Annus Horribilis Peaks in Anxiety for Global Economy … =economies

Quote of the Day
“The government is essentially trying to save capitalism from the capitalists”

“We’re facing a once-in-a-century problem,” says Harvard University professor and former IMF chief economist Kenneth Rogoff. “The global scale and magnitude of it is much greater than those we’ve seen before.

“We’re going to face a deep downturn and slow recovery no matter what we do. The challenge now is to contain it to a couple of years and not a decade.”

Several opinions and conjecture in this piece but one of the increasing # pointing toward a long hard struggle ahead, I particularly like the commentry on having the tools to avoid a depression but not to re-ignite growth, that certainly seems to be what we are facing in the immediate future. :exclamation:

Hang on I already said that! :smiling_imp:

OW, you really should take Bloomberg to task for such blatant plagerism :angry:

Protectionism is the only logical conclusion of the current downturn for consuming economies (America). This will allow them to rebuild their manufacturing capacity and so sustain their consumption by real economic activity. Of course, large-scale war is the ultimate in trade protection…

Didnt work last time…

Read my post again - consuming nations, not exporting ones. America was an exporting nation in the 'thirties, but is a consuming one now.

edit: Oh, and who is to say that it didn’t work for America? Date the rise of mass consumerism in America? Just because the war got in the way…

If this is the case, then is this not the very thing Mr.Gekko was all worried about just a while back?

I agree protectionism will have to make a comeback, warts and all. The US will pull in taxes (forget preferential tax treatments for multis in Ireland), erect some barriers to “free” trade (if such a thing exists), and use it’s power to regenerate a modicum of manufacturing. When the cookie crumbles, as the Yankees say :laughing: