Economic Recession Quotes

Once you realize that trickle-down economics does not work, you will see the excessive tax cuts for the rich as what they are -- a simple upward redistribution of income, rather than a way to make all of us richer, as we were told.

Suckers think that you cure greed with money, addiction with substances, expert problems with experts, banking with bankers, economics with economists, and debt crises with debt spending

To cut 1930s jobless, FDR taxed corps and rich. Govt used money to hire many millions. Worked then; would now again. Why no debate on that?

This is the permanent tension that lies at the heart of a capitalist democracy and is exacerbated in times of crisis. In order to ensure the survival of the richest, it is democracy that has to be heavily regulated rather than capitalism.

How often do police accidentally shoot and kill bankers who are committing financial crimes, stealing homes, and plunging the nation into economic instability and recession?

The test of a progressive policy is not private but public, not just rising income and consumption for individuals, but widening the opportunities and what Amartya Sen calls the 'capabilities' of all through collective action. But that means, it must mean, public non-profit initiative, even if only in redistributing private accumulation. Public decisions aimed at collective social improvement from which all human lives should gain. That is the basis of progressive policy—not maximising economic growth and personal incomes. Nowhere will this be more important than in tackling the greatest problem facing us this century, the environmental crisis. Whatever ideological logo we choose for it, it will mean a major shift away from the free market and towards public action, a bigger shift than the British government has yet envisaged. And, given the acuteness of the economic crisis, probably a fairly rapid shift. Time is not on our side.

Proponents of Austrian economics include the fringe economics blog Zero Hedge, which has confidently predicted two hundred of the last two recessions

If war is gods way of teaching geography to Americans, then recession is his way of teaching little economics to everyone

Ego-identification with things creates attachment to things, which in turn creates our consumer society and economic structures where the only measure of progress is always more. The unchecked striving for more, for endless growth, is a dysfunction and a disease. It is the same dysfunction the cancerous cell manifests, whose only goal is to multiply itself, unaware that it is bringing about its own destruction by destroying the organism of which it is a part. Some economists are so attached to the notion of growth that they can't let go of that word, so they refer to recession as a time of "negative growth".

Recession doesn’t deserve the right to exist. There are just too many things to be done in science and engineering to be bogged down by temporary economic dislocations.

Whenever a state or an individual cited 'insufficient funds' as an excuse for neglecting this important thing or that, it was indicative of the extent to which reality had been distorted by the abstract lens of wealth. During periods of so-called economic depression, for example, societies suffered for want of all manner of essential goods, yet investigation almost invariably disclosed that there were plenty of goods available. Plenty of coal in the ground, corn in the fields, wool on the sheep. What was missing was not materials but an abstract unit of measurement called 'money.' It was akin to a starving woman with a sweet tooth lamenting that she couldn't bake a cake because she didn't have any ounces. She had butter, flour, eggs, milk, and sugar, she just didn't have any ounces, any pinches, any pints. The loony legacy of money was that the arithmetic by which things were measured had become more valuable than the things themselves.

It ought to be obvious by now that our seemingly endless economic recessions are being deliberately orchestrated…. What are we to do about all of this? For Americans, it is obvious that we must honor the memory of JFK by finishing his work and finally ending the CIA. The only way to change our corrupt system is through revolution. Americans must march on Washington as they did for Obama’s inauguration, but this time to remove all corrupt men and women from positions of power.

The difference between a sustainable society and a present-day economic recession is like the difference between stopping and automobile purposefully with the brakes versus stopping it by crashing into a brick wall. When the present economy overshoots, it turns around too quickly and unexpectedly for people and enterprises to retrain, relocate, and readjust. A deliberate transition to sustainability would take place slowly enough, and with enough forewarning, to that people and businesses could find their places in the new economy.

Economic crises breed war.

For three decades almost all the gains from economic growth have gone to the top. In the 1960s and 1970s, the wealthiest 1 percent of Americans got 9–10 percent of our total income. By 2007, just before the Great Recession, that share had more than doubled, to 23.5 percent. Over the same period the wealthiest one-tenth of 1 percent tripled its share. We haven’t experienced this degree of concentrated wealth since the Gilded Age of the late nineteenth century.

Economic inequality has long been a signature issue of the left, and it rose in prominence after the Great Recession began in 2007. It ignited the Occupy Wall Street movement in 2011 and the presidential candidacy of the self-described socialist Bernie Sanders in 2016, who proclaimed that “a nation will not survive morally or economically when so few have so much, while so many have so little.” 2 But in that year the revolution devoured its children and propelled the candidacy of Donald Trump, who claimed that the United States had become “a third-world country” and blamed the declining fortunes of the working class not on Wall Street and the one percent but on immigration and foreign trade. The left and right ends of the political spectrum, incensed by economic inequality for their different reasons, curled around to meet each other, and their shared cynicism about the modern economy helped elect the most radical American president in recent times.

And as the recession continues and our prospects look bleaker and bleaker, I’m excited. I look to the past to see what our future will be like. And in times of economic hardship and harsh governments, of pointless wars and mass unemployment, there was pop art and there was punk, there was hip hop and grafitti, there was acid house and riot grrrl. There was art and music and books that could bring you to your knees with their utter perfection. Because, when everything else is gone, all we’re left with is our imaginations.

