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News Link • Depression

The Obama Depression Continues

• US AlterMedia

Well the 1929 to 1941 Great Depression was pretty much a “jobless recovery” if you want to use liberal lingo.

The Financial Times of London, the most prestigious business paper in the world since Rupert Murdoch took over the Wall Street Journal and turned it into a neocon propaganda tabloid, reports that America continues to pay and pay for that big mistake on November 4th, 2008. TheTimes article notes “The world has not tackled the problems at the heart of the economic downturn… according to one of the few mainstream economists who predicted the financial crisis. Speaking at the Sibos conference in Hong Kong on Monday, William White, the highly-respected former chief economist at the Bank for International Settlements, also warned that government actions to help the economy in the short run may be sowing the seeds for future crises.”

The official unemployment number is nearly 10 percent, which means the actual unemployment is more like 15 or 20 percent with no new jobs in sight. The minority subprime mortgage crisis is still claiming victims, and our literally insane government is still pressuring banks to make loans to minorities with no down payments or credit checks. After all why should they stop the policies that caused a two trillion dollar disaster? (And people wonder why all the nations in Africa are bankrupt or worse.) Add to all this Obama’s attempt to socialize our medical system at a time when the economy is collapsing and the national debt is soaring.

The Times article reports “Worldwide, central banks have pumped thousands of billions of dollars of new money into the financial system over the past two years in an effort to prevent a depression. Meanwhile, governments have gone to similar extremes, taking on vast sums of debt to prop up industries from banking to car making… Meanwhile, the underlying problems in the global economy, such as unsustainable trade imbalances between the US, Europe and Asia, had not been resolved, he said.” 

The United States outsourced all its manufacturing jobs to Asia, and now has to buy cheap Chinese and Korean crap for Wal-Mart with inflated dollars newly printed by the Federal Reserve, which are worth less every day.

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