Barack Obama’s economic advisors

Here is the story, by Noam Scheiber of TNR, hat tip to Greg Mankiw.  Excerpt:

Like Bill Clinton in 1992, Obama’s campaign boasts a cadre of credentialed achievers. Intellectually, however, the Obamanauts couldn’t be more different. Clinton delighted in surrounding himself with big-think public intellectuals–like economics commentator Robert Reich and political philosopher Bill Galston. You’d be hard-pressed to find a political philosopher in Obama’s inner wonk-dom. His is dominated by a group of first-rate economists, beginning with Goolsbee, one of the profession’s most respected tax experts. A Harvard economist named Jeff Liebman has been influential in helping Obama think through budget and retirement issues; another, David Cutler, helped shape his views on health care. Goolsbee, in particular, is an almost unprecedented figure in Democratic politics: an academic economist with a top campaign position and the candidate’s ear.


All the economics advisors in the world aren't much use if he's going to ignore them as he has on NAFTA.

Just remember that this is the primary season. Everyone is pandering to their respective extremes. Hopefully Obama is no exception. He's trying to get the backing of the unions (don't forget he is a Democrat). I'm not concerned about the soundness of his economic policy yet. If something hasn't formed before the general election, then I would be concerned. How soon we forget the median voter theorem.

Seemingly, Obama is the anti-McCain. McCain is a divisive, highly-experienced conservative career-military foreign policy expert with outspoken positions on practically everything, but who is utterly tone-deaf on economics, while Obama is a unifier with little experience, few overt positions in his rhetoric, and horrible foreign policy instincts, but who has good economics advisors despite his liberal activist background.

Jake: Obama can go anywhere credibly - thus far he hasn't said anything substantive enough to weigh him down, and his legislative record is sufficiently empty and light-weight to not be an anchor, either. "Hope and Change" is not a liberal platform, or even slogan - the resemblance to "Morning in America" is palpable and oft-noted.

Although it is true that Obama has not layed out anything particularly substansive, if he does win the
democratic nomination he would still loose legitimacy and public support if he strayed too far from the left.
Most Americans see him as the progressive candidate, and it wouldn't be in Obama's best interest to become
more moderate. Check out this Obama video, it's pretty cool.

no mention of david and christina romer?!

"I just want to make sure free trade helps everyone." Whatever that means, in substantive terms. Obama also recently said he wouldn't have voted for NAFTA, but now we can't repeal it. He's all things to all men and women. If NAFTA is so bad, why won't he use his "transformative change" and get a Democratic House and Senate to join him in repealing it?

I think the idea that Obama will govern from the center is pretty naive. He has never done so before, in Illinios or in the Senate and he will have a democratic congres pushing him to the left.

My guess is that he will move to the center in the general election then promptly move back to the left when in power.

Also, for all those great advisors he seems to have a habit of saying economically stupid things. Like Nafta and his health care for hybrids proposal. At least McCain says that he does not know.

Better to not know than think you know what aint so.

"I can't stress it enough...Obama in the presidency and Republicans in control of Congress is the best-case scenario those interested in limited government can hope for."

I'd say it's the best-case scenario period. I think Obama would be an excellent manager of the Executive branch, and would actually listen to smart people who might disagree with his priors. I don't get that vibe from the current administration or any of the other candidates.

But a Republican Congress would rein in possible left-wing ideological excess, so I like that.

But it looks unlikely.

"I just want to make sure free trade helps everyone"

reminds me of Yoram Bauman's principles of economics

"trade can make everyone better off" really means " trade can make everyone worse off".

The proof: We don't make the better claim "trade WILL make everyone better off", so this must not be true. Therefore, trade can make somebody worse off ... and therefore can make everybody worse off.

"Helping everyone" is nice campaign rhetoric, but an impractical policy directive. So, who's he going to hurt? That's where the analysis of advisors can help.

Wow, what a little cabal we have here - of folks who are winners in the current 'free trade' fiasco. The real elitists.