Until the Fed lets us have a real recession, as painful as that may be, we are never gonna have a recovery.

economic recession?” “Well, you see, five million years ago the Galactic economy collapsed, and seeing that custom-built planets are something of a luxury commodity, you see …

Economic historians, citing one hundred and fifty years of U.S. business cycles, generally agree that the deeper the recession, the stronger the recovery. Not so under Obama, and not so especially for blacks.

Millennials bring a unique perspective to business. Those of us who were in college and entering adulthood and beginning our careers during the global recession that started in 2008 have a unique view on business and economics.

America isn't breaking apart at the seams. The American dream isn't dying. Our new racial and ethnic complexion hasn't triggered massive outbreaks of intolerance. Our generations aren't at each other's throats. They're living more interdependently than at any time in recent memory, because that turns out to be a good coping strategy in hard times. Our nation faces huge challenges, no doubt. So do the rest of the world's aging economic powers. If you had to pick a nation with the right stuff to ride out the coming demographic storm, you'd be crazy not to choose America, warts and all.

A CEO shouldn't get several hundred times the salary that the janitor is paid. An athlete shouldn't get several hundred times the salary that the waterboy is paid. A filmstar shouldn't get several hundred times the salary that the crew at the bottom are paid. I understand if you are not yet civilized enough to flatten the field completely – for you are an infantile species after all. But at the very least, do your best to reduce the gap - that is, if you intend to be human someday.

But do you know what happened during this period? Where do we begin ... 1.3 million Americans died while fighting nine major wars. Roughly 99.9% of all companies that were created went out of business. Four U.S. presidents were assassinated. 675,000 Americans died in a single year from a flu pandemic. 30 separate natural disasters killed at least 400 Americans each. 33 recessions lasted a cumulative 48 years. The number of forecasters who predicted any of those recessions rounds to zero. The stock market fell more than 10% from a recent high at least 102 times. Stocks lost a third of their value at least 12 times. Annual inflation exceeded 7% in 20 separate years. The words “economic pessimism” appeared in newspapers at least 29,000 times, according to Google.

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Democracy thus becomes a mass delusion of people attempting to override the rules of economics by voting themselves a free lunch and being manipulated into violent tantrums against scapegoats whenever the bill for the free lunch arrives via inflation and economic recessions.

Prejudice against immigrants always rises during times of economic recession, such as recently suffered in Europe, and the effects have been seen right across the continent and resulted in the rise of right-wing political parties, all of which militate against pan-nationalism and thus weaken the fabric of the EU.

How do tyrants hold on to power for so long? For that matter, why is the tenure of successful democratic leaders so brief? How can countries with such misguided and corrupt economic policies survive for so long? Why are countries that are prone to natural disasters so often unprepared when they happen? And how can lands rich with natural resources at the same time support populations stricken with poverty? Equally, we may well wonder: Why are Wall Street executives so politically tone-deaf that they dole out billions in bonuses while plunging the global economy into recession? Why is the leadership of a corporation, on whose shoulders so much responsibility rests, decided by so few people? Why are failed CEOs retained and paid handsomely even as their company’s shareholders lose their shirts? In

What had begun as a recession followed by a stock market crash was now a severe economic depression. Hoover said it would all be over in sixty days.

Sadly for Bitcoin, most Austrian economists aren’t fans – even as Bitcoiners remain huge fans of Austrian economics.27 You will find Austrian jargon in common use in the cryptocurrency world. Proponents of Austrian economics include the fringe economics blog Zero Hedge, which has confidently predicted two hundred of the last two recessions. Zero Hedge covers Bitcoin extensively, and Bitcoiners are fans in turn.

THE BRANCH OF ECONOMICS concerned with issues like inflation, recessions, and financial shocks is known as macroeconomics. When the economy is going well, macroeconomists are lauded as heroes; when it turns sour, as it did recently, they catch a lot of the blame. In either case, the headlines go to the macroeconomists. We hope that after reading this book, you’ll realize there is a whole different breed of economist out there—microeconomists—lurking in the shadows. They seek to understand the choices that individuals make, not just in terms of what they buy but also how often they wash their hands and whether they become terrorists.

By 1929 GM had delivered its millionth refrigerator, by 1932 (even though the country was in the middle of the century’s greatest economic recession) the total was up to 2.25 million units, and then, despite the continued economic crisis followed by World War II (with industrial mobilization for military production), the share of US households owning a refrigerator rose from just 10 percent in 1930 to nearly 60 percent in 1945 and to 90 percent in 1952.

the utilities and services sectors tend to perform well during an economic downturn; and as that downturn segues into a full recession, the technology, cyclicals, and industrial sectors will start to flourish. As the economy begins

The full impact of a so-called silver industrial revolution, a term coined by Peter Gaskell just six years before, was just beginning to be felt across the country. Silver-powered machines of the kind William Blake dubbed ‘dark Satanic Mills’ were rapidly replacing artisanal labour, but rather than bringing prosperity to all, they had instead created an economic recession, had caused a widening gap between the rich and poor that would soon become the stuff of novels by Disraeli and Dickens. Rural

After the New Deal, economists began referring to America’s retirement-finance model as a “three-legged stool.” This sturdy tripod was composed of Social Security, private pensions, and combined investments and savings. In recent years, of course, two of those legs have been kicked out. Many Americans saw their assets destroyed by the Great Recession; even before the economic collapse, many had been saving less and less. And since the 1980s, employers have been replacing defined-benefit pensions that are funded by employers and guarantee a monthly sum in perpetuity with 401(k) plans, which often rely on employee contributions and can run dry before death. Marketed as instruments of financial liberation that would allow workers to make their own investment choices, 401(k)s were part of a larger cultural drift in America away from shared responsibilities toward a more precarious individualism. Translation: 401(k)s are vastly cheaper for companies than pension plans. “Over the last generation, we have witnessed a massive transfer of economic risk from broad structures of insurance, including those sponsored by the corporate sector as well as by government, onto the fragile balance sheets of American families,” Yale political scientist Jacob S. Hacker writes in his book The Great Risk Shift. The overarching message: “You are on your own.

The big economic story of our times is not the Great Recession of 2007–2009, unpleasant though it was. Now it’s over. The big story is that the Chinese in 1978 and then the Indians in 1991 began to adopt liberal ideas in their economies, and came to welcome creative destruction.

When kings fail to do their jobs and regulate the markets properly, it leads to loss of trust, dwindling credit and economic depression. That was the lesson taught by the Mississippi Bubble of 1719, and anyone who forgot it was reminded by the US housing bubble of 2007, and the ensuing credit crunch and recession.

The history of black workers in the United States illustrates the point. As already noted, from the late nineteenth-century on through the middle of the twentieth century, the labor force participation rate of American blacks was slightly higher than that of American whites. In other words, blacks were just as employable at the wages they received as whites were at their very different wages. The minimum wage law changed that. Before federal minimum wage laws were instituted in the 1930s, the black unemployment rate was slightly lower than the white unemployment rate in 1930. But then followed the Davis-Bacon Act of 1931, the National Industrial Recovery Act of 1933 and the Fair Labor Standards Act of 1938—all of which imposed government-mandated minimum wages, either on a particular sector or more broadly. The National Labor Relations Act of 1935, which promoted unionization, also tended to price black workers out of jobs, in addition to union rules that kept blacks from jobs by barring them from union membership. The National Industrial Recovery Act raised wage rates in the Southern textile industry by 70 percent in just five months and its impact nationwide was estimated to have cost blacks half a million jobs. While this Act was later declared unconstitutional by the Supreme Court, the Fair Labor Standards Act of 1938 was upheld by the High Court and became the major force establishing a national minimum wage. As already noted, the inflation of the 1940s largely nullified the effect of the Fair Labor Standards Act, until it was amended in 1950 to raise minimum wages to a level that would have some actual effect on current wages. By 1954, black unemployment rates were double those of whites and have continued to be at that level or higher. Those particularly hard hit by the resulting unemployment have been black teenage males. Even though 1949—the year before a series of minimum wage escalations began—was a recession year, black teenage male unemployment that year was lower than it was to be at any time during the later boom years of the 1960s. The wide gap between the unemployment rates of black and white teenagers dates from the escalation of the minimum wage and the spread of its coverage in the 1950s. The usual explanations of high unemployment among black teenagers—inexperience, less education, lack of skills, racism—cannot explain their rising unemployment, since all these things were worse during the earlier period when black teenage unemployment was much lower. Taking the more normal year of 1948 as a basis for comparison, black male teenage unemployment then was less than half of what it would be at any time during the decade of the 1960s and less than one-third of what it would be in the 1970s. Unemployment among 16 and 17-year-old black males was no higher than among white males of the same age in 1948. It was only after a series of minimum wage escalations began that black male teenage unemployment not only skyrocketed but became more than double the unemployment rates among white male teenagers. In the early twenty-first century, the unemployment rate for black teenagers exceeded 30 percent. After the American economy turned down in the wake of the housing and financial crises, unemployment among black teenagers reached 40 percent.

How can you not be involved? These are your times, your world, even if those events are on the other side of it. And as for the narrative--you are a part of that, for better or for worse, whether the grey inexorable economic inevitabilities--recessions and recoveries and having less money or more--or the grand perilous global story.

The moment American bankers stop lending dollars to Argentina, the country is unable to refinance its mountain of dollar debt. Again, Greece is similar. Even though it has the same currency as Germany, the euro, the chronic Greek trade deficit with Germany translates into a constant flow of loaned euros from Germany to Greece so that the Greeks can keep buying more and more German goods. The slightest interruption in the flow of new loans from the surplus country to the deficit country causes the whole house of cards to collapse. This is when the IMF steps in. Its personnel fly into Buenos Aires or Athens, take black limousines to the finance minister’s office and state their terms: we shall lend you the missing dollars or euros on condition that you impoverish your people and sell the family silver to our mates, the oligarchs of this country and the world. Or words to that effect. That’s when TV screens fill with images of angry, and often hungry, demonstrators in Buenos Aires or Athens. Time and again history has shown that the periodic economic recessions that result from trade imbalances poison the deficit country’s democracy, incite contempt for its people in the surplus country, which then prompts xenophobia in the deficit country. Simply put, sustained trade deficits – and surpluses, their mirror image – never end well.

Everywhere we turn we encounter the language with which Orwell was so concerned. It's not an economic recession but a "period of accelerated negative growth" or simply "negative economic growth." There's no such thing as acid rain; according to the Environmental Protection Agency it's "poorly buffered precipitation," or more impressively, "atmospheric deposition of anthropogenetically-derived acidic substances," or more subtly "wet deposition." And those aren't gangsters, mobsters, the Mafia, or La Cosa Nostra in Atlantic City; according to the "New Jersey division of Gaming Enforcement" ( a doublespeak title which avoids the use of that dreaded word "gambling") they're "members of a career-offender cartel.

No nation becomes great without first eradicating laziness from the lives of its citizens. A nation could be blessed with all the natural resources and potentials but if that nation does not destroy laziness and revive hard work in its citizens, that nation will be as underdeveloped and economically recessed as if it has no resources and potentials whatsoever.

because of Marx’s capacity to discover the long-term laws of motion of the capitalist mode of production in its essence, irrespective of thousands of ‘impurities’ and of secondary aspects, that his long-term predictions – the laws of accumulation of capital, stepped-up technological progress, accelerated increase in the productivity and intensity of labour, growing concentration and centralization of capital, transformation of the great majority of economically active people into sellers of labour-power, declining rate of profit, increased rate of surplus value, periodically recurrent recessions, inevitable class struggle between Capital and Labour, increasing revolutionary attempts to overthrow capitalism – have been so strikingly confirmed by history.

I decide to scope out craigslist to see all the vibrant economic employment opportunities available to me in this depression. Oh, I’m sorry, I mean “recession.” No matter how many millions of jobs are lost, how much debt our country accrues, or how many years the stagnation drags on, it’s not a depression until the dogmatic media officially declares it to be a depression. It’s as if they believe by repeatedly printing or saying economists are afraid the economy will slip back into a recession, they’ll fool the masses of unemployed or underemployed into believing that not only are we not in a depression, but we aren’t even in a recession. I’m sure the millions of unemployed, freshly graduated college kids who have thousands of dollars of unshakable debt to pay off feel comforted by the empty repetition.

At the same time, I began to question the efficacy of government for improving human lives. I came to suspect that taxation, restrictions, mandates, subsidies, licenses, tariffs, bailouts, prohibitions and all the rest, even if well-intended, usually protect monopoly, cause recession, burden the poor, enforce racial discrimination (as I learned from Jennifer Roback, the Jim Crow laws were legislation), obstruct education, and so on.

But scamming large amounts of money off the top seems even harder to catch. Fraud by American defense contractors is estimated at around $100 billion per year, and they are relatively well behaved compared to the financial industry. The FBI reports that since the economic recession of 2008, securities and commodities fraud in the United States has gone up by more than 50 percent. In the decade prior, almost 90 percent of corporate fraud cases—insider trading, kickbacks and bribes, false accounting—implicated the company’s chief executive officer and/or chief financial officer. The recession, which was triggered by illegal and unwise banking practices, cost American shareholders several trillion dollars in stock value losses and is thought to have set the American economy back by a decade and a half. Total costs for the recession have been estimated to be as high as $14 trillion—or about $45,000 per citizen.

the most important instances of “injustice in exchange”—unemployment and inflation/deflation—result from party factions violating the basic principles of economic policy I show that from the Great Depression of 1929-33 to the Great Recession of 2007-9, all major U.S. financial crises can be traced to the dollar's role as chief official reserve currency—suggesting that to avoid similar future misfortunes, it's urgently necessary to end the dollar's “reserve currency curse.

There also were the widespread failures of prediction that accompanied the recent global financial crisis. Our naïve trust in models, and our failure to realize how fragile they were to our choice of assumptions, yielded disastrous results. On a more routine basis, meanwhile, I discovered that we are unable to predict recessions more than a few months in advance, and not for lack of trying. While there has been considerable progress made in controlling inflation, our economic policy makers are otherwise flying blind.

I believe very sincerely that we were extremely fortunate to have the recent recession while George Bush was President, just as we were very lucky that the recession of 1990 was under George H.W. Bush's presidency and the recession of 1981 was under Ronald Reagan. I think the fact that recessions tend to happen when Republicans are in the White House is a perfect example of God's divine providence. I've heard it said that the good Lord doesn't give you anything you can't handle, and maybe that's why he tries to always have us running things during economic downturns.

Of course, President Obama was correct that there has been positive, meaningful social change in our lifetimes—certainly in the years since I was born in 1954—but if we focus specifically on the twenty-year period from 1997 to 2017, we must acknowledge some setbacks beyond just the stubborn persistence of neighborhood and school segregation. There are three I want to highlight here: the anti–affirmative action backlash of the late twentieth and early twenty-first centuries, the economic collapse of 2008 known as the Great Recession, and the phenomenon known as mass incarceration.

