Ted wrote:
> On Mar 16, 9:42 am, "Michael Laudahn eOpposition"
>> And you thought that I had a gloomy outlook on the economy. Now the bad
>> news pops up everywhere.
>>
>> Harry Koza in the Globe and Mail quotes Bernard Connelly, the global
>> strategist at Banque AIG in London, who claims that the likelihood of a
>> Great Depression is growing by the day.
Actually this come at no surprise to anyone looking at the economy as a
dynamic system acting and reacting, based on laws and rules.
The only people surprised by this development are the mindless crowd
believing in economic mythologies like "laissez fair", "the power of
deregulation" and the " godlike intelligence of the invisible hand of the
marketplace", "unsupervised free trade is more im****tant than social
goals". Unfortunate, this gang of crooks for whom economic it is pure
religion and for whom it is a blasphemy to try to reason or question
economic dogma taught by Friedman & Chicago Church of Economics got quite
up on the political ladder nowdays. By their representatives in the neocon
and libertarian movement, they got a hand into today's Republican party
and
brainwash them to follow and apply these mindless theories.
The results of their stupid mythology are too be seen in short time,
unfortunately. US economy, has been already destroyed by the unregulated
trade that allowed and encouraged (as mater of fact) the (former) US
cor****ations to dismantle US manufacturing and production facilities and
move them in Asia and elsewhere in the quest for cheap labor. These
cor****ations in instead of trying to create, invent and innovate in order
to stay and prosper on the market, they used the "minimal resistance path"
to flea offshore. This practically stopped the real wage increase, but in
order to hide this fact, neocon administration engineered the housing
bubble.
This bubble provided an illusion of wealth in the form of equity and
created
lots of tem****ary jobs in construction and real-estate.
This kept the official unemployment rate low: a 50k + full benefits job
lost
in manufacturing has been replaced with a 35k no benefits, but hey it is a
job and that is all that count at the official unemployment rate.
Also, ca****ng equity provided a (false) extra income to people having less
real income. This extra income allowed consumers to keep spending
providing
maintaining a high GDP number (70% is consumer spending) despite a
collapsing industry. The collapse that actually happen in last 6+ years
has
been hidden under the carpet and it was not seen.
However, sitting under the carpet the mess of the industry collapse was
allow to rotten, infect and transform into an economic cancer. This is
what
we see now. The coming collapse was NOT been generated by the housing
speculations in last 6 years. The germs was planted by the pathetic
Chicago
school of economics, nurtured by the radical conservatives, libertarian
and
neocons, for years. Today we just see the results.
.................
For your reading pleasure:
As history taught us already, cheap labor it is path to economic
stagnation:
http://groups.google.com/group/alt.politics.economics/msg/e9f93b25fd807c23
http://groups.google.com/group/alt.politics.economics/msg/e9721857dd552ec4
--
The world of the future will be fully democratic or will not be at all.
Democracy Highlander
P.S.:
When I say "democratic", I use the word democratic coming from democracy
not
from Democratic party. I am not connected in any way with Democratic party
and if they fail to do as promised and cut cor****ate corruption I have no
problem to turn on them and blog against them too.
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