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"Rverse Marshall Plan" -- Korea style.

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Gollywog

Joined: 14 Jun 2008
Location: Debussy's brain

Posted: Wed Dec 03, 2008 3:24 am Post subject: "Rverse Marshall Plan" -- Korea style.

Quote:

Reverse Marshall Plan Proposed

Hong Sung-guk,
Daewoo Securities managing director

By Kim Tae-gyu
Staff Reporter

In the aftermath of World War II, the United States helped the rest of the world, in particular Western Europe, reconstruct war-demolished economies through the Marshall Plan begun in 1948.

Six decades later, the rest of the world, especially East Asia, may have to come to the rescue of the U.S. so that it can overcome the Wall Street-originated financial crisis.

Daewoo Securities managing director Hong Sung-guk, who gained fame by precisely predicting the ongoing global deflation a couple of years ago, calls this idea a ``reverse Marshall Plan.''

``Sitting on huge foreign exchange reserves, East Asian countries such as China, Japan, Taiwan and Korea need to step up in order to help out the U.S.,'' Hong said.

``For one, they can accelerate the purchase of U.S. bonds to relieve the country's debt burden, which is causing great concern amid the financial distress. This scheme can be dubbed a reverse Marshall Plan,'' the 45-year-old said.

As of the end of October, the four Asian nations' combined foreign reserves amounted to $3.374 trillion, with China accounting for more than half with $1.906 trillion.

Japan holds the second largest foreign reserves on the planet with $978 billion. Taiwan and Korea come in fourth and sixth with $278 billion and $212 billion, respectively.

The four countries have already snapped up a substantial amount of U.S. treasury bonds. According to online encyclopedia Wikipedia, the U.S. has more than $10 trillion in federal debt, or upside of $37,000 per U.S. resident.

However, Hong urges the four East Asian nations to buy additional treasury bonds to stabilize the international financial system.

``If countries with large foreign reserves do not stage a U.S. recovery plan, under the reverse Marshall Plan, the U.S. may deal with its debt by printing more dollars,'' Hong said.

``That means the U.S. will practically go under, although the country cannot default by definition as it can print dollars, the key currency involved in more than 80 percent of global trading,'' he said.

Hong's logic: The world should not let the U.S. default in a graceful way, by printing too many dollars.

``In my view, the reverse Marshall Plan is already underway. China has no choice but to pick up more U.S. bonds to make the global system stay alive,'' Hong said.

``Otherwise, the whole system would come under jeopardy, which is very bad not only for the U.S. but also for China and other Asian countries,'' he said.

http://www.koreatimes.co.kr/www/news/biz/2008/12/123_35516.html

America didn't rebuild Europe and Asia by buying government bonds.

Hey, I've got an idea, Korea! You want to help America? How about lowering the tariffs on the importation of American products. You can start with automobiles.

Does this fellow, or other Koreans, really understand what the Marshall Plan was? Or is this knowledge limited to a few sentences in a Korean history textbook?

Here are some sources, for those who do want to learn:

http://www.usaid.gov/multimedia/video/marshall/

http://en.wikipedia.org/wiki/Marshall_plan

http://en.wikipedia.org/wiki/George_Marshall

http://nobelprize.org/nobel_prizes/peace/laureates/1953/marshall-bio.html

http://www.marshallfoundation.org/library/pogue.html

Did you know that Gen. Marshall was one of the most selfless people to ever serve in the United States?

Did you know he was offered Eisenhower's job as supreme commander of SHAEF? He turned it down because he knew FDR needed him more in D.C., even though he dreamed of just such a post.

After the war, a publisher begged him to write his memoirs. He declined. The publisher then offered him more than $1 million, after taxes, guaranteed, for a manuscript, any length. He said he did not need $1 million. He said writing his memoirs might undermine the authority of the president, and hurt the feelings of others.

If it weren't for the naming of the Marshall Plan, few might remember this selfless public servant today.

There were once great Americans who worked in Washington, D.C. Perhaps there will be, again, one day.

RACETRAITOR

Joined: 24 Oct 2005
Location: Seoul, South Korea

Posted: Wed Dec 03, 2008 7:05 am Post subject:

Marshall wasn't one of them negros, was he? Was he a coloured folk?

Beej

Joined: 05 Mar 2005
Location: Eungam Loop

Posted: Wed Dec 03, 2008 7:29 am Post subject:

RACETRAITOR wrote:

Marshall wasn't one of them negros, was he? Was he a coloured folk?

Thats Thurgood Marshall you are thinking about. He was a negro and a Supreme Court justice.

caniff

Joined: 03 Feb 2004
Location: All over the map

Posted: Wed Dec 03, 2008 8:14 am Post subject:

RACETRAITOR wrote:

Marshall wasn't one of them negros, was he? Was he a coloured folk?

I'm missing the wittiness of this post (maybe I'm just tired). Can someone expound?

T-J

Joined: 10 Oct 2008
Location: Seoul EunpyungGu Yeonsinnae

Posted: Wed Dec 03, 2008 5:04 pm Post subject:

RACETRAITOR wrote:

Marshall wasn't one of them negros, was he? Was he a coloured folk?

jkelly80

Joined: 13 Jun 2007
Location: you boys like mexico?

Posted: Wed Dec 03, 2008 5:06 pm Post subject:

RACISM

shifty

Joined: 21 Jun 2004

Posted: Wed Dec 03, 2008 5:20 pm Post subject:

Is the OP's post about core competancy or selflissness?? General Marshall was useless as a military leader. He wanted to directly assault the Germans accross the English channel, without bothering to first ensure that they had been spread thin. The British war leadership had to pull out all their hair in explaining a workable strategy to him. Winston Churchill in secret session described the American senior generals as the worst in US history.

jkelly80

Joined: 13 Jun 2007
Location: you boys like mexico?

Posted: Wed Dec 03, 2008 5:29 pm Post subject:

shifty wrote:

Is the OP's post about core competancy or selflissness??

General Marshall was useless as a military leader. He wanted to directly assault the Germans accross the English channel, without bothering to first ensure that they had been spread thin.

The British war leadership had to pull out all their hair in explaining a workable strategy to him. Winston Churchill in secret session described the American senior generals as the worst in US history.

Winston Churchill was a drunk, a racist, and a blowhard. Overlord would have failed without the Americans, and it shouldn't be pasted over by Churchill's private opinions.

RACETRAITOR

Joined: 24 Oct 2005
Location: Seoul, South Korea

Posted: Wed Dec 03, 2008 6:32 pm Post subject:

caniff wrote:

RACETRAITOR wrote:

Marshall wasn't one of them negros, was he? Was he a coloured folk?

I'm missing the wittiness of this post (maybe I'm just tired). Can someone expound?

Just making sure Gollywog's little racial epithet username isn't lonely.

caniff

Joined: 03 Feb 2004
Location: All over the map

Posted: Wed Dec 03, 2008 6:38 pm Post subject:

RACETRAITOR wrote:

caniff wrote:

RACETRAITOR wrote:

Marshall wasn't one of them negros, was he? Was he a coloured folk?

I'm missing the wittiness of this post (maybe I'm just tired). Can someone expound?

Just making sure Gollywog's little racial epithet username isn't lonely.

Okay, where was Gollywog's racial epithet? Not saying there wasn't one, I'm just feeling lazy and can't be bothered to hunt it down myself.

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