Ivy league advice...
50% - 50% good luck to all
Ivy league advice...
50% - 50% good luck to all
last name Sachs.
Even Obama's economic team realized three things effectively caused the Great Depression:
1) Deliberately shrinking the money supply.
2) Passing the Smoot-Hawley Tariff, which killed off world trade.
3) Raising the top tax rate to a ridiculous 63% in 1933. Even Obama's economic team have not suggested raising the top marginal tax rate beyond 39% for lots of obvious reasons!
Nice graphic.
They should - but they won’t.
This is not merely a reprise of the Great Depression, it will go on to forge new and even more stupendous exhibitions of human hubris and exaltations of idiocy, when the “carbon-cap-and-trade” gurus get their opportunity to ply their trade.
Unless we can somehow convert the entire biosphere on this planet to something like a silicon-based analog which entirely replaces the carbon-based life forms we now have, this insistence on controlling carbon dioxide will end up asphyxiating our green growing plant life, and eventually causing the oxygen content of our atmosphere to plunge to critical levels, in which the animal life also begins to asphyxiate.
Carbon dioxide MUST be produced at far greater level than is now considered a relative equilibrium. When you are talking about 250 parts per million or less concentration of CO2, you are flirting with STARVATION of plant life.
To put things in perspective, I would strongly suggest at not just focusing on the Great Depression, but on two previous depressions:
The Panic of 1873:
http://en.wikipedia.org/wiki/Panic_of_1873
And the Panic of 1837:
http://en.wikipedia.org/wiki/Panic_of_1837
(Which was relatively as bad as the Great Depression.)
Both of these have elements with our situation today that were not found in the Great Depression.
Two years after the Panic of 1873, the US government only narrowly avoided bankruptcy, which it was powerless to avoid, and only with the intervention of J.P. Morgan, the man, was it avoided. But this time, there is no white knight for the US. And it is increasingly likely that the government will go bankrupt.
This points to the Panic of 1837, when a large group of state banks defaulted on massive bond issues. This is the only thing that could compare with a default of US Treasury bills today. Currently undergoing “the last bubble” of our economic crisis, when T-bills burst, it is expected to be “spectacular”.
Never call it a Great Depression. Just called it the GD economic crisis.
Dr. Should? Isn’t he kin to Captain Obvious?
Avoid. Yes. While the world’s politicians are trying just as hard as they can to utterly destroy the world’s economy.