Archive for the ‘Our Money’ Category
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The U.S. Economy: The Real Issue – Global Finance and Global “free-trade”
Despite huge efforts and spending by government, we still have a “jobless recovery”. Before more money is printed and deficits further increased, we need to realize where the jobs have gone.
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Is Globalization a Mistake?
The global recession could be simply a major cyclical downturn, but there are indications it is more: a structural breakdown, brought about by the globalization of finance and industry. If this is so, globalization could be the biggest economic blunder in history.
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The Economy on the Edge
The state of the economy will determine the outcome of the November election. And the state of the economy will depend on whether the financial bailout was primarily for the benefit of the banks, with the overall economy at best a secondary consideration.
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Globalization: The Twilight
The economic crisis, which started with banks, is now expanding to governments: several European nations could possibly default on their obligations, and the creditworthiness of others is being questioned. So far, the current crisis has been compared to the Great Depression, and remedial measures have been designed accordingly. But other forces and processes are probably at work, connected to the globalization drive of the last three decades.
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The Recovery Trap
Current policies aimed at economic recovery are both futile and dangerous. They will produce a weak recovery (at best) while insuring that an even more severe crisis will occur in the near future.
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A Leap Into the Unknown – Next Year’s Economy
The root cause of the current crisis is the mismatch between the monetary mass within the global financial system and the amount of assets available for investment. Current government and central bank policies have increased that mass beyond the system’s capacity to absorb it. The probable outcome will be a massive currency crash, which only the implementation of alternative policies could prevent.
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A Crisis Without Exit
A great part of the liquidity created by the ultra-loose monetary policy of the United States is exported through the global financial system, creating asset inflation abroad. Once the economy takes off and imports rise with it, this inflation will be recycled to the US and choke off any meaningful recovery.
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The Economic Break Point
Under both the Bush and the Obama administrations economic policy has been focused on propping up the global financial system. While trillions have been thrown at the banks, the real economy has continued to deteriorate, as evidenced by the rising unemployment numbers.
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The Tax Tsunami
Current policies and programs championed by both administration and congress will produce a massive increase in taxation. This will not only destroy the economy, but could lead to a general taxpayer revolt.
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Stimulus Programs – The Good, the Bad and the Ugly
Stimulus programs are not equal in their effects on the economy. Depending on their focus and area of application, the impact will be positive or negative.
