Ooops! I meant to say Democracy is the end of Capitalism, but probably not.
----- Original Message -----
From: Ed Weick
To: RE-DESIGNING WORK, INCOME DISTRIBUTION,EDUCATION
Sent: Thursday, September 29, 2011 4:15 PM
Subject: Re: [Futurework] Bernanke speaking because Obama can't?
Or perhaps it's the other way around: Capitalism is the end of democracy? I
guess it depends on what we mean by either word.
Ed
----- Original Message -----
From: Ray Harrell
To: 'RE-DESIGNING WORK, INCOME DISTRIBUTION,EDUCATION'
Sent: Thursday, September 29, 2011 1:39 PM
Subject: Re: [Futurework] Bernanke speaking because Obama can't?
The end of Democracy is Capitalism?
REH
From: [email protected]
[mailto:[email protected]] On Behalf Of Arthur Cordell
Sent: Thursday, September 29, 2011 12:09 PM
To: 'RE-DESIGNING WORK, INCOME DISTRIBUTION, EDUCATION'
Subject: Re: [Futurework] Bernanke speaking because Obama can't?
Having got the international economies into a mess, it seems that some sort
of over all control will have to be exercised to try to clean up the mess.
Business as usual doesn't seem to offer much hope.
arthur
From: [email protected]
[mailto:[email protected]] On Behalf Of Ray Harrell
Sent: Thursday, September 29, 2011 11:53 AM
To: 'RE-DESIGNING WORK, INCOME DISTRIBUTION, EDUCATION'
Subject: Re: [Futurework] Bernanke speaking because Obama can't?
Are you saying that what we need now is a benevolent despot ala the Banana
Republics and Hugo Chavez but smarter?
REH
From: [email protected]
[mailto:[email protected]] On Behalf Of Arthur Cordell
Sent: Thursday, September 29, 2011 10:34 AM
To: 'RE-DESIGNING WORK, INCOME DISTRIBUTION, EDUCATION'
Subject: Re: [Futurework] Bernanke speaking because Obama can't?
I notice that various national and international leaders are moving away
from calming words to more crisis language. I saw this last week, when I was
struck by the open near catastrophic language. In retrospect I think this was
to scare people to action.
I think that this is part of a program to prepare people for a "long haul"
and more importantly to get certain govts to go along with actions that would
have otherwise been unthinkable. Witness Merkle's ability to get a decision to
support bailouts. Bernanke is turning up the volume to get Republicans to move
away from ideology and move toward action, however ineffective the action may
ultimately be.
arthur
From: [email protected]
[mailto:[email protected]] On Behalf Of Ed Weick
Sent: Thursday, September 29, 2011 9:30 AM
To: [email protected]
Subject: [Futurework] Bernanke speaking because Obama can't?
From today's Globe and Mail.
Ed
Long-term unemployment in U.S. a 'national crisis,' Bernanke says
MARTIN CRUTSINGER
WASHINGTON- The Associated Press
Published Wednesday, Sep. 28, 2011 9:21PM EDT
Last updated Wednesday, Sep. 28, 2011 9:37PM EDT
In unusually strong language directed at U.S. politicians, Federal Reserve
Chairman Ben Bernanke has called long-term unemployment a "national crisis" and
suggested Congress needs to act on jobs and the housing industry.
Mr. Bernanke noted that about 45 per cent of the unemployed have been out
of work for at least six months.
"This has never happened in the post-war period in the United States. They
are losing the skills they had, they are losing their connections, their
attachment to the labour force."
He added: "The unemployment situation we have, the job situation, is really
a national crisis."
Mr. Bernanke said the government needs to provide support to help the
long-term unemployed retrain for jobs and find work. And he suggested that
Congress should take more responsibility.
Responding to a question, Mr. Bernanke said long-term unemployment,
budgetary discipline and housing policy were the three most important areas
where Congress could contribute to an economic recovery.
"There are certainly some areas where other policy makers could
contribute," he said.
Mr. Bernanke's comments were his latest in a public effort to get Congress
to act further to rejuvenate the economy. He suggested that the Fed can achieve
only so much through policies that seek to lower long-term interest rates.
"The Federal Reserve has made enormous efforts to try to help this economy
recover and stabilize" through its control of interest rates, or monetary
policy, he said. Those policies have driven rates to record lows.
"Monetary policy can do a lot, but monetary policy is not a panacea," Mr.
Bernanke said.
On the housing crisis, he said strong government programs to help the
industry recover would aid the Fed's own efforts to boost housing by driving
mortgage rates to their lowest levels in decades.
In his speech, the central banker said the United States and other rich
nations could relearn a few lessons from fast-growing developing nations.
He said the successful emerging economies such as China had adopted
disciplined budget policies, embraced free trade, made public investments and
supported education.
"Advanced economies like the United States would do well to relearn some of
the lessons from the experiences of the emerging market economies, such as the
importance of disciplined fiscal policies," Mr. Bernanke said.
But in the question-and-answer period, Mr. Bernanke cautioned U.S.
lawmakers against cutting deficits too quickly to reduce budget deficits. He
has said that could put the fragile economy at risk.
He noted in his speech that emerging markets such as China account for a
large and growing share of the global economy, so they need to act accordingly.
"With increasing size and influence comes greater responsibility," he said.
Emerging nations will be challenged in the future by their reliance on
exports to drive growth, he added.
The Obama administration has been pushing the Group of 20 major economies,
which includes traditional powers such as the United States and emerging
economies such as China, Brazil and India, to boost domestic demand rather than
relying so heavily on exports to rich nations.
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