Well I have news for you. The tide is turning. Your policies have been poisoning the future for the middle class decades and now the future has arrived.

You may think just "the rubes" don't believe your free market rhetoric. But the fact is it's failed on the ground, where it matters, up close and personal. Unless you want to hit the streets fighting against democracy itself YOU WILL LOSE.


Trade can't make everyone worse off.

Also, as a general matter, it seems to me that people are missing that most of the apparent losers of trade seem to belong to unions. Which seems like another way of saying that the welfare component of union pay is biting the dust.

Welfare component? Yes, if an auto maker can make cars at $X in Alabama or Texas at market wages, and it costs $3X in Michigan, then 2X of that 3X is voluntary welfare, or charity, being paid by gutless executive agents who get paid better by going with the flow than by rocking the boat and doing right by their shareholders.

That day is collectively coming to an end thanks to trade. If these same people in Michigan and Ohio would instead agree to be paid market wages instead of union wages then it is doubtful that their jobs would be on the chopping block.

Additionally, if we do establish Fortress America, and all manufacturing wares by legal fiat must be made in America, then the new factories will go up in right to work states, not union-yes states. Thus ending free trade won't bring (m?)any international jobs back to the rustbelt.

"If Obama has such great non-ideological economic advisers, then why does he keep saying stupid, ideological things about economics?"

Because he has to win over stupid ideological primary voters.

I keep hearing from people like Jared Bernstein and people in this thread that candidates like Hillary and Obama don't actually mean what they are saying in the primaries, that their true colors will come out during the general election.

My question that no one seems to be answering is this: why should we believe that they are lying now and will telling the truth later, instead of the other way around, where they are lying during the general election and telling the truth during the primaries?

Regardless of the answer, they are liars who simply can't be trusted. If memory serves, Reagan said the same things during both the primaries and the general election and he did quite well by it. Why can't candidates today take a page from his campaigning book (regardless of whether or not you loved him or hated him, or both[!]) and be consistent in their message for both periods of time?

the real crime is that the unions have seduced their employees into believing they have jobs for life as long as they continue to pay their union dues and to eat cheetos on the couch at home.

when they should rather be spending their time educating themselves in productive technologies and skills in the community college system in order to move up the food chain.

and without the expansion of trade (and credit), these people would still be watching the superbowl on a 24-in. CRT TV in a trailor home with a $5 Big Mac rather than feasting on $7 Dominoes pizza, $1 Big Macs, $3 buckets of KFC, or $1 Burrito Supremes while being blinded by a 52-in HD plasma flat screen from the seat of their Lazy-Boy deluxe in the living room of their sub-prime castle.

Someone who knows Obama personally tells me that he is very good at "listening" to various views, including those contrary to his own, but they do not affect him, that is, they do not cause him to change his mind. In any event, haven't we all suffered through enough politicians who make bad decisions, although they have good and smart advisors, to be seduced again? Have you heard of Nixon's price controls -- despite George Schultz?

"Swarthmore taught you well, huh Megan? - I mean - dissent?"

No idea what megan you are referring to, but dissent has never been there.

These guys think bailouts are not welfare. Must be financial types.

Wow -- it is almost universal that every comment at MR is anti-Obama.

Of course the point that seven years ago everyone of you were all in favor of the republican program, but that after seven years the overwhelming consensus is that "it's the economy , stupid" is the winning political campaign slogan.

I guess this really demonstrates that I should pay a lot of attention to your policy analysis-- it has really created seven years of peace and prosperity.

it is almost universal that every comment at MR is anti-Obama

P.S. It is an Obama thread on a site that is at least nominally libertarian. Of course he is going to get trashed, just the same as if it had been about McCain.

Well republicans have thought for years they could get free trade which helps out the rich and hurts half of the working class, but without the redistribution to make sure everyone has a stake in it. Way to go, GOP!

I think FDR had it right when he said (paraphrasing): The only problem with capitalism is the capitalists. They are too greedy.

