Thursday, July 7, 2011

The Great Recession, Part II

By Joseph E. Stiglitz

The world could be headed for another economic disaster if we continue to listen to free-market ideologues.

Just a few years ago, a powerful ideology—the belief in free and unfettered markets—brought the world to the brink of ruin. Even in its heyday, from the early 1980s until 2007, American-style deregulated capitalism brought greater material well-being only to the very richest of the richest country of the world. Indeed, over the course of this ideology's 30-year ascendance, most Americans saw their incomes decline or stagnate.

Moreover, output growth in the United States was not economically sustainable. With so much of U.S. national income going to so few, growth could continue only through consumption financed by a mounting pile of debt.

More Here..


  1. The article is stating that we could be entering another great recession.

    Unfortunately, The facts are there, the only thing propping up the markets is the vast amounts of stimulus money, trillions upon trillions of dollars, not only printed by the united States but all the world banks combined.

    When this money runs out and it will, then all hell will soon follow.

    What will this hell be like?

    Those of you who cannot tolerate a disaster scenario please turn away now.
    For those of you willing to take a glimpse into a nightmare hell that is about take place then read on;

    The riots of LA and Katrina will pale by comparison.
    When the large banks fail one by one like dominoes and your money cannot be withdrawn from ATM's the rumblings will start.
    you will hear it on the news first, "bank holidays" they will be announced weekly and growing more frequently day by day.

    Take heart for this is not yet the end.
    Food will be hard to come by and life sustaining commodities will cost you your days labor.
    Most of You will not be able to make it into work. Infra structure will soon shut down.

    Looting, home break-ins and car jackings will be like a locust plague across the nation. Millions will be murdered, raped, robbed and left for dead.

    Seniors will be the most vulnerable, they will be targeted first because they are easy pickens, compared to those of you who are well prepared to fight for your life.

    Marshall law will be declared shortly after,
    Our national guard will be overrun, and the president will call back our army troops from around the world to enforce Marshall law.

    By that time most countries boarders including our own will be closed, there will be massive fires and smoke in all the great cities, thousands of bodies strewn in the streets.

    No one alive will be recognizable, you will see dirty, scarred, burned faces on everyone, dirty, torn ripped cloths, no running water or food anywhere.

    But the end will not come yet.

    Once the army of the Untied states has gained some footing those alive will be rounded up in the cities and brought into detainment camps by the army troops using shipment trailers.

    These FEMA camps where life sustaining supplies of food and water will be distributed to those who survived.

    After 6-7 months of these conditions, those of you who continue to survive will start to see a slight resemblance of order but yet...a very different order.

    You will be told where to eat shower and rest. This will go on for years and years. Those who survive all this will witness the New World Order.

    God help all of us.

  2. 9:56. That sounds more like a scenario after an EMP attack, not a Great Depression. It will get very bad, but I don't think it won't get THAT bad.

  3. 9:56

    Add to your nightmare:

    - Pharmacies will be looted and the drugs will not be replaced for lack of workers at the drug factories. We will see many drugged up people walking the streets.

    - After the pharmacies have been looted, those who are currently addicted to anti-depressants will not be able to get any more and then we will be in big trouble. It takes months of gradual withdraw to get off anti-depressants and to go "cold turkey" is the worst thing a person could do. Since nearly half the population is on anti-depressants, we will see horrific consequences from the sudden withdrawal.

    - Hospitals will be open but there will be no doctors or nurses available as they will be at home caring for their families

    - Police and Fire service will be non-existent for the same reason as above. When the LA Riot got too big in one part of town, the cops PULLED OUT, rather send in more cops to restore order. After a Fireman was shot, fire trucks would not travel without a police escort.

    Most people do NOT have stored water in their homes. On the third day after the earthquake in Haiti, we saw men with weapons, walking the streets, looking for water. They were willing to kill for water. We do know that if not for the water that gets pumped into Los Angeles, from parts far away, LA would be a wasteland. After the collapse water will be priceless.