Generally speaking, inequality tends to evolve “procyclically” (that is, it moves in the same direction as the economic cycle, in contrast to “countercyclical” changes). In economic booms, the share of profits in national income tends to increase, and pay at the top end of the scale (including incentives and bonuses) often increases more than wages toward the bottom and middle. Conversely, during economic slowdowns or recessions (of which war can be seen as an extreme form), various noneconomic factors, especially political ones, ensure that these movements do not depend solely on the economic cycle.

It is ironic that Keynesianism originated as a weapon to combat depression, but became universally accepted and "successful" only during (and because of!) the postwar expansion. At the first sign of renewed world recession, Keynesian theory has proved itself to be a snare and a delusion that has gone into immediate bankruptcy. The resulting "post-Keynesian synthesis" is also the theoretical reason for the reactionary exhumation of the simplistic, neoclassical, and monetarist economic theory of the 1920s. This revival of old theory is highlighted by the award of Nobel prizes in economics to Friedrich von Hayek, whose theoretical work was done before the Great Depression, and Milton Friedman, whose lone voice echoed in the wilderness until the new world economic crisis put his unpopular and antipopulist theories on the agenda of business board rooms and government cabinet rooms in one capitalist country after another. The real reason for the recent interest in fifty-year-old theories is that capital now wants them to legitimize its attack on the welfare state and "unproductive" expenditures on social services, which capital claims to need for "productive" investment in industry, including armaments.

By 1937, Roosevelt realized that the New Deal was on life support. Many of the programs did not work as intended, and the economy had taken a dip. But Roosevelt could not go before the American public and announce that billions of dollars worth of federal programs had produced only a sluggish economy or, even worse, another depression. So he simply changed the language. The economy, he said, was simply in a “recession.” It would bounce back. (This was ingenious. Since 1937, no American politician has used the word “depression” to describe poor economic performance. A “recession” sounds softer, more palatable, and certainly more optimistic.)

Say what you will of religion, but draw applicable conclusions and comparisons to reach a consensus. Religion = Reli = Prefix to Relic, or an ancient item. In days of old, items were novel, and they inspired devotion to the divine, and in the divine. Now, items are hypnotizing the masses into submission. Take Christ for example. When he broke bread in the Bible, people actually ate, it was useful to their bodies. Compare that to the politics, governments and corrupt, bumbling bureacrats and lobbyists in the economic recession of today. When they "broke bread", the economy nearly collapsed, and the benefactors thereof were only a select, decadent few. There was no bread to be had, so they asked the people for more! Breaking bread went from meaning sharing food and knowledge and wealth of mind and character, to meaning break the system, being libelous, being unaccountable, and robbing the earth. So they married people's paychecks to the land for high ransoms, rents and mortgages, effectively making any renter or landowner either a slave or a slave master once more. We have higher class toys to play with, and believe we are free. The difference is, the love of profit has the potential, and has nearly already enslaved all, it isn't restriced by culture anymore. Truth is not religion. Governments are religions. Truth does not encourage you to worship things. Governments are for profit. Truth is for progress. Governments are about process. When profit goes before progress, the latter suffers. The truest measurement of the quality of progress, will be its immediate and effective results without the aid of material profit. Quality is meticulous, it leaves no stone unturned, it is thorough and detail oriented. It takes its time, but the results are always worth the investment. Profit is quick, it is ruthless, it is unforgiving, it seeks to be first, but confuses being first with being the best, it is long scale suicidal, it is illusory, it is temporary, it is vastly unfulfilling. It breaks families, and it turns friends. It is single track minded, and small minded as well. Quality, would never do that, my friends. Ironic how dealing and concerning with money, some of those who make the most money, and break other's monies are the most unaccountable. People open bank accounts, over spend, and then expect to be held "unaccountable" for their actions. They even act innocent and unaccountable. But I tell you, everything can and will be counted, and accounted for. Peace can be had, but people must first annhilate the love of items, over their own kind.

The most important economic resource is trust in the future, and this resource is constantly threatened by thieves and charlatans. Markets by themselves offer no protection against fraud, theft and violence. It is the job of political systems to ensure trust by legislating sanctions against cheats and to establish and support police forces, courts and jails which will enforce the law. When kings fail to do their jobs and regulate the markets properly, it leads to loss of trust, dwindling credit and economic depression. That was the lesson taught by the Mississippi Bubble of 1719, and anyone who forgot it was reminded by the US housing bubble of 2007, and the ensuing credit crunch and recession.

If you’re asleep, you’re not spending money, so you’re not consuming anything. You’re not producing any products.” He explained that “during the last recession [in 2008]…they talked about global output going down by so many percent, and consumption going down. But if everybody were to spend [an] extra hour sleeping [as they did in the past], they wouldn’t be on Amazon. They wouldn’t be buying things.” If we went back to sleeping a healthy amount—if everyone did what I did in Provincetown—Charles said, “it would be an earthquake for our economic system, because our economic system has become dependent on sleep-depriving people. The attentional failures are just roadkill. That’s just the cost of doing business.

