A few thoughts on politics. First, I am glad former New York City Mayor Michael Bloomberg decided not to run for president; however, what it appears he did not think of is declaring on Day One that if two weeks before the election it did not appear he could win, he would pull out so he would not be a spoiler, like Ralph Nader. He might have won with this high ground approach.
More than a year ago, speaking in Northampton, Bernie Sanders made it clear that his purpose for running was to move the nation further to the political left in its thinking. I do not think he expected to do as well as he has done.
Whether he wins or not, he has done an outstanding job of accomplishing his primary goal. Thanks, Bernie. If he doesn’t win, let’s build a movement on what he has launched. Movements are the most powerful force for change in a society: their primary purpose is to change something in the way we all think which eventually changes everything else, for example a civil rights movement or a women’s movement.
Ben Bernanke, the former head of the Federal Reserve, threw dollars into the market to stimulate the economy and lower the U.S. dollar. This was great for America – it pulled us out of the recession – but … and I know am not supposed to say this in public … it was horrible for the rest of the world.
Our exports cost less and the increased sales saved our economy. Now, the rest of the world has figured out they could do the same thing, e.g. Europe and Japan. And China has just revealed it is going to do it by cutting the yuan value.
China recently paved the way for domestic banks to issue $8 billion in securities – think America 2008 – backed by proceeds from non-performing loans. If these kinds of actions do not result in the hoped-for soft landing for their economy, our next president and Congress will be dealing with a greatly troubled world economy.
All central banks can’t do what Bernanke did at the same time. We were first and smartest and there is no way for them to catch up. It is time for us to create an honest world currency to put an end to these unfair games.
Terry Mollner
Amherst