    To recap, we will see,

    - Drugged up people in the streets, high on opiates looted from the pharmacies.
    - Alcoholics going through terrible Delirium Tremors (DT's), begging for more alcohol.
    - Unstable people who have been cut off from their daily dose of anti-depressants.
    - Looters everywhere.
    - No gas for your car.
    - Possibly no natural gas or electricity.
    - Dead bodies everywhere from unwarranted violence.

  4. Wow, you people are very creative in your nightmare scenarios. I enjoyed reading your perspectives, but quite honestly I think it will not be as you guys are saying.
    It will be more of a humiliating experience for americans then horror.
    Most americans will be filthy poor. You will grow to hate each other for possessions.
    This new america will resemble more of a poot eastern block nation, where most dinners will be loe grade foods, shabby clothing, run down cars dirty living conditions, in other words america will be one huge GHETTO.

  5. either way it'll be bad. most the above will play out over time and in step mass lowering of lifestyles and poverty and a dependence on the gov for more and more things. the trap, and when dependent most will accept the new system they trot out, the plan. global happenings will they'll say need a global answer. any riots or, will be put down after time...and people will lose their freedoms for a belly full of beans, it'll be bad enough that people will surrender their liberty for promises of food and lifestyle aids and future prosperity, the game. an eloquent speaker will arise, far more charismatic then any before, and people will believe the same old promises as ever and in exchange for aid will do as dictated. camps will be used for those who refuse. after the new system is placed their be betrayal and wars and broken promises as ever and then it'll start again to worsen, along with super bugs and famine and natural disasters, the wildcards. a third of all man will die, then another quarter of those left after. the dictator will demand worship eventually, a real change from what he appeared to be at 1st, a man of peace and goodness and fixer of the worlds problems. those who refuse will be executed, then the last war comes. save your souls

  6. 3:59,

    you seem to think Americans could become dirt poor without having that effect anything else. When gas is 10 dollars, or if the dollar dies altogether, how will anyone get paid to work at a store and how will anyone afford to get to a store?

    When the insurance companies are cut and doctors go out of business (this is already happening), how will sick people, those with mental disorders, or those that use doctors to feed their addictions (who may not have any real problems) get their drugs?

    It would only take for the dollar to die to cause every business and store to be walked out on for a time period. You seem to think everyone will work for pay checks that aren't there, our existence is permanent, and America is invincible and will only suffer from "humiliation."

    I don't see that ridiculous martial law predicament though. People like that think the national guard will be fighting off masses of people don't seem to look at things realistically.

    First off, this nation is huge and the population is spread about. Countries like Greece are small and the population is very much in unison.

    Secondly, soldiers aren't going to guard a street corner when nobody can pay them any money. Most people in the military have not been combat trained or seen combat (women, those in the navy or air force, military police, etc.) So why would the vets coming back be in line to enforce the police state? Those who were in combat usually have PTSD or missing limbs with an addiction to numb that themselves.

    Thirdly, cops in many cities that have rising crime rates are being laid off. The states and cities cannot afford them and this is the result. Now people who call the police in these places won't get a response!

    And fourthly, funny enough, all the elites would have to do is recruit a civilian force to make martial law rather than bring in the national guard or soldiers from Iraq. Now really, whoever has the better weapons will win in modern warfare. So soldiers are irrelevant.

    Nevertheless, you might want to get a bigger picture of things and stop the normalcy bias. Nothing will be that simple 3:59.

  7. This by far was the best disscussion about future scenarios that I have read in a very long time. Some of you write very well, better then some of the crap I see on syfy channel. But I think you are all wrong. It wont be huge, terrible, disasterous, it will be insideous, a slow moving cancer of social and economic decline.

  8. Disagree, it is happening now, we are in a soft martial law now, dont believe me go to an airport, they are softening up the public for the coming roll out to freeways, shopping centers, sports events, rock concerts everywhere, it will happen soon, then you will see full martial law, not far away now. Major Collapse on the next Stock Market crash and more dollar devaluation, then food shortages from flooding, one thing after the other until mayhem in the streets.

