By Dennis McCuistion
After a century of world economic leadership blemished primarily by government mistakes which created the Great Depression, the United States through its military power, essentially won the first and second World Wars and the Cold War. America’s leadership role was a beacon for dozens of countries that moved away from socialist/totalitarian systems and toward a more open and market system.
But among the positives, such as lower tax rates, we are now experiencing (more…)
By Gioietta Kuo (China Daily)
Updated: 2008-06-10 08:08
As the price of oil exceeds $135 a barrel, Goldman Sachs, the New York investment bank, predicts that the oil price will reach $200 a barrel in the next year.
Mamdouh Salameh, advisor to the World Bank and UN Industrial Development Organization, said that if not for the Iraq War, the oil price would be $40 a barrel today. It is the United States’ and Britain’s invasion that led to the current oil crisis.
Iraq apart, although speculation must play a part, there are two fundamental reasons why the world is in a severe oil crisis.
First, there are many signs that oil is (more…)
Adam Smith, the famed 18th century economist, articulated the principles and differences between labor and capital. In simpler times, most workers simply sold their labor in exchange for wages. The earning power of a worker was a function of how many hours he or she could work at a given wage. Capital, on the hand, was employed to finance research, purchase equipment and inventory or meet other working capital needs. Capital was instrumental in building value for a business.
Today, many workers, particularly in the executive suite of public companies or financial markets, have been earning far in excess of what (more…)
The February 29, 2008 edition of The Morning News contained an editorial titled “Experts Urge Congress’ Help” which urged action to insulate commercial real estate from a still-crumbling housing market. In the meantime there are regional pockets in the U.S. where developers are still constructing commercial properties while other nearby commercial properties are vacant and in foreclosure. The question must be asked (more…)
The current financial emergency and stock market plunge created by sub-prime mortgage lending, coupled with high fuel prices and trade agreements which led to the loss of thousands of American jobs, has caused (more…)
