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Author Topic: Advanced economies 'already in depression'  (Read 2294 times)
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WhiskeyGirl
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« on: February 08, 2009, 11:12:10 AM »

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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.


Quote
Ten days ago, the IMF cut its world-growth estimate for this year to 0.5 percent, the weakest pace since World War II. Stimulus packages alone won't succeed in dragging the global economy out of recession unless confidence is restored in the banking system, Strauss-Kahn said today.

Quote
"There is hope that the fiscal and monetary stimulus measures being implemented around the world can help turn things around," said David Cohen, Singapore-based director of Asian economic forecasting at Action Economics. "But there is still the risk it can be short-circuited by further financial turmoil."

[quote]Governments should be ready for "full-fledged" intervention, acting quickly to sell or wind-up insolvent lenders, Strauss-Kahn said. While the European Central Bank, which left interest rates unchanged this week, may have more room to cut borrowing costs, such a policy may not be as important as restructuring the region's banks, he said.[/quote]

http://www.koreaherald.co.kr/NEWKHSITE/data/html_dir/2009/02/09/200902090053.asp

Any plan to head off, or lessen a recession in the U.S. seems to be a days late and dollars short at this point in time.

I read some ideas that there are three big problems to be addressed -

1. insolvent banks and other institutions that the U.S. keeps pumping money into and that need to fail, there isn't enough money anywhere to fix their problems.  The problems stem from lack of accountability by the Congress, no reform when red flags were everywhere.

2.  mortgage catastrophe - to many liar loans, people who can't afford homes, people who walk away from loans at the first sign of adversity - leads to downward spiral. 

3.  economy - Where are the good jobs?  Jobs for every American?  If Americans don't have jobs, maybe a REAL job bank with volunteer opportunities in exchange for the monthy economic assistance?   There may be a few that are not capable.

No one can do everything, everyone can do something.


The depression is here.

jmho
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Edward
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« Reply #1 on: February 08, 2009, 12:12:15 PM »

9 banks failed in the u.s in january of 09
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Edward
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« Reply #2 on: February 08, 2009, 12:29:19 PM »

Pretty soon this will be the only job available..

'My life cleaning Delhi's sewers'

http://news.bbc.co.uk/2/hi/programmes/from_our_own_correspondent/7872770.stm
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Edward
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« Reply #3 on: February 08, 2009, 01:56:05 PM »

“If you spent a million dollars every day since Jesus was born,
you would have spent three-quarters of a trillion dollars.
A million seconds is about 11.5 days.
A billion seconds is about 32 years, and a trillion seconds is 32,000 years.”
- John Allen Paulos, Ph.D., Math Prof., Temple Univ.

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WhiskeyGirl
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« Reply #4 on: February 09, 2009, 09:14:48 PM »

Balls: It's worse than the 1930s

By GRAEME WILSON
Deputy Political Editor

Published: Today

Quote
And he admitted it could last for FIFTEEN years — and change the “political landscape”.

Mr Balls — long regarded as Gordon Brown’s closest ally — said we have been hit by “the most serious global recession for over 100 years”.

In a speech to Labour activists, Mr Balls declared: “I think that this is a financial crisis more extreme and more serious than that of the 1930s.

“We all remember how the politics of that era were shaped by the economy.”


Quote
International Monetary Fund chief Dominique Strauss-Kahn said yesterday that he believed the world’s advanced economies — including the US and those in western Europe — were already in “depression”.


http://www.thesun.co.uk/sol/homepage/news/money/article2222398.ece

When is Obama going to announce to the world that the US is ALREADY in a DEPRESSION?
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nonesuche
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« Reply #5 on: February 10, 2009, 08:30:07 AM »

For the record, how can you truly 'fix' our banking system when we do not even own our own Federal Reserve? I wish one of the reporters last evening had asked that question of our new President.

The harsh reality:
http://www.apfn.org/apfn/fed_reserve.htm

Chart of who does own our Federal Reserve:
http://www.save-a-patriot.org/files/view/whofed.html
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WhiskeyGirl
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« Reply #6 on: February 10, 2009, 06:21:44 PM »

The Rich vs. the Rest: Devolvement of America - Unless

Quote
Too much money got us into our current mess and more money will not get us out of it.  In FDR’s time it was Japan that was the silver bullet that finally rebuilt our economy.

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   Today, many worry that unemployment may reach ten percent,  perhaps higher, by the end of 2009.  It may be that we have seen nothing yet.  Unemployment stood at twenty-four percent in the 1932  presidential election.

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Why does our current economic difficulty exist?  Forget the mechanisms of Wall Street greed.  These were but the means to achieve failure.  They could not exist but for monitory policy of the Federal Reserve System creating the existence of too much money.
   

Save America, let Wall Street go...and the Fed too.

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    Inflation is caused by too much money, either general or specific inflation.  When specific, bubbles are created.  Bubbles are enhanced by excessive leverage resulting from, again, too much available money.  Bubbles collapse and correction results in specific deflation.

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    Who needs as much credit as before the current collapse?  With business contracting, business needs less than before.  Consumers already have difficulties maintaining credit payments. Too much debt was earlier incurred.  Combine that with lowered work time and job losses, consumer credit demand is significantly reduced.

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    Currently, only the  government needs more credit.  More credit is needed to finance the second half of TARP and the economic incentive package.  Continued budget and trade deficits must be financed.  Will  American banks normalize former, but more prudent, lending practices?  This question begs another.  How much longer will foreign nations convert their sovereign funds to American government loans to finance the result of  the total economic recklessness currently observed?


Quote
    Unless the poor, working, and middle classes start winning the unspoken war of the upper class vs. all the rest, America can only devolve to a new beginning - that of a former developed country.

The shaft to America is getting deeper...no light in sight with all these stimulus and bail out packages.

The upper most class must be those that own the Federal Reserve, Wall Street, and Democratic Party.

http://www.opednews.com/articles/The-Rich-vs-the-Rest-Dev-by-Harold-Hellickson-090208-872.html

Save America for all the people.  Return to the constitution, abolish the Federal Reserve, and return power to the 50 states...

imho
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WhiskeyGirl
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« Reply #7 on: February 10, 2009, 06:56:07 PM »

For the record, how can you truly 'fix' our banking system when we do not even own our own Federal Reserve? I wish one of the reporters last evening had asked that question of our new President.

The harsh reality:
http://www.apfn.org/apfn/fed_reserve.htm

Chart of who does own our Federal Reserve:
http://www.save-a-patriot.org/files/view/whofed.html

Not sure what all this means, I'll have to think about it.  However, perhaps the best and only real solution is to abolish the Federal Reserve and/or buy it back -  "The U.S. Government can buy back the FED at any time for $450 million (per Congressional record)"

Much cheaper than continued bailouts, or bleeding the American taxpayer dry for generations.

mo
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It doesn't do any good to hate anyone,
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WhiskeyGirl
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« Reply #8 on: February 10, 2009, 07:13:12 PM »

How sad.  FMR is all I can say.

Slaves, each and every one of us.  Does that make Obama the biggest slave trader of them all?
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All my posts are just my humble opinions.  Please take with a grain of salt.  Smile

It doesn't do any good to hate anyone,
they'll end up in your family anyway...
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