Monty Pelerin's World

Economic, Financial and Political Analysis

Tag archives for Depression

David Stockman Alienates Both Ends of The Political Spectrum

David Stockman wrote an intriguing article which appeared in the NY Times. That it appeared in the Times is noteworthy itself, for it contradicts so many liberal shibboleths the paper has supported (promoted) for many years. Its appearance is less likely to reflect the first steps to Damascus and may be a sign of financial [...]

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The Non-Recovery In Advance of A Depression

For anyone who believes that there has been an economic recovery, go buy the Brooklyn Bridge. I’m sure there are thousands who would be willing to sell it to you. There will be no recovery until the economy crashes and rebuilds from the ashes. There is too much debt outstanding can never be repaid and [...]

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The Keynesian Legacy Unravels

“Those who cannot remember the past, are condemned to repeat it.” George Santayana Ideology is powerful, capable of masking unpleasant facts. Whether we recognize it or not, we are all slaves to ideology. Economists are no different in that regard than other people. They hold preconceived ideas which affect the interpretation of data and facts. [...]

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Let’s Have A Depression Now

The United States is more than four years into its form of economic purgatory. The government pronounced the recession over in June of 2009. That announcement does not conform with reality or even subsequent government suspect data. Even the Administration-friendly New York Times knows better: Between June 2009, when the recession officially ended, and June 2011, [...]

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Polite Pessimism Is Not Warranted

The condition of the US (and world) economy is precarious. Alasdair Sinclair says that money printing is the only thing holding the economy up: We are in the eye of a financial storm, for which the only solution – other than mass default – is an accelerating supply of money. Deteriorating financial conditions ineither government, banks, private sector or securities markets are almost certain to trigger a run on the others. And that is why a far larger figure than QE3’s $85bn permonth may be required to keep the system afloat. Mr. Sinclair is correct. I recommend you read his piece in full. [...]

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