In my opinion, conservatives use the term free trade to hide behind their capitalistic greed. For the last eight years, we've been free to export jobs, manufacturing, democracy, war, and our standard of living. We even seem to export our ability to procreate, since it is cheaper to hire H1B visa holders or illegal immigrants than educate and raise our own children. It is time for the middle class to take back its future and quality of life for the benefit of decent, hard-working citizens and their progeny. The "free trading" excesses of the rich getting richer must be regulated or controlled. "President" Barack Obama will swing the pedulum in the "right" direction to benefit ordinary, freedom loving Americans.

It's just that right now he is campaining for the democratic primary in Ohio, a rust-belt state where NAFTA and free-trade are sensitive issues with the blue-collar democratic voters there. So he has to be delicate about how he frames the issue of his support for free trade.

If we should only trade with economic equals then we wouldn't trade with most countries. You think that's good for places like Mexico? It's a death sentence! Trade fosters economic equality.

I would just like someone to point me to one action Obama has taken in favor of free trade.

I keep hearing don't listent to what he says, he will change in office. But what has he DONE to advance free trade. I have yet to see anything. All I see are anti trade votes and wishy washy to anti-trade retoric.

What have all of you seen? Have you "Peered into his soul" so that you know how he will act without any evidence?

Also waiting on multilateral solution will mean waiting forever. Shouldn't we pursue free trade on our continent regardless of what people in Europe and South America want?

Please look at the details of what Obama is saying: He is not calling for higher tarrifs or quotas.

These are moderate pro-trade positions.

Assuming for a moment that we really do want to reduce pollution, it is meaningless under a free trade system to have one emissions standard for developed countries and another for less developed countries. Because then polluting industries will simply relocate to countries where they can pollute without paying.

Labor standards should not mean equal pay scales, but I don't think that's what Obama is calling for. It could just be some basic protections like against child labor and unsafe working conditions.

The following article from Reason Magazine should give you an idea of why Obama has to frame this issue in a way that appeals to voters, even though from a strictly economic standpoint free trade is better. It's really an unfortunate reality of politics, just as no sane politician could admit to being atheist. I've accepted that I will never (at least in the forseeable future) be able to vote for an out-of-the-closet fellow atheist for president, so I also understand that all politicians are inevitably going to have to "pander" to the biases of voters to some extent. No one is going to reach the Oval Office without some pandering along the way.

The 4 Boneheaded Biases of Stupid Voters (And we're all stupid voters.)

Obama is still a State Senator in mental scope. He has enjoyed a meteoric rise onto the national stage. If he becomes the next president he will be the very textbook definition of "unprepared."

"Because he has to win over stupid ideological primary voters."

No, he doesn't. He could get an honest job, instead.

"As for the quote from FDR, haven't we dispatched his legacy to a reality check yet? The hero worship on the left is really nauseating."

Hero worship on the left? Perhaps I just haven't been paying much attention, but it seems to me that obsessive presedential idolatry has been pretty well monopolized by the GOP in recent years, seeing as many of their debates seemed to revolve around the candidates trying to prove that each was indeed Reagan incarnate.

cc of note to the New Republic:

comment to Scheiber of New Repub -- his piece, “The Audacity of Data† at his blog at


“Despite Obama's reputation for grandiose rhetoric and utopian hope-mongering, the Obamanauts [‘whether they're domestic policy nerds or grizzled foreign policy hands’] aren't radicals--far from it. They're pragmatists--people who, when an existing paradigm clashes with reality, opt to tweak that paradigm rather than replace it wholesale.†


What a surprisingly sad, sad bunch of tired "wonks".

"Brought to you by the same bunch that utterly failed to solve the key foreign policy problem, Palestine, and thought that borderless ('free') trade sounded like a keen idea."

I voted for Kerry although he was wrong on all three of the key issues: war; trade; and Israel/Palestine.

