead are employed to remake failed societies, impose Washington's meddlesome dictates, and subsidize populous and prosperous allies."
"The Europeans might have a larger collective GDP and population. The South Koreans might enjoy a GDP 40 times that of the North. Japan might have the world's second largest economy. Israel might be a regional superpower with up to 200 nuclear weapons.
Yet in GOP eyes all are helpless American dependents, to be defended by Washington at all cost — and apparently forever."
"The U.S. was created as a constitutional republic, with a limited national government bounded by law. Yet the last Republican administration claimed that the president could unilaterally, subject to review neither by Congress nor the courts, order the arrest and indefinite detention of American citizens in America."
"While U.S. citizens pay to defend dozens of nations around the world, those countries invest in business enterprises, economic research and development, and generous welfare states. Trade competitors cheerfully accept U.S. military troops while excluding commercial products.
The defense budget is the price of our nation's foreign policy, and the price is high. The U.S. is spending more than $700 billion annually on the military. In real terms that is more than at any point during the Cold War, Korean War, or Vietnam War. Today America accounts for roughly half of the globe's military outlays."
Similarly, Paul said, conservatives talked about following the Constitution, 'except for war. Let the president go to war anytime they want.'"
"Indeed, the 'Defense Department' has become anything but. Most of America's forces do nothing to secure the U.S. They instead are employed to remake failed societies, impose Washington's meddlesome dictates, and subsidize populous and prosperous allies."
"The Europeans might have a larger collective GDP and population. The South Koreans might enjoy a GDP 40 times that of the North. Japan might have the world's second largest economy. Israel might be a regional superpower with up to 200 nuclear weapons.
Yet in GOP eyes all are helpless American dependents, to be defended by Washington at all cost — and apparently forever."
"The U.S. was created as a constitutional republic, with a limited national government bounded by law. Yet the last Republican administration claimed that the president could unilaterally, subject to review neither by Congress nor the courts, order the arrest and indefinite detention of American citizens in America."
"While U.S. citizens pay to defend dozens of nations around the world, those countries invest in business enterprises, economic research and development, and generous welfare states. Trade competitors cheerfully accept U.S. military troops while excluding commercial products.
The defense budget is the price of our nation's foreign policy, and the price is high. The U.S. is spending more than $700 billion annually on the military. In real terms that is more than at any point during the Cold War, Korean War, or Vietnam War. Today America accounts for roughly half of the globe's military outlays."
FOXNews.com - Senate Approves One-Time Audit of Federal Reserve Lending
FOXNews.com - Senate Approves One-Time Audit of Federal Reserve Lending: "At its peak at the end of 2008, the Fed's lending totaled $1.16 trillion. Overall, the Fed's balance sheet ballooned to $2.3 trillion, more than double where it stood before the crisis struck"
When the are using that much money, it sounds arrogant that they don't want to be transparent!
When the are using that much money, it sounds arrogant that they don't want to be transparent!
FOXNews.com - Trillion-dollar euro rescue plan offers short-term relief, stores up longer-term problems
FOXNews.com - Trillion-dollar euro rescue plan offers short-term relief, stores up longer-term problems: "Still, the package did not resolve the basic dysfunction at the heart of Europe's monetary union: Governments can still spend recklessly and saddle their partners with the bill."
Sounds like a good idea -- spend a trillion dollars but don't address the cause!
"But because of the debt crisis, private banks in the U.S. have been leery of making loans to banks in Europe. Hence the need for the currency swaps between the central banks."
So if bankers think it is a bad idea to loan money, then the central banks think it is a good idea? How is that not madness?
Sounds like a good idea -- spend a trillion dollars but don't address the cause!
"But because of the debt crisis, private banks in the U.S. have been leery of making loans to banks in Europe. Hence the need for the currency swaps between the central banks."
So if bankers think it is a bad idea to loan money, then the central banks think it is a good idea? How is that not madness?
FOXNews.com - Federal Reserve Opens Credit Line to Europe
FOXNews.com - Federal Reserve Opens Credit Line to Europe: "Federal Reserve late Sunday opened a program to ship U.S. dollars to Europe"
How silly that some would want to audit the Fed and know details about what they are doing!
How silly that some would want to audit the Fed and know details about what they are doing!
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