Tuesday, October 5, 2010

War, Good God Ya'll

What is it good for?
Absolutely nothing, say it again
-- Edwin Starr

One good rule thumb in trying an understand what's happening with the economy is listen to what Mr. Geithner says, and know that's not possibly right. So, last week when Mr. Geithner states there's no currency wars, that pretty much means it's raging full scale, and the Fed's dropping the biggest bombs. The WSJ has two good articles, the first with the Europeans jumping on the bandwagon calling for the Chinese to raise the value of the yuan, which will no doubt help the Greeks and the Irish, right? The second piece states,
Global efforts to tame the foreign-exchange market stepped up a gear Tuesday as key countries around the world battled to hold their soaring currencies down.

The big problem: as a whole, currency-denting exercises aren't working. The U.S. dollar remains trapped in a downward spiral as expectations of further monetary easing by the Federal Reserve drags it down. That adds further weight to recent calls from a major international body for a big rethink on the global currencies market.

"The currency wars are heating up. Calls for a new global currency structure will heat up," said Kit Juckes, head of foreign-exchange strategy at Société Générale in London. As authorities around the world tried to hose down their currencies overnight, the Institute of International Finance sounded a warning on the current system.

Here on the domestic front, Mark Ames has a really excellent piece on the continuing propaganda war of our corporate oligarchy in their decades long attempt to convince us all that what's good for the boardroom is good for us, and that concentrating economic power in the hands of the few is really freedom for us all. Ames has a strong stomach.

Finally, in a guerrilla skirmish, seems one of the banks biggest gofers, Barney Frank, is facing a little electoral heat. Remember Comrades, Barney was reelected in 2006 with 99% of the vote. While its doubtful that in the next four weeks, the majority of people in MA-4 will come to recognize their interests and those of banks really aren't allied, it is keeping Barney from poisoning other candidates by spreading the ill-gotten largess he gains from Wall Street. Here's what those most concerned have to say,
"It's much more of a race than it has been in prior years, but from our perspective, it would be a real loss to Massachusetts if Barney's not re-elected," said Daniel Forte, president of the Massachusetts Bankers Association, a trade group.
Ho-Ho-Ho, Bubba.

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