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  #1 (permalink)  
Old 31st December 2007, 08:17 PM
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Really want to know why America is in a Mess?

It seems US Banks have been cooking the books for years!

http://news.bbc.co.uk/1/hi/business/7164898.stm
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Old 31st December 2007, 08:56 PM
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Re: Really want to know why America is in a Mess?

economists at the World bank were not too swift at numbers either recently...

GNP numbers for China were off by 40%...........

2 bubbles both real estate oriented it seems................

Thanks for the post......and happy new year RD....
Steve


http://www.latimes.com/news/opinion/...,1035099.story


Revised GDP calculations show that Beijing isn't the giant we thought it was.
By Walter Russell Mead
December 30, 2007
The most important story to come out of Washington recently had nothing to do with the endless presidential campaign. And although the media largely ignored it, the story changes the world.

The story's unlikely source was the staid World Bank, which published updated statistics on the economic output of 146 countries. China's economy, said the bank, is smaller than it thought.

About 40% smaller.

China, it turns out, isn't a $10-trillion economy on the brink of catching up with the United States. It is a $6-trillion economy, less than half our size. For the foreseeable future, China will have far less money to spend on its military and will face much deeper social and economic problems at home than experts previously believed.

What happened to $4 trillion in Chinese gross domestic product?….......
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Old 31st December 2007, 09:20 PM
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Re: Really want to know why America is in a Mess?

Quote:
Originally Posted by sbe18
Revised GDP calculations show that Beijing isn't the giant we thought it was.
By Walter Russell Mead
December 30, 2007
The most important story to come out of Washington recently had nothing to do with the endless presidential campaign. And although the media largely ignored it, the story changes the world.

The story's unlikely source was the staid World Bank, which published updated statistics on the economic output of 146 countries. China's economy, said the bank, is smaller than it thought.

About 40% smaller.

China, it turns out, isn't a $10-trillion economy on the brink of catching up with the United States. It is a $6-trillion economy, less than half our size. For the foreseeable future, China will have far less money to spend on its military and will face much deeper social and economic problems at home than experts previously believed.

What happened to $4 trillion in Chinese gross domestic product?….......

It's all about face. And now they will need to bury their face for a while.

This situation is about to get ugly. I predict a WTO meltdown within 5 years. Scoff now and remember I said it when it happens.

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Old 31st December 2007, 10:21 PM
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Re: Really want to know why America is in a Mess?

Actually to a large extent this is a non-story.

The GDP measured in Yuan did not change.

The GDP measure in dollars did not change.

What changed was the World Bank's estimation of how all this related to the cost of living.

GDP is a fundamentally flawed concept, anyway because it does not measure wealth creation. Two thirds of the US GDP is accounted for by the retail sector!

HELLOOO!!!!!!

Quote:
Originally Posted by sbe18
economists at the World bank were not too swift at numbers either recently...

GNP numbers for China were off by 40%...........

2 bubbles both real estate oriented it seems................

Thanks for the post......and happy new year RD....
Steve


http://www.latimes.com/news/opinion/...,1035099.story


Revised GDP calculations show that Beijing isn't the giant we thought it was.
By Walter Russell Mead
December 30, 2007
The most important story to come out of Washington recently had nothing to do with the endless presidential campaign. And although the media largely ignored it, the story changes the world.

The story's unlikely source was the staid World Bank, which published updated statistics on the economic output of 146 countries. China's economy, said the bank, is smaller than it thought.

About 40% smaller.

China, it turns out, isn't a $10-trillion economy on the brink of catching up with the United States. It is a $6-trillion economy, less than half our size. For the foreseeable future, China will have far less money to spend on its military and will face much deeper social and economic problems at home than experts previously believed.

What happened to $4 trillion in Chinese gross domestic product?….......
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Old 1st January 2008, 01:51 AM
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Re: Really want to know why America is in a Mess?

Quote:
Originally Posted by sbe18
2 bubbles both real estate oriented it seems................

It's the same everywhere in the world - it might be worst in the UK than the 2 - greenspan calls it the global phenomenon.

Last edited by touchring; 1st January 2008 at 02:06 AM..
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Old 1st January 2008, 02:06 AM
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Re: Really want to know why America is in a Mess?

I was this close || to buying a house in california that i couldnt afford in 2006.
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Old 1st January 2008, 05:30 AM
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Re: Really want to know why America is in a Mess?