Now I get to vote for a guy who's at least right on "war", but has somehow surrounded himself with yesterday's failed "thinking" on trade and Israel/Palestine.

Only in baseball is batting but .333 considered applausable?

Left to himself, Mr. Obama has proved both incisive and prescient. Hopefully, once he has a chance to think again, Obama will prove one of those "leaders who draw on the expertise of professionals without suffering the contagion of the professional fallacy, who enlist the loyalty and industry of bureaucrats without being paralyzed by their caution?" -- and we will find ourselves treated to "what happens when time-honored ways of aristrocrats and bureaucrats are displaced by the ever-risky question, 'Why not?'". (Daniel Boorstin, "The Amateur Spirit and Its Enemies"; Introducton and chapter 18 of "Hidden Histories; Harper & Row, 1987)

You Numb-Nut don't know anything. Free Trade, ala Milton Friedman and the Chicgo Univ School of Economics, has caused more repression, stolen democracies, destroyed lives, starvation, and the mass torture and killing of Millions of people around the world since the '70's. Free Trade is a misnomer for Global Greed. Disaster Capitalism is alive and well and will send all of us, and the planet, to common graves in the very near future unless we stop using natural and planned disasters to force the peoples of the world into servitude for the elites who run the corporations of the world. Free Trade is another name for Greedy government wonks who are destroying this planet. You don't know what is going on because you listen to our televised 'propaganda-led" national media, or worse yet Right-Wing Pundits on radio and TV. They pulled the wool over everyone's eyes until Venezuela, Brazil, and other grass-roots 'campesino' groups organized to support each other with economic bartering and took over from the mass killers. Pinoche is the only that has been prosecuted and then he died before they could send him to prison for the rest of his life. That is just where the rest of the neo-cons need to be put!

The following materiaol is being sent to Publishers. I believe all economic advisors of President Obama must read my treatise on Scientific Human Economics, described in my metter to publishers. If you wish to receive a copy please reply by email ([email protected]) and I will reply with the book attached.

Jorge Torrealba, Director General,
Techno Economics I(nternational Consultants,
Halifax, NS, Canada.

------------------- Here is the letter to Publishers:

Editor in Chief,

Dear Sir,

I have chosen your North American Publishing Branches to provide you with one -or two- manuscripts that you can convert into Best-Sellers now, when Barak Obama has reached the delegate number to be nominated.

This great American has just toppled the corporate mafia that owns the political establishment of Washington and – most likely - he will defeat McCain in November.

I am forwarding to your attention the following:

- Information required by most Publishers (Readership and Markets, Completion of the Manuscript,
Competition, Brief Resume of the Author, Author’s collaboration in Promotion),


- The number of words, the table of contents and INTRODUCTION, CHAPTER I AND CONCLUSION.

This is a unique engineered procedure to convert from what most people considers a corporate global fraud, into a global technical economy designed by my associates and I, to allow the President of the USA to have the technical means to be democratic, equalitarian and fair to all nations poor or rich, large or small, peaceful or belligerent. Obama must do it through the UN and as President of the USA he has the moral authority to contain the terminal crisis of Humanity. Just read the complete manuscript and you will agree with me. A Best-Seller is in the making if you carefully evaluate the uniqueness of this book, the right time to appear in the middle of the USA election and a few months ahead of the Canadian one.

The global monopoly of the USA dollar is an abusive cartel not a monetary system; we must return to the international rules of the 1800’s. My book is controversial because it demonstrates with technical facts that the corporate fraud is causing the economic penury of the people of America.


Jorge Torrealba, Director General,
Techno Economics International Consultants,
1103-5565 Cornwallis St, Halifax NS B3K 5K9,
[email protected] 902-448-7417.

If you agree with me that the publication is urgent, you may contact me by email or phone to get the manuscript by carrier or as an attachment. (I am enclosing just the same, a SASE with a postal coupon acceptable in the USA, because I live in Canada and cannot procure USA stamps)



The subject of Scientific Human Economics attracts readers of all languages because it is the only realistic solution to contain the corporate global fraud.

