From today’s collection of reads from Chris Martenson’s site:
Economy minister György Matolcsy said this morning that Hungary believes it needs to arrange a new credit line from the IMF and the EU in case the European economic situation deteriorates. Speaking to Reuters in Budapest, Matolcsy also said that Hungary will seek agreement to run a larger deficit than planned next year.
Mr. Hynes shakes his head. “This is not some esoteric budget issue; we are not paying bills for absolutely essential services,” he says. “That is obscene.”
Stimulus Or Austerity: Is That The Right Question? (Truthsavvy)
Investment markets have been unsettled of late, resulting in the worst quarter for major American stock indices since 2008. Are European G20 leaders correct in declaring there is too much debt in the world? Or is President Obama’s team right in pushing for more stimulus? Who holds the real economic insights? Those who say we must borrow our way forward to recovery? Or those who believe a new day of financial austerity looms?
The latest plans, if implemented in full, would see spending slashed to an extent rarely if ever attempted before in a Western democracy and would strike a massive blow at key areas such as the police, transport, energy, universities and business support.
A Market Forecast That Says ‘Take Cover’ (jdargis)
“I’m saying: ‘Winter is coming. Buy a coat,’ ” he said. “Other people are advising people to stay naked. If I’m wrong, you’re not hurt. If they’re wrong, you’re dead. It’s pretty benign advice to opt for safety for a while.”
Do these articles suggest a recovery?
They are more in line with a worsening Great Recession or a Depression than they are with a recovery.