Saturday, February 7, 2009
It's More or Less Official: We're In a Global Depression
The International Monetary Fund (IMF) is the organization that audits the books of countries world-wide to determine their real financial health. The IMF is also responsible for bailing out countries in trouble, and stabilizing the world's economic systems.
The IMF has also performed a complete audit of the whole US financial system, and therefore has a clearer idea of American finances than just about any other organization.
So the fact that the head of the IMF is saying that the world's advanced economies are already in a depression carries great weight.
He is not alone. The following people have also said we are already in a depression:
- Nobel economist Joseph Stiglitz
- The former Secretary of Labor
- Leading investment advisor Ray Dalio
- Well-known investment advisor Doug Casey
- And many others.
Many economists and analysts actually believe that it will be even worse than the Great Depression.
Of course, just like the American government refused to admit we were in a recession for an entire year - and then announced "oh yeah, we guess we've been in a recession for the last year" - officials are now doing everything they can to pretend we are not in a depression. But even government officials who studiously avoid the "D" word so they don't ruffle people's feathers still admit that conditions are "similar to" the depression.
2 comments:
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Huh? IMF in in the business of bailing out countries in trouble, and stabilizing the world's economic systems? Since when did capitalism needs an organization to stabilize it? I am told over and over and over that the guru of capitalism Adam Smyth has said the "invisible hand" is what fixes capitalism? Has somebody been lying to me all this time??? So the invisible hand is not so invisible?
ReplyDeleteAs to your first assertion that IMF bails out countries in trouble, that made me laugh. IMF does exactly the opposite. IMF tries to enslave countries. No wonder country after country pays their loans to IMF then they never take anther loan.
Other than that, just another FUD article about how the sky is falling.
Of course we are in a depression, and of course it is going to be worse than the Great Depression. Not only do we no longer have a strong manufacturing basis in this country, apparantly we don't want one. And, don't worry about how much smaller a percentage of the people grown their own food today. I'm sure the government won't let as many starve as during the last one. And of course, all is well for the very, very rich. As usual. Screw the poor, they don't need bread. Or even cake this time.
ReplyDelete