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mises
Joined: 05 Nov 2007
Location: retired
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 Posted: Sun Feb 08, 2009 7:12 am Post subject: IMF Says Advanced Economies Already in Depression |
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It's official:
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Feb. 7 (Bloomberg) -- Advanced economies are already in a "depression" and the financial crisis may deepen unless the banking system is fixed, International Monetary Fund Managing Director Dominique Strauss-Kahn said.
�The worst cannot be ruled out,� Strauss-Kahn said in Kuala Lumpur, where he was attending a gathering of central bankers from Southeast Asia. �There�s a lot of downside risk.� |
http://www.bloomberg.com/apps/news?pid=20601080&sid=a6aaWZ8ab8yU&refer=asia |
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ontheway
Joined: 24 Aug 2005
Location: Somewhere under the rainbow...
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| Posted: Sun Feb 08, 2009 7:39 am Post subject: |
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The world's real economists called it long ago. This depression was predicted and expected. It was inevitable according to the laws of economics.
The Ponzi economics schemes of the world's governments foisted upon us by the keynesian socialists, fabian socialists and the fascist socialists are the cause of this depression.
Unfortunately, the Ponzi group is still in charge and they are giving us more of the same. It is destined to get far worse. The more they borrow and spend, the more fiat money they print, the worse it will get.
Worldwide revolution is looming at the end of this Ponzi socialist tunnel.
Time to sharpen the guillotines. (Several of my students are already learning to knit.) |
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mithridates
Joined: 03 Mar 2003
Location: President's office, Korean Space Agency
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mises
Joined: 05 Nov 2007
Location: retired
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| Posted: Sun Feb 08, 2009 10:09 am Post subject: |
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| Yeah Mith, it is really brutal. We've fallen off a cliff. |
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bucheon bum
Joined: 16 Jan 2003
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| Posted: Sun Feb 08, 2009 10:48 am Post subject: |
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| And I doubt many would argue that the curve is going to be turning the other direction anytime soon. |
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Kuros
Joined: 27 Apr 2004
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| Posted: Sun Feb 08, 2009 10:59 am Post subject: |
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Thanks, Mith. I'm going to put this a class presentation. |
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Ya-ta Boy
Joined: 16 Jan 2003
Location: Established in 1994
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| Posted: Sun Feb 08, 2009 1:54 pm Post subject: |
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| Mith's graphic illustration is a graphic illustration of why Congress needs to act now and act big. |
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mises
Joined: 05 Nov 2007
Location: retired
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| Posted: Sun Feb 08, 2009 2:45 pm Post subject: |
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| Ya-ta Boy wrote: |
| Mith's graphic illustration is a graphic illustration of why Congress needs to act now and act big. |
Nah. Congress can't fix this with a "stimulus". |
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Ya-ta Boy
Joined: 16 Jan 2003
Location: Established in 1994
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| Posted: Sun Feb 08, 2009 2:56 pm Post subject: |
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| 'Fix' (your word) is too strong. What Congress can do is ameliorate the negative effects by spending money to create new jobs. What Congress can do is set a new direction by investing in infant industries and promote their growth. What Congress (more likely the president) might be able to do is inspire confidence and calm the panic. |
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mises
Joined: 05 Nov 2007
Location: retired
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| Posted: Sun Feb 08, 2009 3:30 pm Post subject: |
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| Ya-ta Boy wrote: |
| 'Fix' (your word) is too strong. What Congress can do is ameliorate the negative effects by spending money to create new jobs. |
At the cost of future jobs.
What Obama should do is expand unemployment benefits (a one time, one off expansion) and find ways to push the newly unemployed into retraining. A serious recession is needed and the role of the government shouldn't be to try and stop it (which is what helped cause this one) but to lessen the impact on the average family/person.
Last edited by mises on Sun Feb 08, 2009 6:32 pm; edited 1 time in total |
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bucheon bum
Joined: 16 Jan 2003
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| Posted: Sun Feb 08, 2009 5:19 pm Post subject: |
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| Ya-ta Boy wrote: |
| 'Fix' (your word) is too strong. What Congress can do is ameliorate the negative effects by spending money to create new jobs. What Congress can do is set a new direction by investing in infant industries and promote their growth. What Congress (more likely the president) might be able to do is inspire confidence and calm the panic. |
I wouldn't say investing in infant industries, but creating legislation that provides incentives for those new industries. Tax-breaks and the like. |
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Ya-ta Boy
Joined: 16 Jan 2003
Location: Established in 1994
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| Posted: Sun Feb 08, 2009 7:41 pm Post subject: |
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| I wouldn't say investing in infant industries |
Yeah, 'invest' was probably a poor choice of words on my part. I meant invest in the sense of buying their stuff, like Obama saying he wants to equip all public buildings with green technology for heating and insulation. |
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Hater Depot
Joined: 29 Mar 2005
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| Posted: Sun Feb 08, 2009 10:05 pm Post subject: |
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| mises wrote: |
| A serious recession is needed and the role of the government shouldn't be to try and stop it (which is what helped cause this one) but to lessen the impact on the average family/person. |
Isn't the whole idea of the stimulus? Nobody is arguing it will end the recession, just that it will lessen its pain and make it less likely to turn into a depression. If there weren't serious fears over deflation, liquidity traps, and depression, nobody would be talking stimulus. |
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Ya-ta Boy
Joined: 16 Jan 2003
Location: Established in 1994
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| Posted: Mon Feb 09, 2009 12:49 am Post subject: |
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At the cost of future jobs.
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Point of clarification: You're not calling Paul Krugman, Nobel winner, a liar, are you? |
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ontheway
Joined: 24 Aug 2005
Location: Somewhere under the rainbow...
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| Posted: Mon Feb 09, 2009 7:24 am Post subject: |
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| Ya-ta Boy wrote: |
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At the cost of future jobs.
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Point of clarification: You're not calling Paul Krugman, Nobel winner, a liar, are you? |
Krugman is a Ponzi economist. He is worse than a liar - he is an idiot.
Everything Krugman says and thinks he know about economics is not only wrong, it has been proven wrong. If he actually studied economics he would know better. He would be a wonderful court jester if only the other fools knew that his nonsense was only to be laughed at for its foolishness. It is dangerous to take such an idiot seriously.
This Depression was caused by the government. It was predicted by real economists. It has been explained by real economists. The bailout will make it worse. Bush's bailout has already made this current depression worse.
There should be no more bailouts.
There should be no stimulus plan.
Government should repeal all taxes on income and property, slash spending, balance the budget, repeal most of the entitlements, fund the rest from assets and privatize the payouts, get back on a gold standard and get out of the way.
This Second Great Depression was caused by the Federal Reserve and the socialist government just like the First Great Depression and all the recessions in between. It is destined to be the worst of all. The stimulus plan will make it even worse - deeper and longer. It will increase the number of real unemployed, although the reported numbers may be masked.
If the stimulus plan is big enough, we could end up with revolution or another period of feudalism or a dark age.
All forms of keynsian and socialist thought are now being referred to as Ponzi Economics. They have been totally discredited. The stimulus plan is their Maginot Line. How can these people be so stupid! |
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