An economic doomsday scenario...Some antiMilton Friedman fodder
Nice (below) but Griffin's book has a whole chapter devoted to a 21st century depression and it sure sounded melodramatic, but I also have a PBS VHS 8 hour documentary on the '29 Depression. It was a major bad thing. My father told me about it, too.
But, today's WSJ, had a bunch of bad news articles.
1. Front page - how (stupid) people are burning the candle at both ends in the USA to live it up. There is mbuttive movement to get home equity Debt Loans (as well as home buying loans, and Debt Loans to buy bigger homes than can be sustained in the economic trends we have today) and five agencies (FR, FDIC, and three others sent out letters to banks to tighten their criteria for all of these loand). 2. Big drop in foreign purchase of T-bills, bonds in April. The dollar is falling again (they don't want to lose their buttes if the dollar drops further). 3. The first time I've seen it: the trade deficit in Europe (yeah, Europe, not the USA) with China has expanded far more rapidly in the last 3 years than it has in the USA. 4. Real estate price increases in the hotest large city markets is running 30-45% per year now and I'm seeing more talk about the RE bubble. 5. Credit Debt card Debt Consolidation load among people has also been skyrocketing in the last 1-2 years and there are people out there with 20-30K Debt Consolidation on their portfolio of cards, paying, what, 18+% per year in interest? 6. Bankruptcies, in Utah I think, are up just double (28 per 1000) in recent 1-2 years.
Racists Baboos threaten Bangladeshis
asking Legal and judicial measures have also been adopted to deport illegal Bangladeshi settlers from the country." "Every day around 6,000 illegal infiltrators cross the border and enter the state...
That is six articles in one issue of the WSJ.
Bank plans to move more jobs offshore
National Australia Bank plans to move part of its back-office to India, fuelling fears of more job cuts just days after it announced that it was axing 4200 positions. It...
And, with jobs being shipped out of the country at the rate of, what, about one percent per year and new jobs paying substantially less and 50-60% going to immigrants. Immigration up, so more people competing for fewer jobs..... And, another article I read about Iraqi oil; oil production is falling, more sabotage, pipeline attacks, and the insurgency, which was supposed to die out after the elections, has gotten worse.
India's outsourcing trend changing the world: SachsAdd to Clippings
NEW DELHI: India is teaching the world a crucial lesson about division of labour - where data from...
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