The depression is going to last a lot, lot longer than anyone is saying and the recovery, when it comes, will be very patchy and slow.
Read as: "horrible times ahead".
Otherwise have fun reading the newspapers and watching the TV news. Because they are no longer a serious or independent disseminating source of hard and important news.
But we may be all be treated to "swine flu" mark II in the coming months. Or something equally "fetching" and irresistibly adorable. In fact change the "you may", to a simple and concise "you will".
Better to know the uncomfortable reality than swallow the soft porn of the political and business elite who aim to engineer a complacent society during the rough times ahead.
David Guyatt Wrote:The depression is going to last a lot, lot longer than anyone is saying and the recovery, when it comes, will be very patchy and slow.
Read as: "horrible times ahead".
Otherwise have fun reading the newspapers and watching the TV news. Because they are no longer a serious or independent disseminating source of hard and important news.
But we may be all be treated to "swine flu" mark II in the coming months. Or something equally "fetching" and irresistibly adorable. In fact change the "you may", to a simple and concise "you will".
Better to know the uncomfortable reality than swallow the soft porn of the political and business elite who aim to engineer a complacent society during the rough times ahead.
Steve Keen agrees with you David. Grim times ahead. In Australia, we're going to feel the full force of "Fisher's Paradox":
http://www.debtdeflation.com/blogs/
Thanks Mark.
I was simply parroting the view of someone else. I don't feel able to share the identity of that person - who is a well known British figure - on a public forum for reasons I care not to go into.
David Guyatt Wrote:Thanks Mark.
I was simply parroting the view of someone else. I don't feel able to share the identity of that person - who is a well known British figure - on a public forum for reasons I care not to go into.
No worries, David.
The media has a lot to answer for. They would probably argue that to tell the public the full extent of the economic chain reaction that is about to occur would cause a large scale panic. But the data from Keen's research is clear--debt (and the subsequent deleveraging) will drive us into deflation and depression, worse than the 1930's because the debt levels are higher. I was surprised to hear Aussie PM Kevin Rudd concede that 10% unemployment by years end is possible but the reality is that it will get much higher.
Look at the bright side---at least traditional economic theory and its advocates will become the object of public derision. The fanciful notion of economic equilibrium now takes its place alongside flat earth theory.
Mark Stapleton Wrote:Look at the bright side---at least traditional economic theory and its advocates will become the object of public derision. The fanciful notion of economic equilibrium now takes its place alongside flat earth theory.
Well that is something to look forward to.
Magda Hassan Wrote:Mark Stapleton Wrote:Look at the bright side---at least traditional economic theory and its advocates will become the object of public derision. The fanciful notion of economic equilibrium now takes its place alongside flat earth theory.
Well that is something to look forward to.
Yes, I've got my branding iron ready. I want to see all the mainstream economists form an orderly queue now. Then get a job. We better wish them luck, eh.:hahaha:
And let's not for get that Economics began life as "Political Economics".