The prophet spoke of the Harbingers as symbols. That was a clue. The World Trade Center was a symbol of America’s global financial and economic power. So what would such a fall foreshadow? “An economic…fall?” “As in a financial and economic collapse.” “The collapse that began the Great Recession?” “Yes.” “The collapse of the American and global economy is connected to 9/11?” “Yes.” “But how?” “It all goes back to the prophecy…everything—the collapse of Wall Street, the rise and fall of the credit market, the war in Iraq, the collapse of the housing market, the foreclosures, the defaults, the bankruptcies, the government takeovers—everything—politics, foreign policy, world history—everything that happened after. It all goes back to the prophecy and to the ancient mystery.

The argument that technology cannot create ongoing structural unemployment, rather than just temporary spells of joblessness during recessions, rests on two pillars: 1) economic theory and 2) two hundred years of historical evidence. But both of these are less solid than they first appear. First, the theory. There are three economic mechanisms that are candidates for explaining technological unemployment: inelastic demand, rapid change, and severe inequality. If technology leads to more efficient use of labor, then as the economists on the National Academy of Sciences panel pointed out, this does not automatically lead to reduced demand for labor. Lower costs may lead to lower prices for goods, and in turn, lower prices lead to greater demand for the goods, which can ultimately lead to an increase in demand for labor as well.

Future Europe’s problems are many, but four stand out. The first is energy: The Europeans are more dependent upon energy imports than the Asians, and no two major European countries think that problem can be solved the same way. The Germans fear that not having a deal with the Russians means war. The Poles want a deal with anyone but Russia. The Spanish know the only solution is in the Western Hemisphere. The Italians fear they must occupy Libya. The French want to force a deal on Algeria. The Brits are eyeing West Africa. Everyone is right. Everyone is wrong. The second is demographic: The European countries long ago aged past the point of even theoretical repopulation, meaning that the European Union is now functionally an export union. Without the American-led Order, the Europeans lose any possibility of exporting goods, which eliminates the possibility of maintaining European society in its current form. The third is economic preference: Perhaps it is mostly subconscious these days, but the Europeans are aware of their bloody history. A large number of conscious decisions were made by European leaders to remodel their systems with a socialist bent so their populations would be vested within their collective systems. This worked. This worked well. But only in the context of the Order with the Americans paying for the bulk of defense costs and enabling growth that the Europeans could have never fostered themselves. Deglobalize and Europe’s demographics and lack of global reach suggest that permanent recession is among the better interpretations of the geopolitical tea leaves. I do not see a path forward in which the core of the European socialist-democratic model can survive. The fourth and final problem: Not all European states are created equal. For every British heavyweight, there is a Greek basket case. For every insulated France, there is a vulnerable Latvia. Some countries are secure or rich or have a tradition of power projection. Others are vulnerable or poor or are little more than historical doormats. Perhaps worst of all, the biggest economic player (Germany) is the one with no options but to be the center weight of everything, while the two countries with the greatest capacity to go solo (France and the United Kingdom) hedged their bets and never really integrated with the rest of Europe. There’s little reason to expect the French to use their reach to benefit Europe, and there’s no reason to expect assistance from the British, who formally seceded from the European Union in 2020. History,

But in its extreme form, belief in the free market is as naïve as belief in Santa Claus. There simply is no such thing as a market free of all political bias. The most important economic resource is trust in the future, and this resource is constantly threatened by thieves and charlatans. Markets by themselves offer no protection against fraud, theft and violence. It is the job of political systems to ensure trust by legislating sanctions against cheats and to establish and support police forces, courts and jails which will enforce the law. When kings fail to do their jobs and regulate the markets properly, it leads to loss of trust, dwindling credit and economic depression. That was the lesson taught by the Mississippi Bubble of 1719, and anyone who forgot it was reminded by the US housing bubble of 2007, and the ensuing credit crunch and recession.

But in its extreme form, belief in the free market is as naïve as belief in Santa Claus. There simply is no such thing as a market free of all political bias. The most important economic resource is trust in the future, and this resource is constantly threatened by thieves and charlatans. Markets by themselves offer no protection against fraud, theft and violence. It is the job of political systems to ensure trust by legislating sanctions against cheats and to establish and support police forces, courts and jails which will enforce the law. When kings fail to do their jobs and regulate the markets properly, it leads to loss of trust, dwindling credit and economic depression. That was the lesson taught by the Mississippi Bubble of 1719, and anyone who forgot it was reminded by the US housing bubble of 2007, and the ensuing credit crunch and recession. The

In 2036, the USA elected an over-the-top, unapologetic fundamentalist president named Andrew Handel. Yes, that Handel. During his term, he tried to ban election of non-Christians to any public post, and tried to remove the constitutional separation between church and state. He was nominated, supported, and elected based on his religious views, rather than on his political or fiscal expertise. And of course, he appointed persons of similar persuasion to every post he could manage, in some cases blatantly ignoring laws and procedures. He and his cronies rammed through far-right policies with no thought for consequences. In a number of cases, when challenged on the results, he declared that God would not allow their just cause to fail. He eventually brought the USA to its knees in an economic collapse that made the 2008 recession look like a picnic in the park.

