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16 December, 2011

Why All Signs Point to Chaos

Why all signs point to chaos - 1 - Global economy - MSN Money: "You don't have to look far to find evidence that the glue that binds us together is losing its grip. Blame the years of economic turmoil and hardship. The volatility. The booms and busts. The persistent joblessness. The increasingly narrow path to financial independence.

For the vast majority of us -- dare I say, the 99% -- the social contract seems like a raw deal these days. Witness the anger shown in polls toward both President Barack Obama and House Republicans; depending on your political bent, you likely hate one and are disappointed by the other. Look at the ongoing, evolving natures of the Occupy Wall Street protests and the earlier Tea Party movement.

This isn't happening just here at home.

The most acute examples of popular rage can be seen overseas. Earlier this year, Arab Spring movements raged against despots across the Middle East and North Africa. More currently, a backlash against Vladimir Putin's shenanigans in Russia has erupted, and China is facing outrage over the less-serious problem of falling condo prices.

But above all, the unrest that has economists the most unsettled is in Europe -- the consequences of which will reverberate throughout the global economy and could very well pull the United States down into a new recession in 2012.

Frighteningly, to some economists, a new recession is the upside. How bad could the downside get?..."

1 comment:

  1. If you were to try to come up with a single reason that our economy will collapse it would be debt or more accurately over spending. Obama took our slowly inexorable growing national debt problem and put it into overdrive. This single act has put us in three short years into a collapse that cannot be avoided. What the Keynesian Kenyan is doing to prevent the collapse is borrowing and printing even more money to kick the can of inevitable collapse down the road. The biggest drawback to this approach is that it cannot stop the inevitable collapse it can only delay it while at the same time making the pain far worse when it does finally collapse. Arguably in 2008 had we simply let failing loans and companies fail and dealt with them then we would out of this mess today with a recovering economy. Soon, the can will stop, the house of cards will collapse and everyone (or almost everyone) will suffer and the new depression may well last 10 years or more.

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