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victoriapandora
Jan. 25th, 2009 05:43 pm (UTC)
Well, he hasn't said anything new here (article below) but I am starting to see this three month window popping up all over the place. This really is twilight zone economics, always has been. This could come tumbling down tomorrow or something could happen (new wars?) that will prop it all up a while longer. But the indicators out of the UK are horrid right now, it's a vicious circle.
Whether americans continue to spend money or decide to start saving doesn't appear to be of particular relevance anymore really. Money in the bank is no longer, uuummm, money in the bank:/ I think we can "bank" on that.

http://cynicuseconomicus.blogspot.com/2009/01/climax-of-fall-is-now-in-view.html

"So now we come to the crunch. We have been living on the labour of others by exchanging useless paper for goods and services. What are we going to use for those imports now? If nobody want to exchange their goods and services for our paper, what can we do? It is here that we come to the real problem."

"I would now say with considerable confidence that we are within three months of the plunge. By plunge, I mean the serious collapse in either the $US or the £GB, either of which will shortly after precipitate the collapse of the other."
~~~~~~~~~~~~~~~~~~~~~~
The official unemployment stats don't ring true either. I suppose there is no real reason to do a hard count on those who are unemployed and "no longer looking" but that is a sideline stat with a very real effect on the economy. During the dot com bubble, or even in the 80's if you could have an idea you could pretty much build a business from the ground up. I have done it myself a few times. Things aren't like that anymore and haven't been since 2001. So yeah, I am not out hitting the pavement everyday looking for any kind of work I can get. But by the same token the line of work I actually do has been outsourced. Just ask anyone who's bought a tiffany style lamp from Wal-Mart. In a world made by hand I'd probably actually do pretty well, fingers crossed.


http://www.mint.com/blog/finance-core/a-visual-guide-to-the-financial-crisis-unemployment-rates/

greengestalt
Jan. 25th, 2009 05:58 pm (UTC)
"You could'a bought a new car or the best horse in the county for a dollar. But nobody had that dollar."

That was from my late grandfather talking about the depression.

---------------

It was the rich elite who brought about the depression, by hoarding wealth and controlling wages and prices, they could never have enough. Some have alleged, like in the Zeitgeist movie, they deliberately set it up to try to seize power. Their later treason of "The Business Plot", itself a fact, argue this 'conspiracy theory' well. But then they blamed those they made poor for not spending for worsening the depression.

I think this time around, as we struggle to even survive despite all our skills and abilities, we put a serious question of even the concept of "Wealth".

How much does a man truly need? Food, shelter, companionship. But beyond that, what more? It is not so much a collection of possessions, but a sense of purpose, a place in the world, a reason for existing.

Wealth beyond a reasonable comfort level is as much or more challenging to the soul than dire poverty, as recent news on the behavior of the rich elite even in this crisis prove better than I could argue.
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