Monday, Jun 28, 2010
Bear food
NY Times: The Third Depression
"Neither the Long Depression of the 19th century nor the Great Depression of the 20th was an era of nonstop decline — on the contrary, both included periods when the economy grew. But these episodes of improvement were never enough to undo the damage from the initial slump, and were followed by relapses.
We are now, I fear, in the early stages of a third depression. It will probably look more like the Long Depression than the much more severe Great Depression."
Posted by rumble @ 05:25 PM (1176 views) Add Comment
3 Comments
- If you do not have an admin password leave the password field blank.
- If you would like to request a password allowing you to add comments and blog news articles without needing each one approved manually, send an e-mail to the webmaster.
- Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.
- Please note that any viewpoints published here as comments are user's views and not the views of HousePriceCrash.co.uk.
- Please adhere to the Guidelines
1. This comment has been removed as it was found to be in breach of our Blog Policies.
2. Jim Green said...
At present it is the banks who 'print and prosper'. Governments should take back that right to themselves.
The Bank of England could gain real independence: independence from private banks who are akin to drug dealers - that deal in debt. We certainly need to kick the habit of the debt drug. But the way to do this is not to allow private banks to contract the money supply until we are gasping for another fix of debt, but to get rid of the dealers and energise the national economy with debt and interest free credit supplied by the state.
3. Dbc Reed said...
I know that Nobel Prizes are not a guarantee of anything (after all they gave one to Hayek) but calling Krugman an imbecile is just vulgar abuse.The facts show that increasing the money supply is what the private-sector banks do anyway so encouraging them to lend to private-sector entrepreneurs is not a bad idea and if it does n't work stop it.The trick is to stop the new credit going into landed property,since in the UK and the US far too much goes into home loans etc.Need I say:the answer is land value tax which forces banks to widen their investment horizons from a very narrow class of assets..