77 online
 
Most Popular Choices
Share on Facebook 13 Printer Friendly Page More Sharing
OpEdNews Op Eds   

Ongoing Global Economic Crisis

By       (Page 2 of 5 pages) Become a premium member to see this article and all articles as one long page.   2 comments
Message Stephen Lendman
Become a Fan
  (191 fans)

This piece was reprinted by OpEd News with permission or license. It may not be reproduced in any form without permission or license from the source.

At the same time, Washington and Wall Street's controlled Fed "ruled out permitting the banks to fail. That leaves inflation," high unemployment, and troubled times coming. 

Expect it though guessing when's hard to know. However, reality eventually trumps hope based on false expectations. The "comfortable world" Americans once knew "is falling apart at the seams."

On January 10, Mark Weisbrot 's London Guardian article headlined, "The economic idiocy of economists," saying:

The American Economic Association's January meeting addressed many topics, including the "economics of regime change" and "political economy of the US debt and deficits."

UC Berkeley economist alan Auerbach "warned of dire consequences" if America doesn't address its "rising debt-to-GDP ratio." Former Fed vice-chairman Alan Blinder described discussions of national debt ranging from "ludicrous to horrific."

As long as debt issuance is bought or monetized, crisis short-term is avoided. Longer term's another matter, but consider Japan. With debt about 220% of GDP, it's nearly double America's size relative to its economy and nowhere near collapse. 

At the same, America and Europe stress austerity when stimulus is badly needed for growth and job creation. However, US electoral politics excludes proposing it. As a result, "high unemployment and a lot of unnecessary misery in the world's richest country for the foreseeable future" is assured. So is America's "lost decade."

Expect Europe to fare no better. The continent's already in recession. October and November industrial production declined. Energy products distorted below the surface reality. For example, consumer goods plunged 0.8% in November. 

Next Page  1  |  2  |  3  |  4  |  5

(Note: You can view every article as one long page if you sign up as an Advocate Member, or higher).

Must Read 1   Well Said 1  
Rate It | View Ratings

Stephen Lendman Social Media Pages: Facebook page url on login Profile not filled in       Twitter page url on login Profile not filled in       Linkedin page url on login Profile not filled in       Instagram page url on login Profile not filled in

VISIT MY WEBSITE: stephenlendman.org (Home - Stephen Lendman). Contact at lendmanstephen@sbcglobal.net.  My two Wall Street books are timely reading: "How Wall Street Fleeces America: Privatized Banking, Government (more...)
 

Go To Commenting
The views expressed herein are the sole responsibility of the author and do not necessarily reflect those of this website or its editors.
Writers Guidelines

 
Contact AuthorContact Author Contact EditorContact Editor Author PageView Authors' Articles
Support OpEdNews

OpEdNews depends upon can't survive without your help.

If you value this article and the work of OpEdNews, please either Donate or Purchase a premium membership.

STAY IN THE KNOW
If you've enjoyed this, sign up for our daily or weekly newsletter to get lots of great progressive content.
Daily Weekly     OpEd News Newsletter
Name
Email
   (Opens new browser window)
 

Most Popular Articles by this Author:     (View All Most Popular Articles by this Author)

The McCain-Lieberman Police State Act

Daniel Estulin's "True Story of the Bilderberg Group" and What They May Be Planning Now

Continuity of Government: Coup d'Etat Authority in America

America Facing Depression and Bankruptcy

Lies, Damn Lies and the Murdoch Empire

Mandatory Swine Flu Vaccine Alert

To View Comments or Join the Conversation:

Tell A Friend