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More Time to Root Out Delusions

Bryan Appleyard wrote in his blog:
Long Live the Recession
We seem to be gambling in a V-shaped recession, that it will all be over by Christmas '09. I see no basis for this hope. We have emerged from a credit-fed boom. It is certain that credit will not return to previous levels, so even if we do emerge from the recession, growth will be slow or non-existent. In addition, people are giving up spending on a large scale. Stephen S. Roache points out that the decline in US retail spending has been the sharpest ever. This is not a bad thing- consumer spending was accounting for 72 per cent of the economy, which is absurd. In fact, I'm not sure any of this is a bad thing. London became a nastier place during the boom. Funny money corrupts and depraves. But present policies seem designed to restore a climate of easy credit and high consumer spending. They will, if people have any sense, fail. A longer recession will give us more time to root out delusions.


http://www.bryanappleyard.com/blog/

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( 1 comment — Leave a comment )
toucansanctuary
Dec. 2nd, 2008 01:20 am (UTC)
Keeping with the theme, somewhat...

Ellen Brown's latest article:
http://www.webofdebt.com/articles/oops.php

(I tried to paste the article's text but it's too long for the allowable post length.)

TS

( 1 comment — Leave a comment )

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