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Richard Backus

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Richard Backus is a journalist specializing in economics and politics.He has degrees in physics and engineering, and considerable experience in computer systems development. He is single, a good bridge player, and an enthusiastic tennis player.

OpEd News Member for 843 week(s) and 4 day(s)

22 Articles, 0 Quick Links, 40 Comments, 0 Diaries, 0 Polls

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(6 comments) SHARE More Sharing        Sunday, December 19, 2010
Tim Geithner "Discovers" Exchange Rate Problem It is quite amazing that our current Secretary of the Treasury has finally discovered that there is an exchange rate problem, and that he must do something quickly to correct it. Ex- Treasury Secretaries as well as central bankers have apparently been equally unaware that the U.S. was running "unsustainable" trade deficits of a magnitude that have ruined less-favored countries in the past.
(3 comments) SHARE More Sharing        Monday, December 13, 2010
The Sins of Alan Greenspan When Mr. Greenspan appeared on a recent BBC documentary and was forced to concede to major misunderstandings of certain market phenomena, he was being quite modest. He not only had misunderstood many economic factors, but had wittingly committed every single major blunder leading up to our current "great recession". He bet the future of the American working class against the interests of his supporters and lost.
(2 comments) SHARE More Sharing        Saturday, October 23, 2010
Fox News -" The Spin Stops and the Lying, Distortions, and Insults Begin Fox News has created the finest propaganda machine since the glorious days of that popular fascist propagandist Joseph Goebbels. And done it in the time-honored Republican way, using big bucks provided by the crowd whose sole interests they will pursue, the idle and greedy rich. The coming election has been purchased long before the voting begins by a plan to gull the public with false claims and ridicule of liberal candidates
(5 comments) SHARE More Sharing        Tuesday, October 20, 2009
Money, the Root of All Evil All recent financial 'bubbles' including the current one in real estate have had two (avoidable) causes. One was the result of tax policies instituted under President Reagan, the other was one of the unfortunate consequences of Globalization. The politics of greed, the basis of these actions, has place the entire middle-and working-classes at risk of becoming the 'second nation'warned of by John Edwards in his presidential bid
(4 comments) SHARE More Sharing        Monday, October 12, 2009
Government Deficit Spending is America's Last Best Hope for Recovery It was most amusing for me to see Alan Greenspan explaining on the BBC to an otherwise trusting viewing audience that the world economies would experience severe economic crises every few years as a matter of course, and this was quite 'normal' and inevitable. Although the economies of the world will experience many ups and downs over the years, they are not at all 'normal' but usually the consequence of government screwups.
(6 comments) SHARE More Sharing        Tuesday, December 30, 2008
Globalization and its Contribution to America's Economic Catastrophe The promoters of Globalization, in their headlong and single-minded lust for profit, have exhibited one major flaw, a complete ignorance of the basic economic principles underlying capitalism. While marginally lowering prices on products by replacing decently-paid western workers with third world workers at exploitative wages, they have killed the proverbial "goose that laid the golden egg."
(3 comments) SHARE More Sharing        Thursday, October 30, 2008
How to Regain Control of Our Government All of us have just about had our fill of unconstitutional and corrupt actions by our representatives in Congress and, considering their current extremely low "favorable rating" from the public, this is an ideal time for the public to take charge and dislodge them from office. This should be done en mass because they are jointly responsible for laws passed on their watch.
(1 comments) SHARE More Sharing        Saturday, September 27, 2008
Causes and Cures for our Current Debt Crisis It is touching to see Mr. Bernanke and Mr. Paulsen getting credit for their proposed solution to the financial crisis we now face, especially since it was caused by policies which they and previous government officials had purposely followed knowing full-well that this current calamity could be the result
(1 comments) SHARE More Sharing        Wednesday, September 17, 2008
