Thanks again, Keith,
Yes, Presidential Monetary Authority selection is a possible (say
likely) conflict of interests, and would likely be further jeopardized
by his or her lack of education. And I agree with you that the Federal
Reserve serves no public purpose.
With respect to your comment about the record levels of unemployment and
under-employment effect the Nat'l Employment Emergency Defense Act is
attempting to address:
/(KH) But here we also have to take into account that the industrial
economy of the last 300 years is now becoming less labour-intensive from
year to year due to increasing automation and (so far) redundant
personnel can't be re-trained quickly enough. This is a major structural
problem for which no-one or no-thing can be held primarily responsible
(unless it be the ever-innovative ability of the human mind!). Even in
China, with 10% p.a. GDP growth, unemployment is now growing in the
prosperous coastal provinces. Not only are the 200 million temporary
migratory factory workers being sent back to the rural interior but also
a few million of the provinces' own graduates are without jobs (even
engineering graduates!) or have to take menial ones. The great shift of
low-skill employment from the West to China has now probably largely
ceased and China is now beginning to face the same structural problems
as the West.
/
Because a substantial number of jobs were lost to developing nations,
and presuming nothing would be done to address that, the Act, in seeking
to stimulate job growth by investing in American infrastructure, should
help to stimulate a great number of jobs that would not require much
retraining, and should also give rise to re-hiring of teachers, medical
staff, engineers, technicians, etc., who lost jobs due to cutbacks.
Natalia
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