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Stories behind News in Global Economic Arena - Part of Tapsearch Com and Tapart News Network sites

Explore the untold stories behind the news in the lost worlds of Globalist Free Traders. It is really all about you in the global economic arena. By Ray Tapajna - Editor and Artist at Tapart News and Art that Talks - global issues. " Information Digest " sites at from the real world of the streets of USA

Federal Reserve Chairman says spend money on goods produced domestically

January 18th 2008 22:49
Bizarre Politics Reports: Fed Ben Bernanke says shop USA made goods
The economic storm in the USA is touching down across America with many losing their homes.

A super news event happened yesterday but it wil most likely l go unreported. Ben Bernanke, Chairman of the Federal Reserve Bank, testified before the U.S. Congress about some of his recommendations for the U.S. Government economic stimulus package. President Bush announced a package today.

Again we have another interesting untold story behind this story.

U.S. Congresswoman Allyson Schwartz asked Bernanke during his testimony, what would be the best thing people should do with the extra money they would get from any economic stimulus package. She asked if they should pay down their credit card balances or use the money some other way.

Ben Bernanke said paying down a credit card balance would have just a static influence in helping to stimulate the economy. He stated it was a "negative". He said the best thing to do for the sake of the economy is to spend any extra money on domestically produced goods - that is products "made" in the USA.

(U.S. Congresswoman Allyson Schwartz has supported Free Trade which sends production outside the USA. )

This is will prove to be a momentous statement in more ways than one. It strikes at the heart of Free Traders theories. President Bush in announcing his economic stimulus package today said the spending of any extra money will stimulate the economy . If we follow Ben Bernanke statement to its conclusion, someone should ask President Bush which economy he is talking about since most of the products purchased at retail outlets are made outside the USA. This means that any extra money spent at the retail level goes to the places where the products are made. The money does not stay here to help restore the U.S. economy. The economic stimulus package ends up being one for someone else in the world and not for Americans. Shopper who will spend any extra money at places like Wal-Mart will send their extra dollars to places like China.

The profit takers will enjoy more no matter where they reside but the ordinary worker will not be part of it. Production and factories are mobile in the Globalist Free Trade world. Worker are not. It also must be noted that about 70 percent of all U.S. workers pay more in payroll taxes then they do in income taxes. So far, tax cuts only apply to income taxes although the government uses both revenues in much the same way.

We trust someone will pick up on what Ben Bernanke said and take his statement to all its logical common sense conclusions. Free Trade and Globalization has failed. It is time to prepare for the post-Globalization era.

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