Popular Scams of the Rich and Famous There are an ever-increasing number of linkages between politicians, big businesses, and rich individuals designed to promote their joint prosperity at the expense of the general public. Money flows in both directions between these "players" under various "pay for play" schemes. Because they unfairly absorb federal tax revenue or deprive the general public of legitimately earned benefits, I refer to these schemes as "scams'.
(3 comments) SHARE More Sharing        Thursday, December 13, 2007
A Flagrant Violation of the Constitution By refusing to grant the legitimate requests of the states for an Article V Convention (to propose amendments to the Constitution), all three branches of the U.S. government are now operating as a "rogue" government outside the law. Under Article V of the Constitution, the states may request the Congress to establish a Convention to propose amendments to the Constitution. They have done this,but have been ignored by Congress.
(4 comments) SHARE More Sharing        Sunday, October 7, 2007
America the next Great Banana Republic After 30 years trying to defy economic gravity, the US is well on the way to becoming the world's largest banana republic. If the current level of government mismanagement continues, within 20 years the US economy will be comparable to that of Mexico.
(4 comments) SHARE More Sharing        Saturday, August 25, 2007
The Case for Fair Trade "Fair Trade" must be adopted as the trade policy of the U.S. for the sake of the survival of the U.S. working classes. If implemented correctly, it will result as well in an improvement of the living standard of workers throughout the world.
(14 comments) SHARE More Sharing        Tuesday, May 15, 2007
Outsourcing Could Lead to Fascism in America The current outsourcing and downsizing of manufacturing in the U.S. will eventually lead to fascism. A decrease in the contribution of a country's manufacture to its trade balance will lead to large trade deficits causing a drop in the value of a country's currency. When this occurs, an accompanying decrease in the living standard of its citizens will result in political unrest leading to the establishment of a police state.
SHARE More Sharing        Friday, May 4, 2007
Fairness in a Globalized World The establishment of an international minimum wage would do more for the fostering of peace and harmony between nations than any other single act. It would prevent the current exploitation of workers throughout the world, and support political peace and prosperity within their countries.
(3 comments) SHARE More Sharing        Tuesday, May 1, 2007
Ethics in Government A lack of ethics in both government and business practices is creating a lack of respect for the U.S. worldwide. What is needed are explicit changes to the Constitution to redress this unfortunate tendency. I am encouraging the establishment of a Constitutional Convention under Article V of the Constitution to effect these necessary changes.
SHARE More Sharing        Monday, April 30, 2007
The United Nations Fiasco The United Nations has become a debating society wherein members only want to make political statements beneficial to their own worldwide interests. For this reason, it has no successful accomplishments to its credit and has thrown up roadblocks to sincere efforts of other countries to deal with the world's problems. This article deals with reforms designed to make this organization credible and effective.
(1 comments) SHARE More Sharing        Saturday, April 28, 2007
Saving the Western Worker from Extinction To preserve a high standard of living for western wage earners as well as a decent one for workers throughout the world, it is necessary to establish a worldwide minimum wage. If not, multinationals, under the guise of globalization, will drive western workers into poverty while failing to provide adequate and fair wages to the LDC wage earner.
SHARE More Sharing        Thursday, April 26, 2007
American Monetary Policy Will Ruin the European Union's Economy If EU policymakers continue aping the U.S. Fed's trickery in supporting a highly overvalued dollar the EU worker's high standard of living will soon be a relic of the past.
(3 comments) SHARE More Sharing        Friday, March 23, 2007
The Globalization Hoax "Globalization" is simply an excuse to allow multinational corporations to pay workers less and maximize corporate profits. It is an unfair and unsound concept which, if allowed to continue, will ruin the livelihood of most western workers.
(1 comments) SHARE More Sharing        Friday, March 9, 2007
Democracy in America? The American working- and middle-classes are losing their livelihoods due to a series of laws passed by congress favoring the rich. This is legally permitted due to a flaw in the U.S. Constitution, that of not spelling out explicit rights against discrimination against it's working classes. I am supporting a Constitutional Convention under Article V of the Constitution to correct these flaws.

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