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- Hey Sean, this is a great film for opening people's minds. I'm not sure how I feel about all of his claims. I've watched the film twice now, the first time was over the summer and the...
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rise up Rochester
energizing the peaceful resistance in Western New York
The real reason for rising food prices doesn’t have much to do with ethanol, but with the declining value of the dollar, according to a guest essayist in the Democrat and Chronicle today. Finally I agree with some economic theory presented in a mainstream newspaper. If only more peop
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1 year ago
The world's population did not surge, nor did Chinese change their diet, overnight. The surge in the use of corn for ethanol -- 75% of the increase in production over the last three years -- was much more sudden. By citing the expected 8% (or greater) decline in corn production this coming crop year as proof that corn is not the dominant ethanol feedstock, Mr. Ochterski shows a breathtaking ignorance of the market. The problem is that federal mandates require a 25% increase in biofuel (mainly ethanol) use this year.
Hmm. Could rising demand and falling supplies possibly be driving up prices? Naaaaw.
1 year ago
1 year ago
I am much more conerned about self-inflicted damage, such as ethanol subsidies and mandates, which cost taxpayers and consumers dearly -- and not only consumers in the United States, but in urban slums in places like Haiti and Africa as well.
1 year ago
Some losers include:
People on fixed incomes- Those who receive government entitlements have seen a 50% decline in the real buying power of their checks in the last 5 years alone.
Anyone who earns money in dollars- Study the history of countries which experienced high inflation or hyperinflation. Very few people in those countries had pay raises that kept up with the rate of inflation. In fact, it's mathematically impossible and would only accelerate inflation more.
Anyone who is a fan of US sovereignty- A week dollar means that foreigners can just come and buy up whatever they like for pennies on the dollar. For instance, the Flatiron building and the Chrysler Building in New York City were just bought by foreigners for pennies on the dollar.
Ultimately the economy as a whole is effected- We don't have that many industries that export anymore. We are a services based economy. When Americans see the value of their dollar has eroded they will stop buying as many pedicures and start walking their dog themselves. They might fire the cleaning lady and start doing their own book-keeping too.
If you're really curious what hyperinflation could do to the US I suggest you look at the history of Argentina. A little over 100 years ago they were in the top 5 wealthiest countries in the world. Hyperinflation hit and overnight they became a 2nd world country. Perhaps I should post an article about this soon.
Thanks for the lively discussion!
1 year ago
But you seem to be suggesting that the fall in the dollar is something that the U.S. Government can easily resist, rather than it being the result of market players loosing faith in the ability of the U.S. economy to yield superiour returns. The United States cannot force the world to hold dollars; indeed, many citizens and banks have been shifting more of their portfolio towards the euro and pound sterling for several years.
If America is concerned about other countries buying up its assets, that process started long ago when it went on a consumption spree financed by willing overseas lenders.