America’s Current Jobs ‘Great Depression’

9 September 2020 — Jack Rasmus

by jackrasmus

Two well-known and highly respected mainstream economists, Carmen Reinhart, a chief economist for the World Bank, and Vincent Reinhart, chief economist for Morgan Stanley bank, have recently published an article in the widely read capitalist source, Foreign Affairs, entitled ‘The Pandemic Depression’. Arguing primarily from a global perspective, the economists have concluded the US economy as of the 3rd quarter 2020 is not merely now experiencing a ‘great recession’ but now qualifies as another Great Depression.

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What Lies Ahead

17 July 2020 — Jack Rasmus

On July 6, 2020 I posted my extended view and analysis why the 3rd quarter US GDP would falter–and lead to a W-shape recovery, as it typical of all Great Recessions. The current recession’s scenario was compared with 1929-30 and 2008-09, and 8 reasons were given why the US current economic rebound (not recovery) would falter. In this follow-on post a somewhat longer term scenario is added to the prior shorter, 3rd quarter view. It’s an addendum and sequel to the prior post, focusing on the more permanent impacts on the economy that will continue well into 2021 and beyond. Here’s the addendum piece, “What Lies Ahead”
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The tug of war between the virus and fiscal stimuli

7 April 2020 — theplanningmotivedotcom

The markets have taken solace from the various fiscal, rather than monetary stimuli, recently introduced, including the $2.2 trillion package by the US Senate. CNBC has observed that: markets have moved sideways over the last 7 sessions. However, as the economic news becomes more disastrous it is likely that this temporary floor will not hold. Already governments, including in the US, are considering additional measures.

tug-of-war-pdf.pdf

RECESSION FOR CHINA, DEPRESSION FOR EU AND USA?

22 March 2020 — theplanningmotivedotcom

The market crash is now four weeks old. The first two weeks registered falls without a liquidity crisis (see pie chart below). The third week registered sharp falls with a liquidity crisis. The fourth week registered the biggest weekly falls with severe dislocation between assets because investors decided to be all out having been all in prior to February the 19th.

recession-vs-depression.pdf

The fantasy world of the Long Depression by michael roberts

22 March 2019 — Michael Roberts Blog

This week, the US Federal Reserve Bank decided to stop raising its policy interest rate for the rest of 2019.  The Fed started hiking rates from near zero back in late 2016 on the grounds that the Long Depression (in economic growth, investment and employment in the US and in other major economies) was over.  As economies reached full employment and used up excess capacity in industry, wages rises and price inflation would accelerate, so it would be necessary to curb any ‘overheating’ with higher interest rates to slow borrowing and spending.  This policy of ‘normalisation’, as it is called, seemed to be justified after the Trump tax cuts were introduced in late 2017. Those measures led to a sharp rise in after-tax profits for US corporations and an apparent pick-up in US real GDP growth, reaching a 3% yoy rate at the end of 2018.  All looked well.

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Why Recent Bad Economic News Means It’s Time for Working Less By Juliet Schor

24 June 2011 — Economics and SocietyThe Bullet Socialist ProjectE-Bulletin No. 520

The economic news of the last few weeks has not been encouraging. In Europe, the various national debt crises remain unresolved, with a continued monopoly of banker-friendly austerity programs, and their predictable consequences of rising unemployment and stagnation. Debtor countries are being forced into the same financial orthodoxies that prolonged the depression of the 1920s and 30s, so we shouldn’t be surprised at the failures they will bring. More recession may also be the future of the countries enforcing these once-discredited policies, as weak demand across the region represses consumer demand, investor confidence, and government spending.

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The New Great Depression Selected Articles 8-11 August, 2009

11 August, 2009 — Global Research

Award Winning Movie: “SUPERPOWER”:
Interview with Filmmaker on RBN this Thursday!
– by Barbara-Anne Steegmuller – 2009-08-15

Ward Churchill, Robert Prechter, Jane Burgermeister, and Bob Chapman on The Global Research News Hour
Program details, Aug 10-14
– 2009-08-14

9/11 Mind Swell
Scientific evidence refutes the official story
– by Joel S. Hirschhorn – 2009-08-11

The Real Grand Chessboard and the Profiteers of War
– by Prof. Peter Dale Scott – 2009-08-11

GDF Suez unit gets EU approval to take water firms
– 2009-08-11

Fiscal ruin of the Western world beckons
For a glimpse of what awaits Britain, Europe, and America, look at what is happening to Ireland
– by Ambrose Evans-Pritchard – 2009-08-11

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A Commodity Called Misery By Joe Bageant

Our authorized sanities are so many Nembutals. “Normal” citizens with store-dummy smiles stand apart from each other like cotton-packed capsules in a bottle. Perpetual mental out-patients. Maddeningly sterile jobs for strait-jackets, love scrubbed into an insipid “functional personal relationship” and Art as a fantasy pacifier… And we all know this… Slowly, very slowly we are led nowhere. — San Francisco Digger Papers, 1965

HOPKINS VILLAGE, BELIZE — Sitting down here in Central America happily abusing my health, occasionally, between the hangovers and the bouts with sand fleas and mosquitoes comes an insight or two, or at least what passes for insight in my lowbrow take on life. One of these is just how damned lucky the Third World is that it cannot afford a sophisticated mental health system. By that I mean the kind in the “developed countries,” where murder and suicide rates are quintuple what they are here in this village. Not that we are without own village resources. My Garifuna buddy Eljay, was in what we would call a depressed state a few months ago, and went to a local “spirit doctor.” The wizened old spirit mojo man cured Eljay with a single utterance: “Quit smokin da ganja for one month.” It worked. Total cost: About $2.50 and a pound of red beans. They say the old spirit doctor also treats such things as sexual dysfunction, though I sure as hell cannot detect much evidence of dysfunction, judging from the noises in the village cabanas and under beachside palms at night.

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