Bernanke says globalization benefits face threats

[acmejack]

JACKSON HOLE, Wyoming (Reuters) - The current "unprecedented" pace of global economic integration could raise living standards and cut poverty, but those benefits are at risk from geopolitical tensions and protectionism, Federal Reserve Chairman Ben Bernanke said on Friday.

"The scale and pace of the current episode (of globalization) is unprecedented," Bernanke said as he opened two days of discussions on globalization at the Kansas City Federal Reserve Bank's annual Jackson Hole retreat.

"Economic and technological changes are likely to shrink effective distances still further in coming years, creating the potential for continued improvements in productivity and living standards and for a reduction in global poverty," he said.


"Further progress in global integration should not be taken for granted," Bernanke warned, citing risks posed by international tensions and terrorism, as well as social and political opposition that can bubble up as some workers are displaced by shifting trade trends.

http://today.reuters.com/news/articlenews.aspx?type=businessNews&storyID=2006-08-25T142019Z_01_WBT005859_RTRUKOC_0_US-ECONOMY-BERNANKE.xml

[orpupilofnature57]

1. And Shrub could easily be identified as a Global Criminal in every way!

[brokensymmetry]

2. Yeah, Bernanke, the...

Friend of the Working Man. :sarcasm:

As wages and benefits decline to third-world levels.

[Maggie_May]

3. and

raises who's living standards and cuts who's poverty working for shit!

[xchrom]

4. bernanke doesn't want anything to stand in the way of

the mcdonaldization of our world.

a big box store on every corner -- and a mcmansion for every deserving ''virtuous citizen''.

[brentspeak]

5. He meant to say that the value of his stock portfolio faces threats

Cheap labor enrichs rich free trade jerks.

[acmejack]

6. This line really grabbed my eye!

Is he connecting these two items? "tensions and terrorism, as well as social and political opposition that can bubble up as some workers are displaced by shifting trade trends."

[durrrty libby]

7. Every time I see Bernanke mentioned it reminds me

of one of my favorite youtube videos

Columbia Business School students do an amazing job

If you haven't seen it yet, you are in for a treat

http://www.youtube.com/watch?v=3u2qRXb4xCU

[Zorra]

8. Ah, the benefits of globalized industrial slavery and/or indentured

servitude.

Ask yourself this question: Is America better off, a better place to live, than it was 10 years ago?

Well, it will be exponentially far worse 10 years from now if the widespread destruction of the planet, polarization of wealth (and subsequent political control that enormous wealth brings) and the almost universal erosion of the quality of our lives that is caused by globalism is not somehow miraculously curtailed in the near future.

"The global power of the financial centers is so great, that they can afford not to worry about the political tendency of those who hold power in a nation, if the economic program (in other words, the role that nation has in the global economic megaprogram) remains unaltered. The financial disciplines impose themselves upon the different colors of the world political spectrum in regards to the government of any nation. he great world power can tolerate a leftist government in any part of the world, as long as the government does not take measures that go against the needs of the world financial centers. But in no way will it tolerate that an alternative economic, political and social organization consolidate. For the megapolitics, the national politics are dwarfed and submit to the dict ates of the financial centers. It will be this way until the dwarfs rebel . ."

http://flag.blackened.net/revolt/mexico/ezln/1997/jigsaw.html