Comments on: The World is Changing and Leaving America Behind http://www.dailyreckoning.com.au/world-is-changing-2/2008/05/14/ An independent perspective on the Australian and global investment markets Sat, 21 Nov 2009 10:39:45 -0600 http://wordpress.org/?v=2.8 hourly 1 By: Dave http://www.dailyreckoning.com.au/world-is-changing-2/2008/05/14/comment-page-1/#comment-22727 Dave Wed, 14 May 2008 16:18:34 +0000 http://www.dailyreckoning.com.au/?p=2664#comment-22727 It is silly to compare wages using current exchange rates, as these are driven by financial speculators. Comparative purchasing power is the appropriate metric. I just spent a month in Europe, and it would not be an exaggeration to say that everything is twice as expensive there as in America at current exchange rates. I think it very likely that $7 in Philadelphia has more purchasing power than $12 in London. The FT is a poor source for a disinterested perspective. They are always looking for ways to tout European superiority, often selectively or unfairly. The standards of journalism in Europe are pitiful, although it must be said that overall Britain is a relative bright spot and FT is nothing like many other rags such as Le Monde. It is silly to compare wages using current exchange rates, as these are driven by financial speculators. Comparative purchasing power is the appropriate metric. I just spent a month in Europe, and it would not be an exaggeration to say that everything is twice as expensive there as in America at current exchange rates. I think it very likely that $7 in Philadelphia has more purchasing power than $12 in London.

The FT is a poor source for a disinterested perspective. They are always looking for ways to tout European superiority, often selectively or unfairly. The standards of journalism in Europe are pitiful, although it must be said that overall Britain is a relative bright spot and FT is nothing like many other rags such as Le Monde.

]]> By: christina http://www.dailyreckoning.com.au/world-is-changing-2/2008/05/14/comment-page-1/#comment-22723 christina Wed, 14 May 2008 15:15:33 +0000 http://www.dailyreckoning.com.au/?p=2664#comment-22723 You're so right Mr Editor! Why should people listen to all the yahoos who say that it is unpatriotic to get rid of all your American investments. I read an article from the New York Times from 1929 just after the stock market crash, and guess what that article said? It said that it would be very unpatriotic of Americans to take their money out of the stockmarket. Now is that deja vu or what! You're so right Mr Editor! Why should people listen to all the yahoos who say that it is unpatriotic to get rid of all your American investments. I read an article from the New York Times from 1929 just after the stock market crash, and guess what that article said? It said that it would be very unpatriotic of Americans to take their money out of the stockmarket. Now is that deja vu or what!

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