Monday, May 25, 2009

Kevin Phillips: The global economic engines are moving. From California it's West. From NYC/Europe it's east.

Kevin Phillips:
The New Politics of Inflation: Asian and Monetary:
"When future chroniclers describe the late 20th century and early 21st century global inflation now about to renew, the rise of Asia will be an even bigger causation than the massive money expansion set in motion over a quarter of a century by the U.S. Federal Reserve. And this will be true even though Chairman Ben Bernanke has been pouring trillions of dollars into the bail-out of a reckless and metastasized U.S. financial system.

In a nutshell, the rise of Asia - approaching 60% of the earth's population and on the cusp of a plurality of world wealth- is realigning global economics and political power. The history of such great realignments is inflationary
. . .
When I published my first book, The Emerging Republican Majority way back in 1969, I discovered that Washington politicians and pundits had trouble grappling with unanticipated watersheds in the political status quo. Now the same seems true again for the seeming incapacity of the New York and London financial power structure to deal with the economic upheaval now occurring. So here's a relevant bit of economic history - and an admission. The Second Price Revolution notion has been one of my theses since the inclusion of a chapter about it in my 1982 book on the radicalization of Reagan era economics (entitled Post-Conservative America)

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