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It’s The Economy

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The Growth Map, Economic Opportunity in the BRICS and Beyond, by Jim O'NeillThis evening Charlie Rose discussed the economy worldwide and in the US with Jim O’Neill, Chairman of Goldman Sachs Asset Management on his new book “The Growth Map: Economic Opportunity in the BRICs and Beyond.

It was a fascinating conversation on what is occurring – and may continue to occur – around the world that will affect our economy and our lives.

Unlike the stereotype that has developed about Goldman’s, Jim O’Neill breaks the mold by discussing not only the global challenges ahead over the next year and how countries are dealing with those challenges but also how the US is setting itself up for much better growth in the near future if, as he says, the Tea Party does not derail the growth potential now being created. He’s not a stereotypical “greedy” trader, but an analyst of global economies and their societies.

For example, he predictes, that unless derailed by some political action, that the US could see unemployment falling much faster than currently predicted because of 1) reduced use and more energy efficiency; 2) increased exports of energy sources, such as oil and gas; 3) rising employment costs in China leading US manufacturers to move back to the States; 4) lower housing costs making them more affordable; and 5) increased productivity in the US. All these things, he says will cause the US economy to gain strength, provided we’re not dragged down by the unresolved problems in the Eurozone, and cause the unemployment rate to decline much faster and further than currently expected.

However, he cautions that all of these positive outlooks could change if the GOP, and particularly the Tea Party faction, moves to harm the economy such as they did with the debt ceiling.

His conversation with Charlie Rose was fascinating and enlightening. Certainly worth the time spent watching to gauge how world economies and societies are doing as well as the US economy.

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Written by Valerie Curl

January 21, 2012 at 9:46 AM

8 Responses

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  1. Don’t believe everything you read Val….

    There’s only one thing that will fix our economy, and that’s getting the government the hell out of the way. This guy’s a Keynesian, and that entire school of thought is to a great degree responsible for the mess we’re in. Ever hear of Milton Friedman? He had a chat with Phil Donahue a few years back. The following video is a 2 minute excerpt from it. I think you’ll find it interesting.

    fs

    Swemson

    January 21, 2012 at 3:02 PM

    • Not only do I know of Friedman, I know his economic history in So. America and his telling Nixon to completely dump the remaining bits of the Gold Standard in order for Nixon to avoid default. There’s a reason why anyone who knows about Friedman accuses him of neo-liberal economics which basically destroyed the economic status of every country into which he pushed. Don’t believe me? Talk to Argentina.

      Do me a favor, read the Adam Smith quote on the left hand column of my front page. Also, read what Heyak wrote about a public sponsored social safety net. Their views are in direct contradiction to the “me only”, crony capitalist, bought legislation and legislators, privatized gains-socialized losses that currently infects – and to a large part has destroyed – our so called free markets.

      And just out of curiosity, what draws you to my blog? You respond to almost every post, but why?

      Valerie Curl

      January 23, 2012 at 8:15 PM

  2. Val;

    The “crony” capitalism you speak of, isn’t really a left or right thing.. it’s merely about cheating and dishonesty. The greatest example of it that we’ve ever seen is happening right now courtesy of Obama, who’s running the most corrupt regime ever.

    And besides, that’s not what brought down the free market system. We haven’t had a free market system ever since the government moved in and started screwing with our economy with the National Grange. They really got into it with the Sherman act it 1890, and it’s been downhill ever since.

    As to this blog… I think I found it by accident, & was curious about something I read which caused me to subscribe. Now I get your eMails & those turn me on to your new content.

    I don’t really know why I keep looking at it… I guess I see you as another good soul who means well but who got a totally upside down view of the world from our education system…

    From the comments of your other readers… well… there don’t seem to be any… if you just shut down the site & we could exchange eMails..

    fs

    Swemson

    January 23, 2012 at 8:38 PM

    • Swemson, I do care about our country. My family first arrived on these shores in 1638. We fought in all our nations wars, made and lost fortunes, lived through and told the stories of before and during the Great Depression, cried in fear over the loss of health care and income security, and so much more.