  9. YourendiscommingJuly 7, 2011 at 8:00 PM

    6:45 and 3:59, you both seem to be proud arrogant Americans thinking that nothing will befall your great nation, let me assure you that we Canadians can see the writing on the wall.
    As you Americans sell off your infrastructure and privatize your government programs, you will start to feel the sting of quasi-capitalism, Your leaders have been paid off by corporate elite and sold every man women and child down the river.
    You think that all you will feel is a little humiliation? you think nothing will happen of great biblical proportion?
    think again you fools!!
    Your so called prosperous nation could come to a grinding halt in an instance once the dollar collapses.
    you will know and feel hell like you have never known.

  10. Oh brother; what a bunch of loser wishful thinkers who would like nothing more than to see some great great calamity befall this nation.

    Sorry guys and dolls; ain't in the cards - you
    people been sounding this alarm for what - nigh onto 3 years now? meanwhile Facebook has 500 million subscribers; we've struck it bloody rich in the nat gas fields of Pa and N.Y. and
    today retail sales numbers were out

    Well imagine that ! 52 Companies with record sales numbers for the month of June

    Oh yeah - doom, despair and agony

    In your weak little minds - if you'd bought Ford stock 2 years ago at 3 bucks - you'd have made a tidy little 78% profit - but alas; you were too busy watching the sky; which you were just positive -- was falling


  11. 8:29 is a typical example of someone who is living and relying on news reports day to day to tell him/her that things are just okky doky in the good ole USA, in the mean time, the very economy he claims is safe and sound and rebounding is actually falling apart.
    LOL, Just last week 39% of the American public polled believe the USA is in a permanent state of decline, That's huge my friend,
    Also last weeks unemployment remains at 9.2% that is insanely high, because the real number is 27%. that is more then 1/4 of the working class unemployed!!!!
    The news media and retail reports are not indicators of an economic recovery that you are touting.
    What you pay for gas, and food, with No salary increases coupled with higher taxes, foreclosures and bankruptcy's all around you are what matters.
    Sorry but It is not going to be OK.
    I hope your getting ready.

  12. 829 typical shill, I cant wait til he gets caught unprepared, he is going to shit his pants by the end of the year

  13. "The world could be headed for another economic disaster if we continue to listen to free-market ideologues. "

    Now that's what I call hard-hitting news! Tell me is this really happening? LOL...

    But seriously, I don't think it will be as portrayed by 12:01's B horror movie fantasy, but things will be coming apart at the seams eventually.

  14. what the hell are you posting on here lately? This marxist drivel is amazing but the amount of commenters on the times website supporting this nonsense is even more amazing. You do realize this is a call for Big Brother to make his final move don't you?!?!?!

    We haven't had unfettered capitalism for over 100 years. The big boys get the politicians to deregulate them while having the politicians regulate the small players out of existence. Once again we have a situation where those who have created the mess are righting more rules to create a bigger mess while the collectivist revolutionaries are on the sidelines cheerleading (actually they have infiltrated the system, McCarthy was right) Are you idiots really ready for Gulags, state run industry and the Stasi??? Talk about a bunch of morons creating their own hell, UNBELIEVABLE!!!!!

  15. righting = writin....above

  16. I do not think the above posters
    (9:56 AM,12:01 PM, 5:34 PM, 7:49 PM) are doing anything wrong by exercise writing a disaster scenario.

    They may be way off base but at least in some way they are having important dialogue.

    You other people on here want to pretend that everything is OK, will be OK and every one that differs is cheering on Marxism are typical of American Apathy.

    To those who have the creative flare and imagination, i say keep posting these interesting scenarios for all of to read.

    They are educating for all of us, especially those who have no clue as to what the international banksters are doing to our wonderful country.

    Stay strong everyone god bless!


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