Quote:
Originally Posted by touchring
It's the same everywhere in the world - it might be worst in the UK than the 2 - greenspan calls it the global phenomenon.
What amuses me is the way people still seek Greenspan's opinion. It was he that presided over the mess in the first place!

If you really want to know what is going on you should be reading Nouriel Roubini:

http://rs.rgemonitor.com/blog/roubini/233974/
http://www.rgemonitor.com/blog/roubini/220816

What is certain is that after Democrats gain the White House, which in view of the ensuing financial collapse is almost a certainty, a lot of American Bankers will be going to jail. This will make the Enron affair look like somebody putting their hand in the cookie jar.
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Last edited by Rubber Duck; 1st January 2008 at 06:47 AM..
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Old 1st January 2008, 10:28 AM
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Re: Really want to know why America is in a Mess?

Quote:
Originally Posted by Noemi
I was this close || to buying a house in california that i couldnt afford in 2006.

Why in the world would a person who is under 21 be trying to buy a house? That sounds awful strange to me.

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Old 1st January 2008, 11:32 AM
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Re: Really want to know why America is in a Mess?

Quote:
Originally Posted by jacksonm
It's all about face. And now they will need to bury their face for a while.

This situation is about to get ugly. I predict a WTO meltdown within 5 years. Scoff now and remember I said it when it happens.

.

Doesn't matter, once they open the pandora box of capitalism in china, the flood gates are open.

Last edited by touchring; 1st January 2008 at 11:42 AM..
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Old 1st January 2008, 03:51 PM
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Re: Really want to know why America is in a Mess?

Quote:
Originally Posted by jacksonm
Why in the world would a person who is under 21 be trying to buy a house? That sounds awful strange to me.

.
"I" would be me and my mother. It just required less explanation if I just said I.
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Old 1st January 2008, 03:54 PM
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Re: Really want to know why America is in a Mess?

Quote:
Originally Posted by Rubber Duck
What is certain is that after Democrats gain the White House, which in view of the ensuing financial collapse is almost a certainty, a lot of American Bankers will be going to jail. This will make the Enron affair look like somebody putting their hand in the cookie jar.
A pretty far reaching prediction for the US. How many is a "lot" and how many bankers in the UK are going to follow suit?
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Old 1st January 2008, 04:03 PM
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Re: Really want to know why America is in a Mess?

Quote:
Originally Posted by bwhhisc
A pretty wild prediction for the US. How about the bankers in the UK?
We have already sent over 3 to be tried in the US from the Eron debacle, but I frankly could see little justification in approving the extradition other than Political appeasement.

The new year will tell us more, but I think you find that our our central bank has been far less lax than yours in regulating the financial system.

From what I have been reading Greenspan thought he was in control, but didn't really have any idea what was really going on the US economy. It might be argued that perhaps a more contemporary figure would have been more appropriate.

On the breaking the law assumption, yes there is little evidence as yet, but it will emerge. If the whole industry is deemed to be within a hairs breadth of acting illegal you may depend that a significant minority have crossed that threshold.

My view is the authorities are not interested in that side of things whilst everything is so delicately perched on the edge of the abyss. There will be plenty of time for recriminations afterwards.
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Old 1st January 2008, 05:33 PM
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Re: Really want to know why America is in a Mess?

Quote:
Originally Posted by bwhhisc
A pretty far reaching prediction for the US. How many is a "lot" and how many bankers in the UK are going to follow suit?
I don't know about "a lot". But I'd like to see someone from Goldman Sachs in jail. Now they are prim and proper, downgrading everyone else; but those days they sold mortgage backed security to clients and then bet on its drop in value.
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Old 1st January 2008, 08:14 PM
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Re: Really want to know why America is in a Mess?

Won't be long now before they are securiticing portfolios of dot Mobi and trying to sell them on to unsuspecting investors.
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Old 30th January 2008, 05:18 AM
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Re: Really want to know why America is in a Mess?

Quote:
Originally Posted by bwhhisc
A pretty far reaching prediction for the US. How many is a "lot" and how many bankers in the UK are going to follow suit?
But it could well be on the money!

http://news.bbc.co.uk/1/hi/business/7216602.stm
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Old 30th January 2008, 07:21 AM
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Re: Really want to know why America is in a Mess?

That's why gold is getting popular. It is the only form of liquid wealth you can hide from the police. There is too much illegal money in this world that has trouble finding a hiding place. And there's not enough gold to replace all this illegal money.

Last edited by touchring; 30th January 2008 at 07:26 AM..
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