Over the past couple of months the story keeping many people on the edge of their seats has been the ongoing dilemma of Greece's detested debt burden, its Great Depression-worthy 25% contraction of its economy, and its voluntary or even forced withdrawal from the eurozone – the fabled "Grexit." For about five years now, heavy austerity policies (cutbacks in government … [Read more...]
5 reasons why the US will never again see economic growth
Former Treasury Secretary and current Obama Economic Adviser Larry Summers is right to blast the austerity programs that have provoked massive protests in Europe while failing to halt the decline of EU economies or stabilize the shaky Euro. Yet Summers is wrong when he wrote recently in the Washington Post that in the U.S. any non-austerity or stimulus programs will be able … [Read more...]
The largest economy in the world is imploding right in front of our eyes
A devastating economic depression is rapidly spreading across the largest economy in the world. Unemployment is skyrocketing, money is being pulled out of the banks at an astounding rate, bad debts are everywhere and economic activity is slowing down month after month. So who am I talking about? Not the United States - the economy that I am talking about has a GDP that is … [Read more...]