...From the standpoint of the United States, a weaker currency shifts the mix of economic growth from domestic demand to exports. Given America’s massive external financing needs -- currently more than $2 billion of capital inflows per business day -- foreign investors will probably need to be compensated for taking currency risk. That should result in higher real interest rates and a related suppression of domestic demand growth.
to translate - suppression of domestic demand growth+higher interest rates equal continued unemployment.
plus:
As an important aside, a weaker dollar will also be helpful in America’s anti-deflation campaign -- having the effect of transforming imported deflation into imported inflation.
So we get higher prices too. More unemployments and the return of inflation. And these are the benefits.
At least the World Bank is making prettier speeches about global inequalities these days. Wolfensohn's address to G7, IMF, WB.
I would like to offer my remarks today particularly to the young people of the Middle East -- and of the world. Last week, in Paris, I met with youth leaders who represented organizations with more than 120 million members worldwide. The meeting also included rural youth and street kids; children orphaned by AIDS and civil conflict; youth from the excluded Roma community; and young people with disabilities.
They met in peace and with mutual respect. They asked why our generation could not do the same.
To respond to them, we must address the fundamental forces shaping our world. In many respects, they are forces that have caused imbalance: In our world of 6 billion people, one billion own 80 percent of global GDP, while another billion struggle to survive on less than a dollar a day. This is a world out of balance. Over the next 25 years, 50 million people will be added to the population of the rich countries. About one and a half billion people will be added to the poor countries. Many will experience poverty, unemployment, and disillusion with what they will see as an inequitable global system. A growing number will leave their home countries to find work. Migration will become a critical issue.
There is further imbalance between what rich countries spend on development assistance-- $56 billion a year-- compared with the $300 billion they spend on agricultural subsidies and $600 billion for defense. The poor countries themselves spend $200 billion on defense-more than what they spend on education. Another major imbalance.
Restoring balance to our world will not happen unless there are serious efforts to build greater public understanding about the importance of poverty and inequity. My generation grew up thinking that there were two worlds-the haves and the have-nots-and that they were, for the most part, quite separate. That was wrong then, and is even more wrong now.
The wall that many people imagined to separate the rich countries from the poor came down on September 11 two years ago. We are linked in so many ways: not only by trade and finance, but by migration, environment, disease, drugs, crime, conflict and-yes-terrorism. We are linked - rich and poor alike -- by a shared desire to leave a better world to our children. And by the realization that if we fail in our part of the planet, the rest becomes vulnerable. That is the true meaning of globalization.
Mr. Chairman: It is time to take a cold, hard look at the future. Our planet is not balanced. Too few control too much, and too many have too little to hope for. Too much turmoil, too many wars. Too much suffering.
The demographics of the future speak to a growing imbalance of people, resources, and the environment. If we act together now, we can change the world for the better. If we do not, we shall leave greater and more intractable problems for our children.
We must rebalance our world to give everyone the chance for life that is secure--with a right to expression. Equal rights for women. Rights for the disabled and disadvantaged. The right to a clean environment. The right to learn. The right to development.
ION, "Where's dad, Skip?" Skippy to the rescue
Not even going to mention that to Mr. Heather. The waiting will kill him.
Leigh, I'm assuming from your tagline that you liked Queer Eye.
It was everything I hoped it would be and more!
ETA:
I'm also assuming, based on the huge jump in posts in the Angel thread, that the new season has premiered?
The temptation begins.
musn't look musn't look musn't spoil musn't spoil...
Emlah, you are correct! (I'd say the early returns -- from people who are still watching
Angel --
is favorable, but then it's a Joss episode.)
It was everything I hoped it would be and more!
Oh, but it was, wasn't it? I was amazed by how great that guy looked after they were finished with him--completely unrecognisable (and the Fab Five's commentary on his friends' reactions was utterly priceless). Not looking forward to the switch-over to the Aussie version, though--don't think they'll be able to pull off the same sort of dynamic twice, but one can dream, I suppose.
musn't look musn't look musn't spoil musn't spoil...
But whoring is so fun!
t /pimp
This year I'm giving up all pretense of being patient and just downloading the episodes. No self-control at all.
I really liked Queer Eye too. What everyone has been saying about it is true--they took notice of what the guy wanted, worked around his existing likes and needs etc--but I was also pleasantly surprised by the dirty talk! I thought the gay guys might have been completely desexualised to render them less threatening, but not at all.
I really liked Queer Eye too. What everyone has been saying about it is true--they took notice of what the guy wanted, worked around his existing likes and needs etc--but I was also pleasantly surprised by the dirty talk! I thought the gay guys might have been completely desexualised to render them less threatening, but not at all.
So which do think will be the first to win a toaster.
