On Oct 22, 2008, at 1:28 PM, Louis Proyect wrote:
That doesn't make him a bad guy, does it? (especially if the
decline is primarily above the median).
Volcker is a very bad guy.
Yes, absolutely. No disagreement on that. But if he says that one
should expect a decline in American standards of living, that may be
(pending finer scrutiny) one of the better things he has said/done. We
(the list) have argued this before, but I have not seen any good
refutation of the self-evident fact (IMHO) that the entire world
cannot live at American levels, and if we are to give residents of the
poorer nations a standard of living that is tolerable, it may well be
at the cost of that SUV or colour television in each room or a mobile
phone per family member (over the age of 5) that is sort of the staple
for a middle-class (or higher) American family, or even its equivalent
in the 70s when Volcker initiated the rather unlikely phenomenon of
Fed Chair as Rock Star. Don't you think?
--ravi
--
Support something better than yourself, and only a bit worse than
Doug! ;-)
PeTA => http://peta.org/
Greenpeace => http://greenpeace.org/
If you have nothing better to read: http://platosbeard.org/
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