This is a “How To† treatise (in simple and precise language) on Scientific Human Economics that is presented for the first time in the English Speaking World. The Author has the back-up of all his colleagues in Techno Economics International Consultants {a non profit research Third World organization} and the confirmation of his research during over 20 years. He has already published three treatises on this novelty subject in Spanish ( and his researchers have contributed to the creation of the “Banco del Sur†, which is providing financial services to all the South American countries that have different political profiles, from socialism to fascism. The IMF and the World Bank are losing grip on Latin America because of the success of this new egalitarian financial institution that serves democratically its members, without strings attached. My colleagues are civil servants and influenced the decision of their governments.

The present economic crisis in the United States – wrongly tune down to a recession by the corporate media - is creating an immense market, particularly because the USA politicians are in the midst of a very enthusiastic electoral campaign where both Obama and Clinton are inspiring a new government of “change†. Obama will need a real scientific economic system if he indeed wants to achieve the change expected by the electors. The cheat of Globalization and the trillion debt of Bush will tie the next president’s hands because all the financing is hoarded by the Multinationals and Obama will have to listen to modern techno-economic solutions, what was normal for all countries prior to 1929. No politician in the Capitalistic World has the courage to face the facts of reality and tackle the global swindle. Over twenty years of research, development and completion of procedures make TEIC – International group of researchers - certain of the validity and efficiency of the solutions that we propose in my first book in English, which – from the engineering point of view – are extremely simple. The controversial nature of my first “English† publication can be used to make it a Best Seller during the electoral campaigns in the USA and later in Canada. Once a Best Seller in North-America, the translations of my “HOW TO ESCAPE CORPORATE GLOBAL FRAUD† can be sold all over the world by my Publisher through sub-agents.

Publishers must understand that this technical economy designed by engineers is exactly what Obama needs to operate a real change in the well-being of Americans, and, consequently, of the whole world. The Publisher that will manage the global success of this book will cash-in a bundle on the first document on techno-economics. Our engineered global solution is what the next president of the USA needs to keep his electoral promises. Literary quality is subjective; my work is books of precise technical reporting on innovation in modern Economics and must be judged by the technologic content and the financial return rather than by the style of writing the reports. In “How To† books, readers are looking for solutions, not poetry; their saleability rests in the quality and correctness of the solutions. Additionally, my book has the right kind of controversy in an electoral period in North America.

The manuscript is ready for publication. English is an acquired language of the author. The book needs a final language polish and the usual editing the Publisher may deem necessary. I have another complete manuscript on the same subject of Scientific Human Economics entitled CSIS, THE GESTAPO OF CANADA, which takes to task the political corruption of our present parliament and the crimes that CSIS committed on me and my family under orders of the Secretariat of Mulroney. Both are ready to be sent to you upon request.


No competition is foreseeable. The researchers in Europe started five years after my group (mainly engineers and academicians of Latin America), and I do not know of the publication of a competing book. This is the first in a series of treatises in English on the applications of Scientific Human Economics to all aspect of international trade and internal commerce, on financing Medicare, education, social services and on the improvement of the quality of life of Human Beings. We are now the leaders in the publication on the progress of Scientific Human Economics, which started in Spanish some 5 years ago (; three Books in Spanish, one in English, which are the only books on S.H.E. that we know have been written in the whole world). TEIC has invited Asian and African researchers to adopt our analogy and they have joined our group of specialists. (All my colleagues abroad have left the writing on S.H.E. to me as Director General, and I have several books on progress for publication twice a year after the publication of this “HOW TO ESCAPE THE CORPORATE GLOBAL FRAUD†. They are busy in their Third World countries working as consultants, academicians or in the civil service as experts in modern economics, attached to their Ministries of Economics).


Civil Engineer graduated Magna Cum Laude at Ecole Polytechnique de Montreal. He also holds a degree in mathematics from the Catholic University of Chile and an executive Diploma from the Board of Trade, Montreal.