What are the health effects of the choice between austerity and stimulus? Today there is a vast natural experiment being conducted on the body economic. It is similar to the policy experiments that occurred in the Great Depression, the post-communist crisis in eastern Europe, and the East Asian Financial Crisis. As in those prior trials, health statistics from the Great Recession reveal the deadly price of austerity—a price that can be calculated not just in the ticks to economic growth rates, but in the number of years of life lost and avoidable deaths. Had the austerity experiments been governed by the same rigorous standards as clinical trials, they would have been discontinued long ago by a board of medical ethics. The side effects of the austerity treatment have been severe and often deadly. The benefits of the treatment have failed to materialize. Instead of austerity, we should enact evidence-based policies to protect health during hard times. Social protection saves lives. If administered correctly, these programs don’t bust the budget, but—as we have shown throughout this book—they boost economic growth and improve public health. Austerity’s advocates have ignored evidence of the health and economic consequences of their recommendations. They ignore it even though—as with the International Monetary Fund—the evidence often comes from their own data. Austerity’s proponents, such as British Prime Minister David Cameron, continue to write prescriptions of austerity for the body economic, in spite of evidence that it has failed. Ultimately austerity has failed because it is unsupported by sound logic or data. It is an economic ideology. It stems from the belief that small government and free markets are always better than state intervention. It is a socially constructed myth—a convenient belief among politicians taken advantage of by those who have a vested interest in shrinking the role of the state, in privatizing social welfare systems for personal gain. It does great harm—punishing the most vulnerable, rather than those who caused this recession.

It is possible that the next economic downturn--or stock market crash--will bring on further developments. During the recession at the end of the 1980s, ex-Ku Klux Klan leader David Duke gathered strong support from disgruntled citizens in Louisiana for his gubernatorial and US Senate races. Voters did not seem to be bothered by his record, which included plenty of statements like: "The Jews have been working against our national interest. . . . I think they should be punished." Bertram Gross and Kevin Phillips had each foreseen part of a process that engendered remarkable tolerance for authoritarian political solutions. Gross correctly identified the kind of authority that the corporate world wanted to exercise over working- and middle-class Americans. Phillips was perceptive about the way ordinary Americans would participate in actually constructing a more harsh and restrictive social milieu. By the 1990s the two strands were coalescing into something we could call "Authoritarian Democracy." Today it is clear that the goals of the corporate rich can be furthered by the enthusiasms of the popular classes, especially in the realms of religion.

As he got to know her better, he learned more of her childhood; and he came to realize that it was typical of that of most girls of her time and circumstance. She was educated upon the premise that she would be protected from the gross events that life might thrust in her way, and upon the premise that she had no other duty than to be a graceful and accomplished accessory to that protection, since she belonged to a social and economic class to which protection was an almost sacred obligation. She attended private schools for girls where she learned to read, to write, and to do simple arithmetic; in her leisure she was encouraged to do needlepoint, to play the piano, to paint water colors, and to discuss some of the more gentle works of literature. She was also instructed in matters of dress, carriage, ladylike diction, and morality. Her moral training, both at the schools she attended and at home, was negative in nature, prohibitive in intent, and almost entirely sexual. The sexuality, however, was indirect and unacknowledged; therefore it suffused every other part of her education, which received most of its energy from that recessive and unspoken moral force. She learned that she would have duties toward her husband and family and that she must fulfill them.

Age of Extremes" delivers its fundamental argument in the form of a periodisation. The ‘short 20th century’ between 1914 and 1991 can be divided into three phases. The first, ‘The Age of Catastrophe’, extends from the slaughter of the First World War, through the Great Depression and the rise of Fascism, to the cataclysm of the Second World War and its immediate consequences, including the end of European empires. The second, ‘The Golden Age’, stretching approximately from 1950 to 1973, saw historically unprecedented rates of growth and a new popular prosperity in the advanced capitalist world, with the spread of mixed economies and social security systems; accompanied by rising living standards in the Soviet bloc and the ‘end of the Middle Ages’ in the Third World, as the peasantry streamed off the land into modern cities in post-colonial states. The third phase, ‘Landslide’, starting with the oil crisis and onset of recession in 1973, and continuing into the present, has witnessed economic stagnation and political atrophy in the West, the collapse of the USSR in the East, socio-cultural anomie across the whole of the North, and the spread of vicious ethnic conflicts in the South. The signs of these times are: less growth, less order, less security. The barometer of human welfare is falling.

