Jobs Crash Update: 1983 versus 2010 - Eric Janszen

[c1ue]

Re: Jobs Crash Update: 1983 versus 2010 - Eric Janszen

How can this be? Isn't Japan heavily dependent on Oil Imports?

Japan imports heavily, but exports enough that import prices don't automatically and directly translate into inflation.

The US doesn't have this luxury; even though the US dollar is a reserve currency, the US must borrow dollars in order to pay for its imports.

This means that devaluing the dollar in turn will directly impact import prices - i.e. energy prices.

[LargoWinch]

Re: Jobs Crash Update: 1983 versus 2010 - Eric Janszen

Japan imports heavily, but exports enough that import prices don't automatically and directly translate into inflation.

The US doesn't have this luxury; even though the US dollar is a reserve currency, the US must borrow dollars in order to pay for its imports.

This means that devaluing the dollar in turn will directly impact import prices - i.e. energy prices.

Thanks c1ue, that makes a lot of sense.

[SpaceOptimist]

Re: Jobs Crash Update: 1983 versus 2010 - Eric Janszen

The phenomenon of recession ending in the Productive Economy when the FIRE Economy was still contracting is commonly misunderstood as a "jobless recovery."

Is this a typo? Are the economies swapped? I would think that a recession ending in the Productive Economy would result in increasing jobs.

Otherwise, thanks for the update on the job situation. It's all too easy to think my current job situation is representative and your updates give me perspective.

[cabezon]

Re: Jobs Crash Update: 1983 versus 2010 - Eric Janszen

Japan imports heavily, but exports enough that import prices don't automatically and directly translate into inflation.

The US doesn't have this luxury; even though the US dollar is a reserve currency, the US must borrow dollars in order to pay for its imports.

This means that devaluing the dollar in turn will directly impact import prices - i.e. energy prices.

Americans also use much more energy per capita than the Japanese. Almost twice, in fact. I would think that would be an important factor as well.

[jtabeb]

Re: Jobs Crash Update: 1983 versus 2010 - Eric Janszen

Cow, it's about convincing regular folks that AUSTERITY is REALLY in their best interests, when in reality it is only a continuation of the theft and fraud that only TRULY benefits the OLIGARCHICAL Class (Politicians, Banksters, and THE FED).
Which of course, you astutely observed in your previous posting.

In other words, it's an attempt to turn reality upside down with regular folks being told (and believing) that slitting their own throats is the best thing to do, when in REALTY they should be slitting the throats of the OLIGARCHY if they truly wanted to act in their own self-interest.

(Note: I'm speaking METAPHORICALLY, of course)

[metalman]

Re: Jobs Crash Update: 1983 versus 2010 - Eric Janszen

Cow, it's about convincing regular folks that AUSTERITY is REALLY in their best interests, when in reality it is only a continuation of the theft and fraud that only TRULY benefits the OLIGARCHICAL Class (Politicians, Banksters, and THE FED).
Which of course, you astutely observed in your previous posting.

In other words, it's an attempt to turn reality upside down with regular folks being told (and believing) that slitting their own throats is the best thing to do, when in REALTY they should be slitting the throats of the OLIGARCHY if they truly wanted to act in their own self-interest.

(Note: I'm speaking METAPHORICALLY, of course)

piling on trillions in debt in jan 2009 then cutting the shit out of budgets 18 months later... yeh... all sounded like a good idea at the time...

[jtabeb]

Re: Jobs Crash Update: 1983 versus 2010 - Eric Janszen

Explain to me the difference between Argentina circa 2001 and the USA circa 2010, again?

[jtabeb]

Re: Jobs Crash Update: 1983 versus 2010 - Eric Janszen

You are using BLS PPI data right? (Do you Think this data JUST MIGHT be causing garbage-in-garbage-out based on the "lack" of CPI inflation we are seeing from the same agency?) If the PPI is rigged (any one care to argue that it's ACCURATE?) then the pain index is much, MUCH higher relative to 1983.

[Southernguy]

Re: Jobs Crash Update: 1983 versus 2010 - Eric Janszen

You are using BLS PPI data right? (Do you Think this data JUST MIGHT be causing garbage-in-garbage-out based on the "lack" of CPI inflation we are seeing from the same agency?) If the PPI is rigged (any one care to argue that it's ACCURATE?) then the pain index is much, MUCH higher relative to 1983.

Rising wages and prices in China shall be another driving force for inflation. I expect that prices for China´s exports shall rise steeply in the next months-years. Besides, rising salaries, and consumption in China shall put more pressure on prices of other commodities as well, mainly oil and energy in general.

