Start Me Up
y, brian s . wesbur
"Start Me Up" denominated debt. Beyond Enron there is Comdisco, Sterling Chemical, Asia Pulp and Paper, Pacific Gas & Electric, Exodus, Globalstar, Enron, AT&T's Excite@Home, Argentina, Turkey, Pakistan,...
...We Masl erCard...
...Battered by the vicissitudes of policy, businesses and nations find themselves operating amid a turbulence, in which laws and values themselves are gyrating under the pressure of constant legal and monetary change...
...Deflation was a key contributor to strangling the venture sector, but high taxes and burdensome regulation also contributed...
...The dollar dutifully rose and strangled Third World hopefiis, telecom infrastructure projects, car and computer leasing companies, farmers, steel producers, energy prospectors-anyone who relies on debt finance and a stable standard of value...
...Whether you're an experienced shortwave listener or a newcomer to the world of international broadcasts, this is the radio for you...
...Without a proper price rule, markets lack any objective means to differentiate the news"-a change in monetary conditions-from the white noise of a thousand clamorous markets...
...Corporate profits have fallen so sharply and manufacturers have so much excess capacity that investment in both inventory and equipment will be slow to recover, holding back the rebound...
...To order by mail, send credit mmber and exwaeandate or track or money order for $159.95, plus tax if applicable' tx Grundig Direct, 3520 Haven Ave., Unit L, Redwood City, CA 94063 'CA orders add 8.25% sales tax (billed with shipment...
...it sucked them out of the most fertile and vulnerable frontiers of the entrepreneurial economy...
...Three cheers for American Spectator economics columnist Brian Wesbury, who topped The Wall Street journal's 2001 list of economic forecasters...
...Even if the U.S...
...was fighting a rearguard action against environmental extremists and overreaching by multilateral organizations of all sorts...
...In ex tremis, many of them make decisions that in retrospect can be interpreted as incriminating...
...Another key factor that will continue to boost economic efficiency is an accelerating pace of globalization...
...But they had one thing in common: heavy debt.Taking 40 percent of incremental income from investors through tax hikes and mangling monetary policy until entrepreneurial debtors have to repay 40 percent more than they borrowed is a sure route to ruin...
...monetary policy, at a time when both vast new telecommunications ventures and the most promising Third World countries were piling on debt...
...Productivity, and in the long run, growth in economic efficiency will keep that old bugaboo in check...
...This is the key to the resilience of the U.S...
...By December-at latestthe economy had already recovered...
...Voice of...
...Initially, the recovery will not be as strong or swift as many predict...
...quantity and Ext code from this ad (e~g Pp2f Visit our wehsilew wwwgiundigradiacom JANUARY/FEBRUARY 2002 - THE AMERICAN SPECTATOR 17...
...Venture capital investment, which peaked in the first quarter of 2000 and fell by 72 percent through the third quarter of 2001, is about to turn a corner and head north.That's a key leading indicator...
...The attacks on Microsoft and uncertainties that introduced into the whole vital software sector did not help either...
...Rather than isolating the U.S., the September attacks on New York and Washington galvanized the world...
...Even a supercharged U.S...
...The rebound still only brought the economy back to a declining trend line...
...Rather than lowering tax rates on investments afflicted with deflation, policy makers obsessed about such rear-view figments as "consumer confidence," a meaningless demand-side statistic...
...That's the power of Shortwave Radio_ These developments bode well...
...Free trade, stable money, globalization and advances in technology will once again boost wealth and standards of living.These benefits of freedom are something the Bin Ladens of the world will never understand...
...START ME UP ANOTHER BOOM AROUND THE CORNER MBY BRIAN S. WESBURY any mainstream economists seem to agree with Osama bin Laden, who in one of his videos last November, said that the 9/11 terrorist attacks "struck deep at the heart ofAmerica's economy...
...economy is still as strong today as at any time since the Industrial Revolution-maybe even stronger...
...Given the normal lags in the response of the economy to monetary policy, real recovery should not be underway until the sec 16 THE AMERICAN SPECTATOR • JANUARY/FEBRUARY 2002 and quarter...
...Money is essentially a standard of value, a code for transmitting information about the supply and demand for goods and services...
...in US...
...Only socialist regimes treat blunders as "economic crimes...
...Advances are being made in energy, pharmaceuticals, genetics, telecommunications and manufacturing at a faster rate than ever before in history...
...GRUnDIG TO ORDER, CALL US TOLL-FREE: 1-MCI-793-6542 Ext AMSP02 24 hours a dug 7 days a week...
...The Grundig YB 400PE has power to scan and lock on to even the weakest shortwave signals with rock-solid digital precision...
...Get immediate world news, straight from the source...
...He created the context for the "crime wave...
...World news is too important to ignore - and too important to wait for...
...economy...
...Please allow 3-4 we for shipment We can not ship to a PQ Box...
