John Young on Fri, 26 Dec 2008 20:21:58 +0100 (CET)

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Re: <nettime> Dollar Shift: Chinese Pockets Filled as Americans Emptied

One might expect the US to default on its debts to China, and
dare the Chinese to do something about it, sabers rattling. The
PRC cannot withdraw its money any more than can US taxpayers.

Yesterday an economist, at the New School in New York, proclaimed 
that the financial crisis is no threat to the the US so long as it is the 
sole superpower. Money exists only as data, is in fact nothing
tangible, and cannot prevail against military might. The PRC
floats in a small boat.

Paulson is supremely confident in his capabilities as bankers are
forever wont -- the world cannot function without banks, no matter
a few ups and downs the system eventually self-corrects its
self-regulation, sure there will be felons going too far, and over-
reaching debtors must go under or else whither faith in financial 
markets. Paulson knows nothing else and is thus a perfect

Imagine that the second $350 billion was distributed as generous
unemployment benefits, say $5,000 per week to each person seeking
a job futilely, to spend on necessities and better, on luxuries like
comprehensive health care and decent housing, until Obama's 
vauntedf stimulus kicks in to run money through the banks and bosses
to take cream off the top. 

Keep up the honest payments to those who have built the foundation
of US financial credibility and will have to pay its debts sooner or
later, until the Obama stimulus is shown to be working in deed and 
not merely in promise, and fuck his call for patience if the deed is
not made concrete in 6 months. Double the payments to the
unemployed every month the stimulus does more than
prop up banks and reward their investors as with the first

$350 billion.

No banker who exculpates like Paulson can be trusted, nor an 
economist who dissolutes like Bernacke. 

To be sure, those who are dumb enough to have all their assets
tied up in the financial markets will always argue for keeping the
faith in the Ponzi.

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