[jimmygu3]

Re: Jobs Crash Update: 1983 versus 2010 - Eric Janszen

Explain to me the difference between Argentina circa 2001 and the USA circa 2010, again?

Argentina in 2001 had 90% or more of its debt obligations in foreign currency which it had to earn through exports. When this became impossible, outright default was the only option. The US today owes virtually all of its debt in dollars, which can be printed at will. Outright default is not an option yet. It's like punting on 3rd down. Gradual default through currency depreciation is what we will continue to see until the point that creditors demand US debt denominated in foreign currency and/or hard assets, and the US ends up in an Argentina situation. Until then, methinks the US has a lot more tricks up her sleeve to prolong the process.

-Jimmy

[BuckarooBanzai]

Re: Jobs Crash Update: 1983 versus 2010 - Eric Janszen

take it you're not talking about teabaggers...

Have you been to any tea party rallies? I've been to a few, and I'm here to tell you, from my observations the vast majority of all tea party supporters are gainfully employed or business owners. The people I talked to all mentioned how they had to take valuable time away from work to express their political opinion.

I am not at all surprised that there are gross misconceptions about who tea partiers are, and what motivates them, in the dopey liberal mainstream media. I am much more surprised that such misinformation seems to persist among iTulipers, whom I always imagined to be much less influenced by what they read in the NYT or see on MSDNC.

Aside from that, generally speaking, I think what is remarkable about this recession is how UN-organized and UN-vocal the unemployed are.

[ThePythonicCow]

Re: Jobs Crash Update: 1983 versus 2010 - Eric Janszen

Have you been to any tea party rallies? I've been to a few, and ...

I haven't been to tea party rallies myself, but what you say about them and about the un-organized unemployed rings true to me.

[BigBagel]

Re: Jobs Crash Update: 1983 versus 2010 - Eric Janszen

Cow, it's about convincing regular folks that AUSTERITY is REALLY in their best interests, when in reality it is only a continuation of the theft and fraud that only TRULY benefits the OLIGARCHICAL Class (Politicians, Banksters, and THE FED).

If the American people lived in a self imposed financially austere manner the FIRE economy would have been starved. Personal financial austerity is currently being heavily punished by the imposition of zero interest rates. Their idea of austerity is really slavery, a slavery in which the FIRE economy can extract their rent from the masses.

[ThePythonicCow]

Re: Jobs Crash Update: 1983 versus 2010 - Eric Janszen

If the American people lived in a self imposed financially austere manner the FIRE economy would have been starved. Personal financial austerity is currently being heavily punished by the imposition of zero interest rates. Their idea of austerity is really slavery, a slavery in which the FIRE economy can extract their rent from the masses.

The word "austerity" in the present financial crisis usually refers not to personal austerity, but rather to slashing the national government's social programs, as part of the theft of a nations resources, real estate, and future tax and income streams by the FIRE economy Masters, the Anglo-American Banksters.

EJ's original post made light of calls for austerity, as if calls for austerity were a confused request of some misguided tea party members (I'm putting words in EJ's mouth here, but as best as I can tell, accurately so.)

Now you're noting that if most Americans had lived an austere life all along, we Americans would not be in this mess (hinting at this mess being the fault of the American people's poor choices.)

What you say may well be true, but your observation distracts, just as EJ's remark distracted, from the meaning that "austerity" holds in the present context. Your observation seems actually to go a step further in the direction that I am warning against. By suggesting ordinary Americans are to blame here, your observation tends to support the austerity provisions that the Banksters would (and have many times before in smaller polities) use to continue and expand their theft.

I am trying to warn here of something. I am trying to stay focused on a particular danger.

The Banksters will encourage indebted nations, corporations and individuals to do whatever they can to meet debt payments, including selling off (nationalizing) property and infrastructure (toll roads, water utilities, ...), including cutting back other programs (austerity), and including raising taxes, all to focus on meeting debt payments ... payments to said Banksters.

The end result is to drive a nation and its businesses and citizens into debt slavery, with any present resource or future income or taxes owned by the Banksters.

Don't go there.

There is plenty of fault to go around here. As in a no-fault divorce or a Chapter 11 reorganization, it is important to focus on establishing a functioning solution for the future, without focusing on who to blame for the past failures.

[BigBagel]

Re: Jobs Crash Update: 1983 versus 2010 - Eric Janszen

Their idea of austerity is really slavery, a slavery in which the FIRE economy can extract their rent from the masses.

The sentence, which you quoted, is basically in agreement with your above post. My intention was not to point fingers.