Are Trade Deficits Really That Bad?

October 3, 2011 by

In a recent piece in The Nation Thomas Geoghegan argues fiercely that few points were made more emphatically by John Maynard Keynes than his opinion that: “no country, ever, should run up any kind of trade deficit, much less the trade deficit on steroids we are running”, and that he even fought for a global currency: the bancor, that would push creditor countries like the United States to pull debtor countries out of debt. Persistent trade deficits, argued Keynes (and, by extension, Georghegan), would frustrate the move toward full employment, via leakages in the economy which encourage import growth over exports, and hence, ultimately cost jobs. So what’s the answer?

BRICS are Conquering the Developing World and Space is Next

October 3, 2011 by

While some of NASA’s old equipment falls back to earth, the BRICS (Brazil, Russia, India, China and South Africa) are doing just the opposite, by launching massive technologically advanced hunks of titanium into earth’s orbit. Ever since Wan Hu, China has been aiming for space and it’s a frontier that it has finally conquered. On 29 September 2011, China successfully launched its first space lab module into orbit in an impressive nighttime display. The unmanned Tiapong blasted off on a Chinese Long March 2F rocket at the Jiuquan Satellite Launch Center in northwest China. The growing economic giant wants to put a man on the moon by 2030. They already put their first citizen in space in 2003 and completed their first space walk in late 2008, when three Chinese astronauts released a small satellite.