Forwarded from John Gulick

sherrynstan at sherrynstan at
Wed Dec 12 14:20:05 MST 2001

>>that's all true, but the US's main competitors (Japan, EU) have done
relatively worse. And the low value added industries you mention are still
(as it is said) exploiting American workers: but the ones who happen to
live in Mexico, Indonesia, China etc.


That's how it gets complicated for me, at least trying to see through to the
basis of the US economy, because there are multiple shell games afoot it
seems.  None of our numbers are reliable.  For example, they say unemployment
is 5.5%, but that only counts a fraction of unemployed who apply for
unemployment insurance.  My question to those who are better economists than
me (most of you) is what really is the productive base for the US, aside from
the military?  And how does that interact with the fact that we have this
massive trade deficit, that Petras says is compensated for with money
laundering?  What will it take to undercut the dollar's seignorage?  Where is
Wall Street most vulnerable?  What does it mean here, for example, when
Argentina defaults?  How will the DWSR react?  I need a better sense of how
these things articulate with one another, to then figure out how they
translate into concretes for the folks here at home.  Forgive my meandering
here.  I'm also taking !  !  calls, and fixing the kids' dinner.


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