[lbo-talk] Fw: NYT hires a new hack

[Marvin Gandall]

The US is still the world's largest manufacturer, consumer market and 
provider of global currency reserves, but there is little doubt the gap is 
closing in all of these areas with respect to China and to other large 
faster-growing economies like Russia and India.

This is registered by the current decline in the US dollar, which is partly 
being driven by immediate fears of a pending US slowdown but, beyond that, 
by a deeper sense that US global power is weakening in relative terms. This 
larger perspective is what has been encouraging the gradual diversification 
by central banks and other large institutional investors away from the 
dollar and towards the euro and other rising currencies.

So while Carrol may be right to draw attention to the US's continuing 
pre-eminent economic status, it's a real exaggeration to state that "the 
whole world is tripping over itself to cater to it". It's quite evident the 
world is cautiously beginning to move in the other direction.

----- Original Message ----- 
From: "Seth Ackerman" <sethackerman1 at verizon.net>
To: <lbo-talk at lbo-talk.org>
Sent: Monday, December 31, 2007 12:31 AM
Subject: Re: [lbo-talk] NYT hires a new hack


> Doug Henwood wrote:
>
>>On Dec 30, 2007, at 8:24 PM, Chris Doss wrote:
>>
>>
>>
>>>--- Carrol Cox <cbcox at ilstu.edu> wrote:
>>>
>>>
>>>>Ignoring Dennis R's sweet daydreams, and looking at
>>>>the flow of material
>>>>goods and services, we can see that the whole world
>>>>is tripping over
>>>>itself in catering to the U.S.
>>>>
>>>>
>>>It is?
>>>
>>>
>>
>>Russia? China? Illusions. Sideshows!
>
> What about Russia and China?
>
> Seth