Glenn Beck's Common Sense: The Case Against an Out-of-Control Government, Inspired by Thomas Paine
by Glenn Beck
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Book Summary Information
Author: Glenn BeckEdition: Paperback
Audio: English (Original Language); English (Unknown); English (Published)
Published: 2009-06-16
ISBN: 1439168571
Number of pages: 192
Publisher: Threshold Editions
Product features:
- ISBN13: 9781439168578
- Condition: NEW
- Notes: Brand New from Publisher. No Remainder Mark.
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Book Reviews of Glenn Beck's Common Sense: The Case Against an Out-of-Control Government, Inspired by Thomas Paine
Book Review: You can not solve a debt crisis with more debt. You need production!
Summary: 5 Stars
1. China needs to increase purchasing large quantities of US products: Electrical machinery, Heavy equipment, coal equipment, airplane equipment, railway equipment, and refrigeration HVAC equipment.
2. Large dollar reserves, devaluing currency, and hyperinflation have created an unreasonable margin of safety for Chinese foreign reserve assets. China's inflation must slow down while the US export economy heats up. The US is in a economic depression. The transformation starts with Chinese consumption increasing and the move balances the system. China needs to purchase more American products and strengthen their own economy through productive infrastructure and expand industrialism and reduce - US trade deficit. The Chinese are holding nearly a trillion dollars in dollar denominated assets that need to be converted into tangible asset lowering liquidation risk factors. At the same time, the United States needs to produce tangible assets and sale these assets as exports to China. The urgency to sale to the Chinese is the only US escape. Banking bailouts have been a failure and healing financial markets has been demoralizing. Production is the hope of prosperity. The fundamental power of manufacturing is the ability to generate wealth and jobs. Productivity is the only hope of economic salvation for the US. China must be willing to allow Western monetary policies to blend with Chinese monetary policies. The Yuan will need to appreciate in value.
3. The Fed must remove excess reserves by selling off nearly $1 trillion dollars in US Securities. The security sell off will cause enormous yields increases and increase the cost of borrowing money. $14 trillion of debt and $26 billion in interest payments per month or $300 billion per year is not sustainable. By 2019, the interest payments will be $806 billion per year. The money supply must contract to safe limits. The sell off of US securities will be removed money from the financial system and contract the money supply M2. As the dollar strengthens the economy will attract more foreign investment and buying of dollars. Central Banks will keep the dollar as the reserve currency. Manufacturing capacity will return health levels and US companies will become local, in certain sectors. The debt load will be reduced. Why are we so clueless about the bond market? The bond market works like Gold either accumulating or being sold off and has the affect of heating up the economy or cooling the economy down; during recession the inflation the yields rise and during depression the yields drop.
4. China needs to purchase tangible goods as the dollar values. Rising US exports will help both China and the US. China purchases of tangible assets will reduce Chinese owned federal reserve securities and increase the Chinese government's ability to build infrastructure, such as roads, electrical equipment, railways, and refrigeration. The industrial development will make China the favorable location for foreign countries to invest in manufacturing of finished goods, improve education, and develop high technology products. The infrastructure will increase Chinese commerce mobility and expand the manufacturing range accessible by laborers in the interior of China. China's employment rates will improve. The US needs to realize that China is the Consumer and the roles have reversed.
5. China is the new consumer. The increased US exports will reduced the trade deficit with China. China purchases of US exports will help Chinese production base. Additionally, China must allow the US investor in private property investments in China. The US ownership of Chinese land will provide an refuge for investment of dollars, as it devalues. The land is a tangible asset or commodity and strengthen the dollar. China has massive amounts of land that can be sold as a commodity and provide a refuge for a falling dollar.
6. Chinese banks are running out of money. In 2010, Chinese Banks will fight inflation by lending nearly $1 trillion for business development. Foreign investment . China loaned about $1 trillion in loans in 2009 to Chinese businesses. Chinese Banks have said they lack capital adequacy levels. Chinese banks in 2012 and 2013 may not be able to sustain the current level of loans providing funding for Chinese companies to grow and develop. The combination of Chinese loans and government stimulus spending has pushed China's GDP in double digits. However, contracting loans will impact growth percentages.
7. The Yuan will become stronger over time. If the Yuan becomes to strong then more foreign investment into the Yuan by Central Banks will increase. More central banks will start buying the Yuan and selling the dollar. Dollar to Yuan is a fallacy. The correct move should be dollar to tangible asset. However, China will start converting debt out of the dollar denominated currencies into the yuan, as the yuan increases in strength. If the dollar does not gain strength during this time period then US imports will decrease. However, stronger exports to China means the strengthening of the dollar and increased US GDP. On the other hand, a strong Yuan will increase the imports of US products into China and help build industrial infrastructure and increase Chinese consumer spending. A strong Yuan should not devastate US economy because China imports raw goods and converts them to finished goods. China will be able to buy more commodities with a strong Yuan. US products will appear cheaper and China will be to transform itself into a strong economic power.
8. China must convert its excess reserves in dollar denominated currencies into tangible assets that it imports into China. China can not spend its way into prosperity by inflating the Yuan and keeping it economy overheat by loans and government spending. The rapid growth of China's economy will not fend off inflation. China policy of price fixing will create scarcity because producers profit margins start to loss money and the producers start demanding increases in prices necessary to survive. The Chinese economy needs to convert its dollar denominated currencies to real assets and reduce US debt and allow the US to invest into private property in China. At the same time, China must sell RMB denominated bills to contract its money supply and slow inflation. State owned banks will face higher interest rates. Chinese banks are hoarding cash trying to fight inflation. The move is designed to hedge against future instability in the market. China will be tempted to sell dollars, if the yuan starts to inflate rapidly. If China sells dollars in mass the US dollar will devalue further and the bond yields will climb.
9. China can maintain both a higher level of US imports without reducing its export level. The types of products being produced by both countries don't come into direct competition.
10. China is interested in high technology acquisitions,
11. Higher US bond yields will cause the real estate market for new buyers to decrease and will increase default rates and lower housing prices another 30-40 percent. The fed bought $1.2 trillion in MBS and moved interest near zero. Housing ARM rates reset in 2009, 2010, and 2011. The fed start selling US bonds in 2010 and yields start to rise.
What do I want?
I'd like a chance to explain why US foreign policy should changes it focus on healing the financial markets and change focus to the US Export markets. I'd like to explain how the bond market is forcing the transformation of foreign an economic policy between the US and China.
Exporters should be given a chance to voice what they need to expand production.
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Summary of Glenn Beck's Common Sense: The Case Against an Out-of-Control Government, Inspired by Thomas Paine
"If you believe it's time to put principles above parties, character above campaign promises, and Common Sense above all -- then I ask you to read this book...."In any era, great Americans inspire us to reach our full potential. They know with conviction what they believe within themselves. They understand that all actions have consequences. And they find commonsense solutions to the nation's problems.
One such American, Thomas Paine, was an ordinary man who changed the course of history by penning Common Sense, the concise 1776 masterpiece in which, through extraordinarily straightforward and indisputable arguments, he encouraged his fellow citizens to take control of America's future -- and, ultimately, her freedom.
Nearly two and a half centuries later, those very freedoms once again hang in the balance. And now, Glenn Beck revisits Paine's powerful treatise with one purpose: to galvanize Americans to see past government's easy solutions, two-part monopoly, and illogical methods and take back our great country.
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