JULY 30, 2010
Is There a “FIRE” in Goffstown?

To the Editor:

If the question “Is there a FIRE in Goffstown?” means is a building burning, then the answer is no. The answer is no because very good building codes have really reduced the probability of a serious structural fire in Goffstown.

If another question, “then why does Goffstown need more equipment and expense if there are fewer fires” just popped into your head, then wait awhile as that is another editorial.

If the question “Is there a FIRE in Goffstown?” means is there a new economy, then the answer is yes. The word “FIRE” (capital letters) is an acronym for the US economy.

The graphic below shows the hundreds of trillions of $$ of “face value” financial products that have “socialized risks” and “privatized profits.” No wonder that Morgan and Sachs (Sacks!!) bonuses are so high as a direct result of a new “FIRE” economy.

The acronym “FIRE” is being used by the “Main Stream Media” to describe the national economy that has essentially replaced the non-military multi-national manufacturing that has left the country because of high US wages compared to the rest of the world.

A lot of military manufacturing has stayed in the US for security reasons.

Multi-national manufacturing just means that a company sells its products around the world. Most large US companies sell and manufacture the bulk of their products OUS (outside the US.) Sometimes they are even headquartered elsewhere to avoid all taxes. 

A lot of people see this as a beneficial transition from hard work to smart work... “We think, they sweat.” Unfortunately, replacing the manufacturing of goods in the US with financial engineering hasn’t done a lot to help the massive unemployment rate or the “balance of payments” with China. “FIRE” was derived from the following words.

Finance: Refers to the use of credit and debt to finance most everything including personal consumption. It has been estimated that about 70% of the US economy is now debt financed personal consumption with the home used as a personal ATM machine. The old manufacturing economy used to account for 70% of the US GDP. Some change!

Insurance: This isn’t your garden-variety house, health and car insurance. This refers to the insurance (CDS-credit default swaps) that was purchased (with debt) by multi-national financial entities to cover their purchases of various debt-based products.

Real Estate: This refers to the entire debt-based “derivative” re-packaging and re-selling of prime, “sub-prime,” commercial, cars, student loans, credit cards, and etc. etc.

Perhaps everyone should work on Wall Street. Another alternative may be to get a nice government job with all the benefits…they really don’t make a saleable product either!

I just thought that you had a “Right to Know (R2K).

Ivan Beliveau


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