Groucho Marx and Frank Sinatra ~ 1951
"It's Only Money"
Ever wanted to read a genuine example of corporate double speak complete with unadulterated bullcrap?
Get a load of this:
In the first paragraph, Hormats says that the US needs to "attract more foreign capital", and in the third paragraph says to "reduce dependence on foreign money".
So which is it?
Attract more foeign capital or not?
Hormats also says that the US needs to improve our trade balance. Agreed. But one good way to do that is increase exports by having your currency be a bargain for foreign investors to buy, thus making your goods more affordable and attractive for them to buy too.
Then Hormats really shovels the horsefeathers: "Exports are rising at a much more rapid rate than imports," Hormats said, citing that 95% of the world's consumers now are outside the U.S. "About one-third of the profits of S&P 500 companies come from activities abroad." He says the above as if it is a bad thing.
My gosh, selling your goods to overseas (i.e., exports) is a good thing. You want to be able to do that. That means you are producing valuable products/services at a reasonable price in a global economy.
No wonder so many people seem confused about economics and international finance these days, if they read junk like this article and try to make sense out of it. I don't know what kind of game Hormats was playing at here, but accurately talking about international economics and finance does not seem like one of them to me.
~ 3 Wood
Get a load of this:
SAN FRANCISCO (MarketWatch) - As the world's economies become more globalized and the U.S. dollar competes with a stronger euro, America needs to restructure its global policies to attract more foreign capital, Robert Hormats, vice president of Goldman Sachs International, said Wednesday. The next U.S. administration will need to make "important policy changes to take advantage of new global opportunities," Hormats said during a speech at an Asian banking and finance conference at the San Francisco Federal Reserve Bank.
Those changes include realizing the U.S. needs to accelerate improvements in its trade balance to reduce dependence on foreign money, boost competitiveness by reasserting the Doha Round global effort and be a leader in global policy creation, he said."
In the first paragraph, Hormats says that the US needs to "attract more foreign capital", and in the third paragraph says to "reduce dependence on foreign money".
So which is it?
Attract more foeign capital or not?
Hormats also says that the US needs to improve our trade balance. Agreed. But one good way to do that is increase exports by having your currency be a bargain for foreign investors to buy, thus making your goods more affordable and attractive for them to buy too.
Then Hormats really shovels the horsefeathers: "Exports are rising at a much more rapid rate than imports," Hormats said, citing that 95% of the world's consumers now are outside the U.S. "About one-third of the profits of S&P 500 companies come from activities abroad." He says the above as if it is a bad thing.
My gosh, selling your goods to overseas (i.e., exports) is a good thing. You want to be able to do that. That means you are producing valuable products/services at a reasonable price in a global economy.
No wonder so many people seem confused about economics and international finance these days, if they read junk like this article and try to make sense out of it. I don't know what kind of game Hormats was playing at here, but accurately talking about international economics and finance does not seem like one of them to me.
~ 3 Wood
Beatles ~ It's Only Love
For all the law is fulfilled in one word, even in this:
“You shall love your neighbor as yourself.”
~Galatians 5:14
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