...Beyond Enron there is Comdisco, Sterling Chemical, Asia Pulp and Paper, Pacific Gas & Electric, Exodus, Globalstar, Enron, AT&T's Excite@Home, Argentina, Turkey, Pakistan, Indonesia...
...Rather than addressing the fundamental problem of deflation, the Bush administration enacted broad protection for the steel industry, thus spreading the damage to all companies that use steel and all companies dependent on trade...
...In essence, Greenspan is now blaming business for his own errors...
...Advances in technology continue to boost productivity at a rate well above any mainstream estimates-3 percent annually or even higher...
...Commodity price indices have stopped dropping, and rose roughly 5 percent in the fourth quarter...
...Pit & International orders t Canada) please fax 1X351-1724 for shipping and hani All' and taxes for international orders are the iees of reapients...
...Nonsense...
...The ig YB 400PE FM 5terealAMNk ldwide Sborbvm is onnly $149% (plus 10 ' and handrrng and tax, if applicable'), payable mien monthly credit card ktalIments of 332.83...
...Supplyside remedies-a stable currency, low tax rates and deregulation of technology-provide the only route to glob al economic growth and stability...
...All is not back to normal...
...Knowledge is the secret strength of the U.S...
...Bankruptcy is not a crime but a punishment.Virtually no one plans for its concussive effects or expects them.Yet failure is the crucial corrective filter and learning process of capitalism...
...For more information, visit www.g rundigradio.com...
...Every one made serious and unique errors...
...economy...
...But the potential growth rate of the U.S...
...is in a position of leadership, democracy and capitalism will spread...
...Russia and the U.S...
...AK, HI...
...And that helped the Russian stock market jump a remarkable 95 percent in the final quarter of 2001...
...Packed with features, hear news in English anywhere in the world...
...For a decade, Alan Greenspan's Fed seemed to adhere to a fixed standard of value, guided by a price rule based critically on gold and commodities...
...When all are afflicted, the scientific method points not to a which-andwhereas hunt for particular infractions, but to isolation of a common source...
...Just four months ago, the U.S...
...It was high taxes, misguided and excessive tightening of monetary policy, combined with lousy regulation in the energy and telecommunication sectors, that created the recession.The actual economic impact of Osama and his nutcase minions was ephemeral...
...But since 1996, the Fed has gone astray, citing as guides to policy the "irrational exuberance of the stock markets," the productivity explosion, the bubble on the Internet, the babble of economic data...
...Even the National Bureau of Economic Research has finally discovered that the recession began last March...
...I N c RUflDIG e 0-0000 __ 9 000 ® 0 (D (D 000 Listen to News & Events as they unfold...
...Mledcan Diseovet Ched or Matey Order...
...Moore's law continues to drive chip technology to astounding heights...
...His day job is chief economist at Griffin Kubik Stevens & Thompson, a Chicago-based investment bank specializing in fixed-income securities...
...has taken the point in an assault on repression...
...Features include dual digital clocks, direct frequency entry, 40 station memory presets, stereo earphones, included AC adapter and deluxe travel pouch...
...The Bush tax cuts of early 2001, while much smaller than needed, will also help boost business activity...
...As policy mistakes are corrected, growth will-surprise!-return...
...are active allies-simply amazing...
...When the standard of value itself becomes a commodity, traded like any other on currency markets, the most vital investment information is lost amid the froth...
...economy can not withstand gross policy mistakes.The Federal Reserve, after driving interest rates too high in 2000 and sending destructive deflationary tides through the world economy, has now cut interest rates enough to end the pain...
...To save his historic reputation, he should now return to a price rule, sensitive to the telltale worth of the 130 thousand metric tons of gold still available from all time...
...But despite appearances, this recovery should be another long and powerful boom...
...economy ekes forward over the next two years, the world has reached the end of the road for demand-side economics...
...Meanwhile, politicians must stop endless tinkering with the structure of law and regulation under which entrepreneurial plans play out...
...And that common source was and is a dangerously deflationary U.S...
...Listen to broadcasts out of Europe, Africa, and the Middle Keepg Ydu Irlformedl East, as well as local AM and FM, SSB communications and broadcasts or even ham radio...
...if paying by order indude, name, address, daytime phone ntmbeK product...
...Moving toward free markets benefits all citizens of the world and now that the U.S...
...The good news is that deflation is coming to an end...
...Now the Kyoto protocol is in tatters, and the U.S...
...They offer the only way to raise the tax revenues that will be needed to fund a war against terror and support the coming waves of retiring workers...
...The real crime wave is tremorous policy and the babel of alibis from politicians and bureaucrats searching for scapegoats...
...all countries and companies do...
...Fortunately, this does not mean that inflation is about to accelerate...
...While the dollar has surged since 1996 against the deflated yen, the euro, commodities and gold, the Fed adhered to its view that dollars were too numerous...
...No need to wait for updated internet reports and news at the hour when there are hundreds of correspondents reporting directly to you, live from around the globe...
Vol. 35 • January 2002 • No. 1
