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"...public opinion deserves to be respected as well as despised" G.W.F. Hegel, 'Philosophy of Right'

perspectives on global economic imbalances « Previous | |Next »
May 23, 2005

Nouriel Roubini has a good and useful account of the different perspectives that are bought to bear to interpret the global imbalances and suggest solutions. He states the situation:

"...the basic facts are known: the US is running large fiscal and current account deficits while the rest of the world is running large current account surpluses. The flow of capital that is financing these US twin deficits is mostly (three quarters or so) coming from foreign central banks - mostly in Asia but not exclusively - that are aggressively intervening to prevent an appreciation of their currencies.

While the basic facts are undisputed, the causes of such imbalances, which country is at fault and the policy solutions to such imbalances are much disputed."


He mentions five perspectives on the causes of such imbalances. The perspective of public opinion follows those who express:
"...serious concerns about the U.S. "twin deficits" (the sustainability of the U.S. public and external debt accumulation) and the risks deriving from the reliance on foreign central bank financing of these twin imbalances. An orderly global rebalancing requires both "expenditure switching" via a Chinese/Asian appreciation relative to the US dollar and other floating currencies and, at the same time, "expenditure reduction" via a meaningful reduction of the US fiscal deficit that will require some increases in taxes."

What is the perspective of Treasury and the Reserve Bank of Australia on this? I'm not sure. Judging from this speech the RBA says that we do not have to worry about the US fiscal deficit or we do not have to worry about the US current account deficit. As I understand it Treasury disagrees.

I'm having trouble understanding with the RBA stance. Would not the absence of currency adjustment in China and East Asia mean that the US has to address its fiscal deficits? Is not a reduced foreign financing of the trade deficit already happening with East Asia? Is not the possibility of sharply higher real interest rates and negative wealth effect mean reduced private consumption and investment in the US. Does this not bode poorly for Australian exports?

Does this mean that the RBA reckons it is okay for the US to run budget deficits and current account deficits? That it sees these to be temporary imbalances? That there is no problem to solve? Does the RBA work from this Panglossian account?

| Posted by Gary Sauer-Thompson at 5:08 PM | | Comments (1)
Comments

Comments

US Congress should clearly say Japan's currency manipulation is just Mind-control, not verbally. Japan cleverly says it stops buying dollars after Mar 2004.

Tokyo stock market was more than 100 yen down after announcement of good GDP growth (in Jan to Mar 2005) on May 17, 2005. Samethings repeat but it is unnatural since 2003. Toshiba Corp or Japanese Government mind-controls Tokyo stock market not to raise Tokyo stock market with yen appreciation.
Japan's currency manipulation is also stock market manipulation by Mind-control.

NAM (an American manufacturers association) and US Rep. Mike Rogers marked China's and Japan's currency manipulation on May 6, 2005. Japanese cars is selling very much. Now Japanese share reaches risky area 30 percent of US car market. Japanese electronics makers, - Toshiba Corp, Hitachi Ltd and Mitsubishi Electric Corp -, hide inside Toyota.

However, hard yen appreciation will never come again. Do American politicians really know real Mind-control ? I don't know why America could license to use Japanese company's satellite Jcsat-9 in America's sky.

Is Mr. George W. Bush, a sham leader of Strong Dollar, protected from external psychological influence or mind-control ? I naturally believe he doesn't want to beat American carmakers.

"Psychic security department protects Russian President from external psychological influence" (Pravda Jan 6, 2005) at http://english.pravda.ru/main/18/90/362/14790_psychic.html
- Former Russian President Boris Yeltsin had Federal Security Service against Mind-Control. Americans have created radiators of modulated signals, which control people's behavior thousands of kilometers from afar.

"Mind control: The Zombie Effect" (Pravda Nov 10, 2004) at http://english.pravda.ru/science/19/94/379/14567_.html
- Russian Dr. Igor Smirnov said "Methods of latent impact on the human psyche are no longer secret."

For justice, I informed to many US Congress persons from Apr 2004 that I believe Japan mind-controlled American and Japanese people for Yen depreciation by Jcsat-9 in America's sky. I believe 1 dollar would get to be below 100 yen without Japan's Mind-control.

I want you to notice Toshiba Corp is only one crazy company mind-controlling for money in the World, is making new nuke plant boom in USA. Toshiba Corp would mind-controll and raise American oil price after Iraqi War.

I can't support Toshiba spy Koizumi's Japan. Japanese PM Junichiro Koizumi has an unclear career after his university or "a various life" he said.

American politicians should notice Toshiba Corp is only one Japan's criminal freemason mind-controlling. Japanese PM Junichiro Koizumi is a Toshiba spy. Koizumi only mind-controls people and Toshiba Corp dominated national Post Office business til the Fair Trade Commission's claim in Nov 1998 and after then, Koizumi gives Toshiba spies domination of national Post Office under the name of civilization. Koizumi's government gave Toshiba Corp license to use satellite Mbsat. He helps the career of Toshiba Chair Taizou Nishimuro.

Toshiba Corp, Japan is worse than NK. Kim Jong Il is a dictator but Koizumi's method is also like a dictator.
Japanese Diet didn't investigate Koizumi's terrorism by satellite Mbsat or N-Star-C : Ryongchon explosion, NK including 154 innocent persons' death before Koizumi's 2nd visit to NK while even US Congress investigated Bush's lie : Iraq's Weapons of Mass Destruction (WMD). (And Japan pretends it couldn't catch NK missile still in Apr 2005 while Japan requires a permanent UN Security Council seat.)

Anyway, Toshiba Corp will unclearly mind-control but clearly sell new SED TV set and nuclear power equipment, more mobile PC, LSI, HDD, flash memory and thermal power equipment in 2005. Next Toshiba President Atsutoshi Nishida, who married an Iranian for business, is crazier for money than Tadashi Okamura.

Toshiba Corp could and can mind-control US Trial v. Lexar Media, Inc. Toshiba loose Mar 23 and 24, 2005 but Lexar get only a half of money Lexar expected. (Please watch continueing trial to keep US Trial fair.)
And I strongly believe Eikou Harada, former Apple Computer President, is a Toshiba spy and he wasn't alone. I mean many Toshiba spies still exist in Apple Computer, Inc.

by (Mr.) Seitaro Kanamaru, a Japanese
* My BBS thread in English : I am an Mind-Control Victim by Toshiba Corp since 1997.
http://www.perc.ca/phpBB2/viewtopic.php?t=794
(My face is at http://www.discussanything.com/forums/showthread.php?p=838876.)
* My site in Japanese
http://jbbs.livedoor.jp/news/1301/