you lost me at the schedule seven drug reference for economic pain and crack cocaine jab to the jaw, but thank you for the overview. It was enjoyable reading. I read this webpage in the hope of finding updates on software etc presented in a relevant and understandable format. I often sign off feeling a little stupid though. However, I hope to sound clever quoting and paraphrasing you in thishere article, one of these fine Cape evenings, chewing the fat over hopeless economics and faithless leaders.

However, here in the deep south of Africa, we are experiencing an almighty credit crunch on the back end of crazy consumerism, insanely indulged property prices, often ineffectual leadership and all most of us have to show for it, is cheese cake going for 45ZAR per slice at The Waterfront. The effect of HIGH interest rates and inflation are battering our hearts and minds and wallets. Whether the intricacies can be translated into a corrolary of the US situation, I don’t feign to comprehend. But at the heart of economic crisis, is surely the same human condition, regardless of it’s cause. More than the Medicine analogy for US fiscal policy and central bank maneuvres, it is surely the health of a nation that is in jeopardy. The collective consciousness of a people. Without knowing the details of economic pain in the US, I can say from the content of their tabloids and media, that their foundation is not secure, that they strive in emptiness. But in such a perilous and vulnerable common state, how does one then combat hopelessness and lack of ownership in its pure sense.

Addressing and improving a nation’s morale and morals, without resorting to the temporary high of a credit card transaction , an hour with a motivational speaker, beaching in the Bahamas or new Nike’s, seems an impossible task. Raising a people who have judgement and act autonomously, of independent thought and discernment is necessary to establish a “mature” nation, who won’t be led round by the nose.

How do you heal a nation? How do you transform the untransformable?

I’ll dare abuse your blog a little and invite people to joing something that is of great not only American but international interest too, the 2008 US elections of course.

“Hillary Clinton vs Obama (Global Discussion)”

Description:
The American Presidency affects everyone on Earth. Please have your say, and do something about it, so that American people can be more aware of the choice they are making.

http://www.facebook.com/group.php?gid=12631245305&ref=share

(And once you are done with that you might want to get a burning desire to go to

http://www.facebook.com/inbox/readupdates.php?id=6662822757 )

Best,

Evangelina

Don’t blame bernanke, he is doing the right thing

It is true that much of the productivity gains in global production output have come from China and India over this time period which accounts for much of the increase in relative wealth (such as purchasing power parity, ie you can buy relatively more with the same amount of money) in developed countries. However it has also not been the only one as the US (and OEDC countries in general) have also experienced genuine productivity gains of there own over this period. Having said that these productivity gains are nothing in comparison to the gain experienced in India and China, but then again India and China are both coming off a very low base and still remain a lot less productive then in OEDC countries.

Having said all of that I think that the crux of your argument remains very valid. Perhaps cutting interest rates so aggressively over the past 15 years has indeed done more bad then good. Either way, only time will reveal that answer to us.

Tank you.