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GENEVA (Reuters) - Up to 51 million jobs worldwide could disappear by the end of this year as a result of the economic slowdown that has turned into a global employment crisis, a United Nations agency said on Wednesday.
The International Labor Organization (ILO) said that under its most optimistic scenario, this year would finish with 18 million more unemployed people than at the end of 2007, with a global unemployment rate of 6.1.
Sep. 18, 2008.
Ron Paul explains how misguided policies and actions by the Federal Reserve and the government led to the current financial crisis.
Many who agree with me on a lot of other issues, do not understand my enthusiasm for gold and sound money or why I spend so much time studying and talking about monetary policy. Its true that I talk about money differently than most, but the fact is sound money offers many benefits. For example peace.
Can sound money really bring about peace? Actually, it plays a big part in peaceful international relationships. Money based on commodities, rather than paper, is not subject to government manipulation, and is a key component to free and honest trade.
History shows that if countries engage in trade with each other, their governments tend to find ways to get along for the same reason you do not kill your customers at your place of business, even if they occasionally annoy you.
If someone outright cheats you, however, you may engage in war by taking them to court, for example, and the relationship will sour. Governments and central banks with unfettered power to manipulate currency also have the ability to cheat their creditors. One way they do this is to simply create enough currency to pay off debts. This devalues the currency and cheats the recipient out of what they are owed. It would not be fair if you watered down your product the way our government waters down its currency, so it is not hard to understand, in these simplified terms, why loose monetary policy contributes so much to ill will and war around the world.
Sound money, on the other hand, simply is what it is. Removing governmental power to manipulate money, removes the temptation for government to spend, print and cheat. Sound money ensures that our governments spending priorities would be brought into sharp focus and reduced to only what we can afford.
Sound money also limits the ability to wage wars of aggression. Imagine how much more careful Washington would have to be about starting a war if they did not have this financial sleight of hand at their disposal! Fiat currency allows government do expensive things they should not be doing while paying the bills with cheap money. The Federal Reserve has lately been auctioning off large amounts of treasury bills as a way to finance the wars in Iraq and Afghanistan, and our crushing entitlement burden. The resulting devaluation of the dollar is quickly eroding our image as a good trading partner in the world. As a consequence, there is therefore more talk of economic isolation and war.
This vicious cycle of spending, fighting and inflating is not what Americans want. It is what the government wants, and it has had to deceive the citizens into allowing and supporting it. Sound money curbs the governments ability to engage in these shenanigans and reduces the wars we fight to only truly defensive ones, for which Americans are more than willing to stand and fight. So in these ways, sound money is very conducive to peace.
well the good news is that there are 6.5 billion people in the world. 51 million in a year doesn't seem soo bad considering this is supposed to be a huge depression.
Originally posted by jam321
well the good news is that there are 6.5 billion people in the world. 51 million in a year doesn't seem soo bad considering this is supposed to be a huge depression.
Yes, I thought that way also. However, you have to exclude children from that figure and people who are unable to work.
I also wonder if the unemployed will be evenly distributed or will it impact one area more than others.
Originally posted by Kryties
reply to post by Portugoal
While 51 million might seem a small number to you in terms of the world population of 6.5 billion, remember that that is 51 million more desperate, hungry and potentially homeless people simmering waiting to explode. An army of 51 million people is nothing to scoff at.
Originally posted by A NeWorlDisorder
This might not seem like a large number compared to the 6.5+ billion people on the planet, but what you have to understand is that there is only a handful of nations that enjoy an unemployment rate that is lower than 20%. The job loss will not be equally distributed. Companies that deal in the global economy will be hurt the most, the countries/staes that have the most of these type of companies will lose more jobs than say places that focus on local business. Some nations/states, in particular African nations have a more local economy in terms of farming and markets. They will not suffer as much as say California which depends heavily on trade with foreign nations.
The next few years will be a truely intriguing time to be alive.
[edit on 28-1-2009 by A NeWorlDisorder]
Originally posted by Portugoal
That's the thing. If 50 million jobs are lost from the big countries, (Russia, US, Europe, Canada, Japan, China, India, Brazil) it'll pass on to the small counties and spiral out of control. Then no one will be looking for work
A mass one-day strike by public and private sector workers in France is set to severely disrupt transport, hospital and education services. Hundreds of thousands of workers are expected to take to the streets to demand more government action to protect their jobs and wages.
Originally posted by Portugoal
The UN knows they'll get this kind of reaction so it won't be deemed a horrific outlook. I honestly think that 51 million is a generous number. Obviously they'll cover how bad it can get in a year.
You must understand that the average citizen won't think, "WOW 51 million is huge in a world of 6 billion so we'll just create an army and take matters into our own hands." Instead they'll think, "there are another 4 billion people working so the world isn't going to [insert expletitive]."