      I may not have like all of the policies Obama put in place, particularly those concerning banking and financial companies, but I do not believe he is the worst president we’ve ever had – I’ll reserve that status for Bush 2 – nor do I believe that he wants to turn this country into the antiquated notion of socialist Europe or that he hates business or any of the other outrageously false claims made by Fox News, right wing talk radio, NewsMax, or WND.

      You may not believe we – as a society, as a commonweal – have an obligation to our neighbors, to our community, and all others in this nation, but I do. One of the things that really struck me in reading about my ancestors who left England and France for the wilderness that was Mass and CT was their sense of community.

      These days, particularly in this economic environment when charitable giving has fallen so low, only the government has the fiscal ability to provide income security that families and seniors need to be able to survive. But don’t believe me, read the letter sent to Gingrich by the Catholic bishops of the US. It’s available online.

      This nation is my community. It is my commons, my commonweal.

      As John Donne wrote in the early 17th Century:

      No man is an island entire of itself; every man
      is a piece of the continent, a part of the main;
      if a clod be washed away by the sea, Europe
      is the less, as well as if a promontory were, as
      well as a manor of thy friends or of thine
      own were; any man’s death diminishes me,
      because I am involved in mankind.
      And therefore never send to know for whom
      the bell tolls; it tolls for thee.

      In that mediation he exhorted his congregation to remember that we are all part of one great community and responsible to each other for the care and comfort of all. He exhorted them to equity and opportunity by asking each of them to remember that no one can survive with help, assistance, and caring of every other member of the community.

      As George Romney said when asked about the idea that “rugged individualism” was the key to America’s success, he snapped back, [b]”It’s nothing but a political banner to cover up greed.”[/b] He was the [em]poster child for the antiquated notion that corporations have multiple stakeholders[/em]: the workers that breathe them life, the communities in which they are situated, and the nation to whom they owe a patriotic obligation – most definitely and emphatically not just stockholders.

      That, in a nutshell, is community. It’s the commons and the notion of the commonweal…and when government adds its great financial weight, all people have a better chance of surviving the harsh realities of life and a better chance of growing into a better life.

      Valerie Curl

      January 23, 2012 at 9:38 PM

  3. Curiously, I think we share virtually all of the same values. I honestly feel that the only difference is that you’ve been misled by ideologues as to the cause and effect of it all. The perfect example of what I mean is in what you said above:

    “These days, particularly in this economic environment when charitable giving has fallen so low, only the government has the fiscal ability to provide income security that families and seniors need”

    The truth is that charitable giving is down because the government is bleeding us dry. If we look back in time a bit, prior to days of income tax, everybody got by because the private charities were well supported. My grandparents fled from Russia, one step ahead of the Cossacks. They came here with nothing, and worked their butts off, and each successive generation did better than the one before it. WITH NO HELP FROM ANYONE, with the exception of family.

    Most American’s who emigrated here were looking for one thing. Freedom. Nobody promised them anything other than Life, Liberty & Pursuit of Happiness. (BTW: Did you know that in the original draft of the Declaration of Independence, it was “Life Liberty & Property”?) What you can’t see however, is that the freedom to pursue our own happiness means nothing if some bureaucrat can take away the fruits of our labors.

    Americans are the most charitable people on earth. It’s hard to think of the name of any great industrial fortune, that’s not linked to philanthropic activities. But the thing that makes charity meaningful is that it’s voluntary. My family wasn’t rich. My father’s side, from NYC, had very little. My mother’s side from Boston was comfortable. My maternal grandfather was a carpenter, who worked for people until he could afford to buy a piece of land and build a home on it to sell. And then he bought a bigger piece and built a few homes to sell. Eventually he built garden apartment complexes in the suburbs in Quincy & Newton & Brookline.

    My father was a union electrician who worked construction in NYC. He put me through college (NYU) with the help of some scholarships I had. We sponsor a music scholarship for immigrant minority students with talent to Juilliard every 4 years. That’s where our charity goes because that’s what’s important to me. Nobody knows that I do this, but I’ll be damned if I’ll let some smarmy bureaucrat dip his hands in my pocket so that he can buy votes by giving away freebees to people who aren’t willing to take care of themselves.

    If you’re hungry, you don’t have the right to break into your neighbor’s house & take his food. You therefore can’t delegate that right to a government to enforce it for you. It’s morally wrong to think that way. The ends justify the means to Marxists, not to free and rational men.

    As Friedman says above:

    “The only cases in which the masses have escaped the kind of grinding poverty that you’re (Donahue’s) talking about are where they have had capitalism and free trade. If you want to know where the masses are worst off it’s in exactly the type of societies that depart from that…. The record of history is absolutely crystal clear, that there is no alternative way so far discovered where they have improved the lot of the ordinary people that can hold a candle to the productive activities of people that are unleashed by the free enterprise system.”

    It may seem like an overly simplistic way of looking of things, but once you justify violating the individual rights of any one man, then the rights of all men in that society are lost. History proves that to be true. All of the “people’s democratic republics”, whether they be Russia, China, N. Korea, etc… devolved into brutal dictatorships that engaged in mass murder. Obama is absolutely identical to the rest of the sociopaths in that long and gory tradition.

    Please don’t look at me just as a Republican… I’m a radical myself, but for pure laissez faire capitalism. I believe that the best societal model is one in which there is an absolute separation between church & state, with a government devoted to protecting the individual rights of all citizens. It’s not there to protect us from ourselves, and it’s not there to take care of us. Having read Atlas Shrugged and gotten to know Ayn Rand personally (from the Nathaniel Branden Institute) at the age of 15, while a freshman at NYU, I’ve had a solid and stable political philosophy for my entire adult life. My father fought against Rommel in North Africa, and against Mussolini at Anzio and Salerno. When I got out of college, after doing 2 years of graduate work, I decided that I had to do my part in fighting communism, so I joined the Marine Corps.

    It all comes down to one fundamental principle. I’m a free man. No matter how you try to justify taking any piece, however small of my freedom away from me, I’ll fight you to the death to protect what’s mine.

    The defining characteristic of the far left to me is its arrogance. I’m arrogant too, in the sense that I KNOW that I’m right about all I’ve said above. The difference between me and the elites, is that I’d never presume to force my views on anyone else.

    fs

    Swemson

    January 23, 2012 at 11:24 PM

  4. PS: Bush 2 was a dolt, but he wasn’t the worst by far. What you & so many others think of him is due to a master planned and executed assassination of character campaign put in place by the Clintons as soon as they knew who the GOP candidate would be in 2000, for the sole purpose of insuring that Hillary got her turn in 2008. Bush, like Gore, Kerry, McCain, etc, are all progressives…. Romney too.

    Prior to our Alinsky radical in chief, I think the worst was Wilson. As evil a man as any in our nation’s history. I don’t know that you really rank them after him, but the line is clear.. Roosevelt (both), Johnson, Nixon, Carter, Clinton & Obama. BTW: I think history will prove that he’s an illegitimate president, not because of where he was born, but because he’s not a “natural born citizen” as required by our constitution. In fact, I’ll go out on a limb here and say that he’s not even a citizen. He’s an illegal alien.

    fs

    Swemson

    January 23, 2012 at 11:35 PM

  5. Oy Vey, with your last sentence you’ve gone into Fox News/Glen Beck conspiracy land.

    Enough already.

    Valerie Curl

    January 24, 2012 at 2:18 PM

  6. That’s right Val… Stick to the standard far left strategy. If you can’t argue something with facts, then ridicule it! As Henry A. Kissinger said: “Even a paranoid can have enemies.”

    The FACT is, that his alleged father was a British citizen when he was born. Now look up the meaning of “Natural Born Citizen”

    Did you know that there are challenges to his candidacy currently pending in about 40 states?

    Did you know that Obama’s motion to quash the subpoena for his testimony in the case in Georgia was just denied?

    http://www.thepostemail.com/2012/01/20/breaking-georgia-judge-denies-obamas-motion-to-quash-subpoenas/

    Or simply Google: “Georgia Judge Denies Obama’s Motion To Quash”

    Call it a conspiracy theory if you wish, and feel free to believe the lies about Fox News. The truth will come out in the end, it always does.

    Bye!

    fs

    Swemson

    January 24, 2012 at 3:03 PM


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