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I'm going to do a rather nasty diary on this, as a response to Reich, for whom I have almost no respect.  He's a liberal voice whom I believe the Left does not need and should avoid if we wish to make decisions that will, yes, win elections, but also allow us to govern well.

Conservatives want live babies so they can raise them to be dead soldiers. - George Carlin
by Drew J Jones (myfriends@thisispancakes.com) on Sun Dec 4th, 2005 at 02:45:51 PM EST
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While you are refuting Reich, you might also take your time to refute Paul Craig Roberts, who was "Assistant Secretary of the Treasury in the Reagan administration". It seems neither liberals not conservatives are happy with the march of the economy under Bush.

guaranteed to evoke a violent reaction from police is to challenge their right to "define the situation." --- David Graeber citing Marc Cooper
by Migeru (migeru at eurotrib dot com) on Sun Dec 4th, 2005 at 03:54:15 PM EST
[ Parent ]
Roberts is a bit too alarmist for my taste, but he's one of many people who have warned against a flight from the dollar -- Paul Volcker, the former Fed chairman, being perhaps the best known and most respected.  He brings up some important points.

He's got one of the figures wrong:  The US has not lost 760,000 jobs, net.  The number is much higher, when you take the growth in the labor market into account.

Roberts, like me, takes a steep decline in the dollar as a given, as I think most of us do.  (However, the dollar has been gaining against the euro and pound.)  Where he and I disagree is on how painful that will be.  Not that I don't think it will be painful.  I certainly do.  But I don't see an "End of the World" scenario coming.

Conservatives want live babies so they can raise them to be dead soldiers. - George Carlin

by Drew J Jones (myfriends@thisispancakes.com) on Sun Dec 4th, 2005 at 10:55:27 PM EST
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