News and Politics | November 28, 2011 | 21 comments

US, Europe risk another recession, report warns

source: http://www.msnbc.msn.com/id/45459405/ns/business-stocks_and_economy/

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Kelly_Balthrop
No surprise here. I've been talking about the European crash comming for months. Their only option for curbing the debt now is Austerity which will put the whole continent into economic tailspin. Germany will have no choice but to agree to printing more Euroes, which will crash the Euro bond market even more than the resession could. The banks will fall one by one until the US banks can no longer stand the strain and they start to crumble. The pacific rim courtries will be right on their heels...



World economies 'must be prepared to face the worst,' OECD says

PARIS — The United States and others must "be prepared to face the worst" as Europe slides toward another recession, according to a gloomy warning from the Organization for Economic Cooperation and Development.

Failure by EU leaders to stem the debt crisis that has spread from Greece to much-bigger Italy "could massively escalate economic disruption" and end in "highly devastating outcomes," the Paris-based OECD said in its latest bi-annual economic forecast on Monday.

http://www.msnbc.msn.com/id/45459405/ns/business-stocks_and_economy/
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21 comments // US, Europe risk another recession, report warns

  • alexandrek
  • Kelly_Balthrop
    • +1
      Kelly_Balthrop  
    • alexandrek:

      The 2008 recession was not caused by Europe. And no, Europe will not just get over it. Yes they have had recessions before, but this time they have no where to turn. Debts are spiraling out of control so fiscal policy can not help them. We are reaching the Capitalist 'End Game'.

    • 6 months ago
  • artemis6
    • +1
      artemis6  

    • Corruption and lack of law enforcement justice for the criminally wealthy . It will kill a civilization faster than anything i know ....

    • 6 months ago
  • Leen61
  • Kelly_Balthrop
    • +3
      Kelly_Balthrop  
    • Leen61:

      I agree 110% with the speaker’s assertion that fraud was a key component in our recession and the bursting of the real estate bubble. However, I also believe that our problems go much deeper than that. They are the kinds of problems that permit our economic system to possess the ability to fail in such a way. Prosecution will help a lot to prevent bad behavior, but people with bad intentions will always find a way to game a system that permits one to gain such power that they have this kind of manipulation as an option. The only way to stop an addict from using again is not to threaten them with more prison; you have to remove access to the drug. We need a new system, one that does not breed concentrated power at levels that can corrupt the human spirit. My favorite economist says it better than I:

      http://www.youtube.com/watch?v=0HTkEBIoxBA

    • 6 months ago
  • Leen61
  • alexandrek
  • Kelly_Balthrop
  • alexandrek
  • Kelly_Balthrop
    • +2
      Kelly_Balthrop  
    • alexandrek:

      Yes, that's very true. Getting at the truth can be very difficult, especially if you only rely on the press to tell you anything. That is why I study economics so much. I read everything I can get my hands on so that I can better understand the numbers. However, you don't need exact numbers up to the minute to discern a serious problem. I can tell you are struggling with English, so I won't fault you for not understanding the video above. What Richard Wolff describes is a reason why our system of Capitalism is failing now, all around the world, not just in Europe or America. The system has very serious problems that can't be fixed with government regulations.

      That is why he is calling for a new system. A system that maintains private property, permits people to achieve a better life, while designing out and not permitting a mechanism that lets one class of people to gain excessive power that can lead to abuse. A system based on Democracy and freedom. He envisions businesses being owned by the employees instead of a board of directors the answer to invisible share holders. It is the model used to structure our credit unions. Silicon valley start-ups do it when a group of people get together to start a new venture with everyone being an equal partner. Employees would act in the best interest of the neighborhoods where they live, and so would be more likely to be a positive factor in that neighborhood. Also employees would not likely outsource their own jobs in the name of profits.

    • 6 months ago
  • alexandrek
  • Kelly_Balthrop
  • ampersand
    • +4
      ampersand  

    • It could indeed get worse, as no sane hedge fund manager is now going to put trillions at risk in buying into southern European government debt.
      Germany (that is, ultimately, its citizens) may have to continue to bail out the Euro, southern Europe and the EU, because its banks are so heavily invested in debt and the system itself.

      The worldwide effects of a continued and deepening recession will be personally tragic for millions.
      The effect on those at the top will only be numerically abstract, but millions on the ground will suffer in every way imaginable.

      One wonders if a melt-down of the international financial system would ever be profound enough to bring about a radical change in the way we think and act about money and resources and our fellow man.
      Given the evidence, it doesn't seem at all likely, but there is always that thin thread of hope.

      It's a selfish thought, being as immune as possible from all this myself, but there is a part of me that would thoroughly enjoy seeing the whole toxic system crash and burn.

    • 6 months ago
  • wolfess
  • Kelly_Balthrop
  • artemis6
  • Progresshiv
  • bailey78
  • Kelly_Balthrop
    • +4
      Kelly_Balthrop  
    • Progresshiv:

      I live in Las Vegas. It's all I can do to make my grass grow in the absence of water. I know, I know, I should ditch the grass and plant natural foliage that doesn't require the water. As soon as you can convice my wife of that, I get right on it ;)

    • 6 months ago
  • letsliveinpeace
  • Kelly_Balthrop
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