What I love about forecasts is the certainty with which they are delivered.
Nothing is certain. Whether the BRICS are trapped in the middle income trap is
entirely in their own hands; the USA always bounces back; technology never
stops.The reforms that are required to make BRICS like China continue its growth and the improvements in India, are well known and in their own hands. Obviously vested interests who have done well to date, will do their damnedest to stop such reforms but it is by no means certain they will; indeed the worse the global slowdown the more likely that we will see the required reforms. This is to say nothing of the new BRICS in Africa and Asia. The explosive growth that we have seen to date pushed the price of materials to record highs as capacity could not be brought on stream to cope, slower growth should enable productive capacity to increase accordingly, reducing raw material prices. With the huge surge in oil production I expect to see a fall in the price of oil and a transfer of wealth from the oil producers back to consumers. I believe that the USA is on the cusp of an economic boom. Manufacturing is heading back home as prices in the Far east rise, gas prices have tumbled to record lows reducing the costs of basic raw materials, the banks can lend as they are clean and healthy, people have de-leveraged massively, companies are sitting on records amounts of cash and the country is angry and determined. When the USA rocks the world rocks.I also believe we are on the cusp of a massive technology boom. New materials such as graphene promise whole new ranges of products, new manufacturing techniques such as 3d printing are threatening to revolutionise production and consumer choice, new energy sources such as oil from Algae will tear up any nonsense about peak oil, new drugs from genetic research are becoming a reality, new technologies such as driverless cars are here. The only place that remains a problem is Europe but the Euro is forcing countries to reform key pillars of the socialist model that have held back economic development in southern European countries for years; even socialists in France are reforming. The Euro could be the best thing that has happened to Europe.See, I can predict an opposite future with equal reason and certainty. On a side note Schumpter, drawing from Marx, predicted that capitalism would destroy wealth continually and hence itself. It was Werner Sombart who used the term to mean that economic growth can evolve from the destruction of an previous economic order.
Angry Germans have filed a lawsuit at the European
Court of Justice in an attempt to block the European Central
Bank's latest plan to buy-up the debt of struggling countries.
Around 4,800 people are represented by the lawsuit, filed by German protest group Zivile Koalition e.V., which claims that the ECB’s OMT programme violates the central bank’s own statutes and has an "immediate influence on monetary stability in the euro area".
For the German speakers among you, you can find out more about the Zivile Koalition here. Beatrix von Storch, the group’s spokeswoman, has even put together a video message.
The press office of the EU court in Luxembourg declined to comment to Bloomberg
3 comments:
I do not post as often as I should but here we are many months down the line from the advent of the 'Greek Crisis' and we are discussing the same old crap. When will these dreadful unelected idiots realise GREECE WILL NEVER PAY BACK THE MONEY IT WILL OWE. Now I feel much better but it beggers belief that there will be no initial solution to the problem until Greece is cast adrift from the Euro along with any other 'sovereign failures' as well.
Since even "they" cannot be that stupid, they are fully aware that Greece will never repay the money it owes. However, to openly acknowledge this means that both the credibility of the IMF and the EU/EZ will have been destroyed. So what we have is politicians risking catastrophe simply to preserve reputations.
Europe must help Greece"
Another bit of sordid Eurospeak. What she means is:
"European taxpayers, who were never asked about Greece's LYING entry into the eurozone or indeed about much else, must pay up (again without being asked) to bail out the criminally feckless and reckless elites of most European countries, especially Greece, where the same cretinous politicians who got the country into this chaos were surreally reelected and where the top 1% of the financial elite spit at austerity from the luxury of their non-tax-paid-for yachts. And all this to save the face of the idiots running Europe and keep alive their insane obsession with a United States of Europe controlled from Brussels."
I agree that the translation is a bit long, but at least it is accurate.
Post a Comment