He is fluent in three languages and reads three others. He has served Canadian and international Engineering Companies as structural designer, project manager, business development manager and vice-president, international contract negotiations. He was invited professor in Universities of Canada, Chile, Senegal and Cameroon. In the University of Yaoundé he started his research in Scientific Human Economics when he formed an international group of experts (Techno Economics International Consultants) of which Torrealba is Director General.


The author is at the disposal of the Marketing Director of his Publisher. He is a retired engineer and can offer 40-60 hrs/week to help in conferences, signing session and all other publicity organized by the Publisher.

We are initiating the production of a series entitled “HOW TO IN SCIENTIFIC HUMAN ECONOMICS† by the completion of this first manuscript in English, after three treatises in Spanish. We present in this first book the fundamental principles of Scientific Human Economics, and how it must be adopted in Canada, in the USA and at the United Nations.

I make a strong criticism of present corrupted politicking because it is corrupted and obsolete. Politics must give way to progress of the well-being of the citizens. The democratic foundation of this technology demands a cultural raise from fraudulent politicking to democratic representative Parliaments... That remains in the hands of the electors.

This first book speaks of how to have an enormous source of financing to solve the global and national economic problems and how to correct the corporate aggression to the environment. The chapter on environment was written to give a taste of the “How To† books that are ready to follow.

Bailout Plan for the Base of the Pyramid

We are focusing on the incorrect end of the pyramid. The bailout plans are focusing on fixing our economic meltdown on the narrow eye of the Pyramid Peak – the banks, financial institutions, auto companies, etc... We are asking the few who brought the economic crisis to fruition to fix what they created. They are not capable.

We are a consumer driven economy. If we are going to fix the economy all Americans need to be involved who form the base of the Pyramid. Let's give the stimulus directly to the people - I propose that we give the 200M American households a $100K direct payment. That would be in order $$20T.

People can then pay their monthly mortgage payments to the banks, or choose to put it in a financial institution for investment and further lending, or to buy a new car, or have that extra money to spend which is what the economy needs – new investment and saving. Businesses, banks, car companies †¦ indirectly then get the money they need to re-structure and continue while the economy strengthens and the people benefit.

I would prefer that my future tax obligations and that of my children go to paying off this liability that equally benefits all Americans rather than a privileged few with the large companies that are now lobbying to be saved.

Obama is cool!

Tyler Cowen is right; th advisors of President Obama come from the mediocrity of the Senate and State Governors; they are all economists of the school of scamming globalization, except David Axelrod, who is the only real cultivated and effective intellectual of that team.

I sent the staff of the white house a critical view of the inaction of Locke and Geithner. Here are some excerpts:

"" The greatest obstacle to increase trade with any Third World Country is the size of its National Debt (See President Obama must - in the interest of his own credibility - take some necessary measures to restore the statutory regulations that are available to him but that were completely ignored and hidden since FDR and abandoned in the last 8 years. The first hidden statutory regulation applies to the Federal Reserves. They must guarantee the tangible value of the currency of America as a valuable instrument of exchange in global trade. That worth is relative to the amounts of tangible valuable reserves (gold, precious stones, etc) that your Central Bank keep in its coffers, as a guarantee to those who accept the dollar as legal tender to exercise barter of equal value. Three improper actions have occurred that President Obama has the power to correct by Order in Council:

- Advice the President of the Federal Reserves to stipulate the permanent and irrevocable value of the USA dollar in relation with the reserves, and invite all other Nations to do the same, to restore the credibility and stability of their currencies in World Trade.
- Assign the Federal Reserves as a Division of the Department of Economics (presently named Department of the Treasury), and have the Central Bank become permanently under the management of the Secretary of Economics, now Secretary of the Treasury, Tim Geithner.
- Have the Board of Governors representative of Commercial Banking - now internal to the Federal Reserves with power to dictate financial policy - become an advisory private body external to the Central Bank, representing the interests of the Commercial Banks of America, entitled to present briefs to the Banking Committee of the Senate, but with no direct or indirect interaction with the Federal Reserves. When Ben Shalom Bernanke would end his term as Chairman, the next should be selected by the banking committee of the Senate among three candidates proposed by the Secretary of Economics (now Sec. of the Treasury).

