13 November, 2010

10 trillion HOT MONEY

"Around the world we have $10 trillion of hot money flowing around, more than the $9 trillion in hot money at the beginning of the global financial crisis," [Chinese Vice Finance Minister Zhu Guangyao] said

WE COULD SPEND THIS MONEY ON
- afghanistan and iraq reconstruction and extremists-pacification
- wind power
- food for starving people

In the Philippines, the influx of short-term "hot money" in the first nine months of the year jumped 300% from a year earlier to $1.8 billion, according to the central bank. [2]

The US recovery is faltering, thanks to an inadequate stimulus. After the midterms, an adequate stimulus is off the table.

The Republican majority in the House of Representatives has taken a position against further stimulus spending as a matter of ideology, electoral politics, and, one would suspect, a cynical willingness to see the US economy go down in flames, as long as President Barack Obama's hopes for a second term go with it.

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posted by u2r2h at Saturday, November 13, 2010

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