is the US heading for irrevocable economic doom? i personally don't think it's that bad. after all, it is a continent-sized country with immense resources, compared to, say, limey-land: about the size of bihar or less.
---------- Forwarded message ----------
From: Ram Narayanan
http://www.washingtonpost.com/wp-dyn/content/article/2008/05/16/AR2008051603461.html?wpisrc=newsletter&wpisrc=newsletter&wpisrc=newsletter
WASHINGTONPOST.COM
IN BAD COMPANY
The Old Titans All Collapsed. Is the U.S. Next?
By Kevin Phillips
Sunday, May 18, 2008; Page B03
Back in August, during the panic over mortgages, Alan Greenspan offered reassurance to an anxious public. The current turmoil, the former Federal Reserve Board chairman said, strongly resembled brief financial scares such as the Russian debt crisis of 1998 or the U.S. stock market crash of 1987. Not to worry.
But in the background, one could hear the groans and feel the tremors as larger political and economic tectonic plates collided. Nine months later, Greenspan's soothing analogies no longer wash. The U.S. economy faces unprecedented debt levels, soaring commodity prices and sliding home prices, to say nothing of a weak dollar. Despite the recent stabilization of the economy, some economists fear that the world will soon face the greatest financial crisis since the 1930s.
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1 comment:
Why do you expect the US to collapse? Has it collapsed after 1930s depression? As long as a country is united and determined, no amount of x and y economic crises can break it. Anyway, all the countries will be crying their heart out in a depression.
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