Since FDR the lobbyists of Wall Street have been dilligently working on the USA politicians to render the Federal Reserves a puppet institution, while Wall Street and all the Stock Markets of the World play with value currencies as just another valueless paper commodity.
The suggestions that I am giving you can be confirmed with the Tennessee Valley Authority that rescued the Economy of America under FDR, in the Archives of the CIA, mentioned above and in all my books. Mr. Tim Geithner appears acting in the status quo conforming to the influence of the lobbyists, not in the best interest of America and of the White House. The Stimulus is costing tax-payers a debt of over a trillion when - like Roosevelt, with a value currency backed by the Federal Reserves - President Obama could obtain a line of credit for the Ministry of Economics as high as he may need in the lowest possible terms compatible with the cost of providing services, without burdening America with an exorbitant increase of the External Debt. Mr. Geithner must discuss this “restoration of regulations† directly with President Obama, to the complete satisfaction of the President. The workers of America elected a “Government of Change† but the Stimulus is just another financial dumping of tax-payers’ money on the errors of the money-bags owners of the political establishment. The stimulus is a very ineffective measure that wastes in “bail-outs of inept executives† more than is destined to job creation but it will help somehow the workers of America. ""

In the worldwide economics of America the chaotic anarchy of the lobbyiits’ scam of Globalization after 8 years of Bush is alarming. The USA is now fully vulnerable to foul play by Venezuela-Russia, unless you - the proven most loyal and capable advisor of the President - brings to the attention of Honorable Obama what is really happenning “outside of the Bubble of Washington†. Indeed, the fake economics of Globalization are a free-for-all with no regulatory authority to redress abuses. As an example, the government of Bush violated the Free Trade Agreement with Canada signed in the times of Regan and Mulroney and robbed 4 billion to our forestry industries. Bush’s government refused to appear in the arbitration board instituted in the Treaty itself.
Senior Engineers of your TVA, the archives of the CIA and my books will confirm to your entire satisfaction that when FDR launched his very generous Good Neighbor Policy (I am a Canadian of Chilean birth and I remember how my family was greatful to our good neighbor Roosevelt) mainly for Latin America, he used a huge line of credit assigned to the Ministry of Economics (or the Treasury) from the Federal Reserves to lend money to the poor countries of Latin America that had a currency of no value because the reserves in their Central Banks were depleted. If the present set-up would have been in place, Roosevelt would have emptied most Commercial Banks of the World (perhaps) without succeeding. Just imagine that all the countries of the World get together to make a common commitment to feed three times a day every citizen of Humanity. How many trillions do you think are necessary to meet a commitment that covers, perhaps, not more than 5% of the real needs of Human Beings?... The success of FDR was possible and almost a routine operation, because the dollar was a value-currency, backed by reserves, having a stable, credible image as legal tender. This strength of the Federal Reserves has been constantly eroded by the lobbyists of Wall Street to the point that now we must look at the “quotations† in all the Stock Markets of the world to know “if it is safe to buy Dollars instead of Euros†. This information is readily available to you and to Secretary Gary Locke; yet he is silent letting the status quo do his job. He must have an eye-to-eye confidential talk with the President, to the entire satisfaction of the wise statesman in the Oval Office. His government of change demands it, particularly when the Bubble is isolating the White House, hiding dangerously the reality of the power that Putin-Chavez have over America, as long as the President does not exercise leadership in the General Assembly, to ratify the fundamental regulator of a civilized global democratic society: the Economic Charter of Humanity, giving all nations equal trading opportunity. ""

Jorge Torrealba, Canada.

It is enlightening!

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