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Paul Krugman: In Trade, 'It's Not the Great Depression — It's Worse'

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posted on Oct, 7 2009 @ 04:43 PM
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Paul Krugman: In Trade, 'It's Not the Great Depression — It's Worse'


blogs.wsj.com

Princeton University economist, author and New York Times columnist Paul Krugman won the Nobel Prize in economics last year for his work on international trade — so the guy knows what he’s talking about when it comes to this subject. And he’s worried.


First, he offered a few comments about the U.S. economy:
1 - Based on GDP, “the recession is over, we’re back to a world of growth”
2 - But, “the jobs picture is continuing to deteriorate. The recession may be over, but the bad times are nowhere near over.”
3 - “This could be bad. Financial crises tend to produce prolong
(visit the link for the full news article)

Source; blogs.wsj.com...


[edit on 7-10-2009 by wonderworld]

Edit to fix link

[edit on 10/7/2009 by semperfortis]




posted on Oct, 7 2009 @ 04:43 PM
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Do you notice how experts agree that we are worse off now than the Great Depression, yet no one agrees on a remedy? I do expect inflation before the end of 2010 and lets hope we are in a Depression, rather than facing hyperinflation. He mentions Germany, which I compare to Weimar Germany in the 30’s when it took a wheel barrow full of money to buy a loaf of bread.

He also states


“The scale of the collapse of world trade has been so large that it has produced a degree of international linkage that surpasses what even the pessimists imagined,” he said. “World trade acted as a transmission mechanism,” spreading economic distress “even to those countries that had relatively healthy financial systems,” such as Germany.


“We really are one world economy in a way that has never been true before he said.




blogs.wsj.com
(visit the link for the full news article)

[edit on 10/7/2009 by semperfortis]



posted on Oct, 7 2009 @ 04:59 PM
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The GDP calculates government spending as growth...You get that out of the picture, the GDP fell by a LOT since last year.

But eh, propped up numbers look good...it must be all fine and dandy!



posted on Oct, 7 2009 @ 05:18 PM
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We are still producing as much but there is no trade. There was an article on ATS about the fleets of cargo ships sitting idle because no one is shipping or trading anything. Jobs are disappearing, the youth are hit hardest and they are feeling left out by society. Our people are becoming more polarized and stressed.

So what happens when you have nations becoming isolated, inflation, loss of jobs, a disenfranchised youth, a divided polulace, enemies galore and a truly messed up political situation. I don't think we have a lot of options anymore but I haven't given up on us yet.



posted on Oct, 7 2009 @ 05:51 PM
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Paul Krugman is a neo-Keynesian (basically a socialist), he has publicly said he wishes we'd spend trillions more on "stimulus"...he advocates socialized health care and the likes, and even advocated the creation of the housing bubble...he's more or less probably using his Nobel status to promote more government control.



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