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I was thinking the same thing when I heard the news. Don't get me wrong, I stand by any decision giving a state more power vs the feds but, yeah... I think we'll see some back-lash from this when the cost of hiring our indigenous population starts to trickle up to the bigger folks.
In 1976 A typical American CEO earned 36 times as much as the average worker. By 2008 the average CEO pay increased to 369 times that of the average worker. timelines.ws...
The Irresponsibility of Ben Bernanke and How He Will Destroy the Dollar
...Federal Reserve Chairman Ben Bernanke’s Quantitative Easing approach is immoral, failed Keynesianism and harmful. ..... It is a deliberate but hidden default on government obligations. It steals from taxpayers because it is a hidden tax on income and wealth. In all of these respects, it is outright theft!
...All economists know the solution to unemployment is lower real wages.
All economists know the solution to unemployment is lower real wages. A central part of Keynes’ theory was the notion of money illusion. Keynes believed that workers would not accept nominal decreases in wages but that they could be fooled via inflation, a belief that only an elitist could have. If the cost of living goes up and wages stay the same, then real wages go down and presumably employment goes up (or down less than it otherwise would). Inflation, the critical tool in the Keynesian paradigm, has been used regularly. Since the formation of the Federal Reserve, the purchasing power of the dollar has fallen almost 96%.
Inflation, the critical tool in the Keynesian paradigm, has been used regularly. Since the formation of the Federal Reserve, the purchasing power of the dollar has fallen almost 96%.
Could Bernanke Spark a Run on the Dollar?
...QE2′s greatest shortcoming is that is really doesn’t create jobs as advertised. It’s just more supply side, “trickle down” monetary theory designed to goose the market while workers languish in unemployment lines. Here’s how the Wall Street journal’s Kelly Evans summed it up: ”…the limits of monetary policy are becoming clearer. History suggests any further easing probably would do too much for the stock market and asset prices, and too little for jobs.The only real fix is to lower the cost of U.S. workers relative to foreign rivals and machines, or else raise their bang for the buck. The latter, while clearly preferable, requires education and training that won’t turn things around overnight.” (“The Fed’s Magic Show Appears to Be Over”, Wall Street Journal)
In other words, the Fed is planning to give every working man and woman in the US a big pay-cut so they can go nose-to-nose with foreign labor.
You can see how this blends seamlessly with Obama’s State of the Union Speech where he focused on “competition” as his central theme. More importantly, Obama reiterated his pledge to double exports in the next 5 years. The only way that can be achieved is by destroying the dollar.
...The United States is blessed with more arable land than any other nation on earth. Still, only about one-fifth of our land area (382 million acres) is used for crop production. Grazing land for livestock accounts for about one-fourth of the privately held land in the U.S. (525 million acres).... www.epa.gov...
...In round numbers, U.S. farmers produce about $100 billion worth of crops and about $100 billion worth of livestock each year...
...U.S. farms. In 2000, the U.S. produced almost ten billion bushels of the world’s total 23 billion bushel crop...
...Over 350,000 farms in the United States produce soybeans, accounting for over 50% of the world’s soybean production and $6.66 billion in soybean and product exports in 2000. Soybeans represented 56 percent of world oilseed production in 2000.....
....The U.S. produces about 13% of the world’s wheat and supplies about 25% of the world’s wheat export market....
...Cotton is grown from coast-to-coast, but in only 17 southern states. Farms in those states produce over 20% of the world’s cotton....
...The U.S. exports almost half of the sorghum it produces and controls 70% to 80% of world sorghum exports.....
....U.S. rice production accounts for just over 1% of the world’s total, but this country is the second leading rice exporter with 18% of the world market......