MercoPress. South Atlantic News Agency
Euro crisis: IMF chief warns of a “lost decade”; China calls for strong political will
The head of the IMF warned on Wednesday that Europe's debt crisis risked plunging the global economy into a “lost decade” and said it was up to rich nations to shoulder the burden of restoring growth and confidence. Read full article
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Disclaimer & comment rulesWell here we are .clouds on the horizon grey if you have capital as it might not work efficiently for you,black clouds if you don't with only your to be devalued labor power to sell.this time it is clearly not because labor power that was overpriced which has caused the problem but equally clearly a problem within capitalism.the working class where ever they maybe will pay.in Greece in positioning of the needs of capital clearly top the agenda as a economist as prime minister is acceptable as a posture to address it's debt problem.then legarde expects countries with surpluses,eg brazil,should take a big role in promoting demand.you can be sure they don't mean by increasing domestic wage levels,but by importing importing the debts of wealthier countries.nothing new is it.
Nov 10th, 2011 - 02:11 pm - Link - Report abuse 0“The 'lost decade' echoes Japan's experience of persistent deflation, mounting debts and economic impotence through the 1990s and beyond after its real estate bubble burst --
Nov 10th, 2011 - 04:38 pm - Link - Report abuse 0- an outcome many analysts fear could be repeated given the debt and property origins of *Europe's* problems.”
Hell, I didn't realise that Europe had created its own problems in isolation.
My reading of the situation is that the *United State* precipitated the present world financial crisis because of rampant selling of real estate on unreliable credit to people who would be unable to pay off the loan and the interest if anything went wrong. This was only mirrored to a lesser degree in Europe - especially in those European countries where a mortgage culture doesn't exist.
In the UK - where such a culture does exist - the problem was always going to be very serious.
So much so that me and a million others were constantly lobbying the Government, the banks/lenders, the Bank of England and the Financial Services Agency to avert the approaching storm using the mechanisms that they had available - to no avail; it was election time and the Labour Party was intent on letting things rip and borrowing like there was no tomorrow.
Luckily, macroeconomically, the UK's GDP offers a lot of resilience - conspicuously absent in the southern European countries.
But it still needs the 'push-pull' of retrenchment of public expenditure whilst targetting key sectors for funding to stimulate development and re-focus the national employment profile.
These words (above), whilst true, are impersonal;
the truths at the level of the family are extremely painful, and my family is certainly feeling the pain big-time.
Come On People! Australia and Bahamas need persons, YOU HAVE STRONG BENEFITS AS A PART OF COMMONWEALTH, you have an incredible future for your childs. These lands are waiting for you!!!!
Nov 10th, 2011 - 09:31 pm - Link - Report abuse 0Commenting for this story is now closed.
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