Sonntag, 1. März 2009

President Obama’s and our fight - "See the light! Be the light! - Let's organize!"

Nobel laureate Joseph Stiglitz told for "Der Tagesspiegel",2757436 (March 23. 2009) not only about “We need a global reserve system", in addition he was asked about the programs of US and China against crisis. What's about China, could China be new engine he was asked because "experts" were looking for all like to clutch at every straw and it was known such desire from some time before.
What was point of interest? - The programs are better working in China because China don't give the money to the banks. China is using money to invest directly in country!

Yes this is one point citizens of US - why banks must get so many billions of tax money? The bonuses were paid out higher like already known! From AIG were paid 218 millions - not in March, but alone $ 165 millions in March. They paid bonuses before already using tax money. Maybe this is still not all. About more like $ 90 billions were paid to other banks and were not used to invest into country; looks like gambler hands over tax money to clear gambling debts. What is the time this shall be stopped. Look to China and you can see this must not be, must not be to give so much money away without any new job and without any new investment into new energies or infrastructure. It's a high risk to print so much money on debts must be paid back from US citizens and their kids in future and so must be used carefully and not like in old time of game. It looks like the President has still a big need for help to change system was leading US and world into such a big crisis. President Obama was maybe one of the last got knowledge about the bonuses.

So we have already two big problems: the wasted money with gamblers and the wars are still wasting money. (and Prof. Joseph Stieglitz wrote already very well too about the "The $3 Trillion War" of Iraq 2008 and there is still more).

Maybe you want take a look now to "Charting the Road to Ruin": Lining up for food and water, Louisville, Kentucky, 1937. By Margaret Bourke-White/Time & Life Pictures/Getty Images.
James K. Galbraith wrote 2006: "Today, the signature of modern American capitalism is neither benign competition, nor class struggle, nor an inclusive middle-class utopia. Instead, predation has become the dominant feature — a system wherein the rich have come to feast on decaying systems built for the middle class. The predatory class is not the whole of the wealthy; it may be opposed by many others of similar wealth. But it is the defining feature, the leading force. And its agents are in full control of the government under which we live." [The Predator State] - This is a gift too Obama got from neocons in coming to Washington.
I could read an interview of Galbraith for into German today, March 23. 2009. He told bankruptcy would the best for some banks were getting billions of tax money and he had spoken about the need of controlling too. The old management of banks had to change to find out out more of the true! A problem would be too that a debt ridden bank wouldn't bee interested in normal work and so there is high danger for new gamble again. If old management is thinking the bank will sooner or later be still closed they will try to get out so much money like possible - your tax money! A domino effect would come now or later. The question would only be if we want still wait and the costs could only be bigger later. Important for him is too, that crisis is a work of criminals too because he is speaking about "Culture of complicity".

About "Culture of complicity" - "These are treacherous waters." Follow the Bailout Cash - .. But another money trail could make voters just as angry: the campaign dollars to members of Congress from banks and firms that have received billions via the Troubled Asset Relief Program. ...

And what's about with movement of change now?: All should remember same time that right wing were beginning to built right movement of neocons about 1976 after "lessons" of Watergate scandals and were using $ billions for it. Obama is now some days in Washington and we have the movement of change since last year, first for election and now to organize country. There was some time necessary too from well known words of Kennedy to the day first humankind could walk on the Moon.

Something international to new plan:

Worry about the Americans
Diane Francis, Financial Post (Canada)
...The problem now is the problem solvers, both financial and political.
Despair over financial policy
New York Times (Paul Krugmann)
...In effect, Treasury will be creating — deliberately! — the functional equivalent of Texas S&Ls in the 1980s: ...
The New New Plan — Same As the Old Plan.
Wall Street Journal
... So who gets left out in the cold? The taxpayer, natch.
News from Germany (into German) like: Obama plays with Mephisto or Dancing with a zombie or old plan like new plan - and now of course always the up and later down of stock market or Geithner had given USD short time impulse, of course stock markets are betting on effect of Geithner and looking for something can use to invest in this time, like China told they don't see another way like to buy still US government loans

New ideas from Asia: Chinese central bank backs Russian idea for new reserve currency
... Zhou Xiaochuan wrote in an essay posted on the bank's website that the goal of the international monetary system is to "create an international reserve currency that is disconnected from individual nations and is able to remain stable in the long run, thus removing the inherent deficiencies caused by using credit-based national currencies." ...

Prof. Stieglitz desperately:
One wishes oneself nothing dearer than a constant supply of tax funds at the Wall Street.
The crucial question reads: Who will carry these losses?
The experiences in other countries show certainly that the costs of the state can grow in the gigantic, if the financial markets keep the last word.
As long as the participants in the financial sector the feeling prevails that one will protect it all possible - including of them produced - disasters, we have a moral hazard problem.
(From news in Germany beside news about now up and later down in stock market)

March 24. 2009 Aim US thus clearly on a monetarization of their national debt ?
Folker Hellmeyer
( chief analyst that of Bremen Landesbank): The answer is yes. ... Some one, under it also China, prognosticates from there already an end dollar as world key currency - you also?
Hellmeyer: The American century is definitely past. ...
The world financial system develops at present from a unipolar to a multipolar system. To that extent I quite agree the Chinese beginning to place the dollar in question.