He missed the women he’d never get to sleep with. On the other side of the room, tantalizing at the next table, that miracle passing by the taqueria window giving serious wake. They wore too much make up or projected complex emotions onto small animals, smiled exactly so, took his side when no one else would, listened when no one else cared to. They were old money or fretted over ludicrously improbable economic disasters, teetotaled or drank like sailors, pecked like baby birds at his lips or ate him up greedily. They carried slim vocabularies or stooped to conquer in the wordsmith board games he never got the hang of. They were all gone, these faceless unknowables his life’s curator had been saving for just the right moment, to impart a lesson he’d probably never learn. He missed pussies that were raring to go when he slipped a hand beneath the elastic rim of the night-out underwear and he missed tentative but coaxable recesses, stubbled armpits and whorled ankle coins, birthmarks on the ass shaped like Ohio, said resemblance he had to be informed of because he didn’t know what Ohio look like. The size. They were sweet-eyed or sad-eyed or so successful in commanding their inner turbulence so that he could not see the shadows. Flaking toenail polish and the passing remark about the scent of a nouveau cream that initiated a monologue about its provenance, special ingredients, magic powers, and dominance over all the other creams. The alien dent impressed by a freshly removed bra strap, a garment fancy or not fancy but unleashing big or small breasts either way. He liked big breasts and he liked small breasts; small breasts were just another way of doing breasts. Brains a plus but negotiable. Especially at 3:00am, downtown. A fine fur tracing an earlobe, moles at exactly the right spot, imperfections in their divine coordination. He missed the dead he’d never lose himself in, be surprised by, disappointed in.

Many models are constructed to account for regularly observed phenomena. By design, their direct implications are consistent with reality. But others are built up from first principles, using the profession’s preferred building blocks. They may be mathematically elegant and match up well with the prevailing modeling conventions of the day. However, this does not make them necessarily more useful, especially when their conclusions have a tenuous relationship with reality. Macroeconomists have been particularly prone to this problem. In recent decades they have put considerable effort into developing macro models that require sophisticated mathematical tools, populated by fully rational, infinitely lived individuals solving complicated dynamic optimization problems under uncertainty. These are models that are “microfounded,” in the profession’s parlance: The macro-level implications are derived from the behavior of individuals, rather than simply postulated. This is a good thing, in principle. For example, aggregate saving behavior derives from the optimization problem in which a representative consumer maximizes his consumption while adhering to a lifetime (intertemporal) budget constraint.† Keynesian models, by contrast, take a shortcut, assuming a fixed relationship between saving and national income. However, these models shed limited light on the classical questions of macroeconomics: Why are there economic booms and recessions? What generates unemployment? What roles can fiscal and monetary policy play in stabilizing the economy? In trying to render their models tractable, economists neglected many important aspects of the real world. In particular, they assumed away imperfections and frictions in markets for labor, capital, and goods. The ups and downs of the economy were ascribed to exogenous and vague “shocks” to technology and consumer preferences. The unemployed weren’t looking for jobs they couldn’t find; they represented a worker’s optimal trade-off between leisure and labor. Perhaps unsurprisingly, these models were poor forecasters of major macroeconomic variables such as inflation and growth.8 As long as the economy hummed along at a steady clip and unemployment was low, these shortcomings were not particularly evident. But their failures become more apparent and costly in the aftermath of the financial crisis of 2008–9. These newfangled models simply could not explain the magnitude and duration of the recession that followed. They needed, at the very least, to incorporate more realism about financial-market imperfections. Traditional Keynesian models, despite their lack of microfoundations, could explain how economies can get stuck with high unemployment and seemed more relevant than ever. Yet the advocates of the new models were reluctant to give up on them—not because these models did a better job of tracking reality, but because they were what models were supposed to look like. Their modeling strategy trumped the realism of conclusions. Economists’ attachment to particular modeling conventions—rational, forward-looking individuals, well-functioning markets, and so on—often leads them to overlook obvious conflicts with the world around them.

Extreme economic cyclicality is considered undesirable. Too much strength can kindle inflation and take the economy so high that a recession becomes inevitable. Too much weakness, on the other hand, can cause companies’ profits to fall and can cost people their jobs. Thus it is part of the job of central bankers and Treasury officials to manage cycles. Since cycles produce ups and downs that can be excessive, the tools for dealing with them are counter-cyclical and applied with a cycle of their own—ideally inverse to the economic cycle itself. However, like everything else involving cycles, managing them is far from easy. If it weren’t, we wouldn’t see the extremes we do.

It’s particularly important in this vein to note the extent to which economic expectations can be self-fulfilling. If people (and companies) believe the future will be good, they’ll spend more and invest more . . . and the future will be good, and vice versa. It’s my belief that most companies concluded that the Crisis of 2008 wouldn’t be followed by a V-shaped recovery, as had been the rule in the last few recessions. Thus they declined to expand factories or workforces, and the resulting recovery was modest and gradual in the U.S. (and even more anemic elsewhere).

What if, instead, central banks tackled such deep recessions by issuing new money directly to every household as windfall cash to be used specifically for paying down debts—an idea that has come to be known as ‘People’s QE’.52 Rather than inflating the price of bonds, which tends to benefit wealthy asset owners, this approach—which resembles a one-off tax rebate for all—would benefit indebted households.

hindrances and its inability to resume the path of economic growth. The United States had in truth become the greatest economic and military power in the world but had no interest in taking over the world’s leadership from the hands of Great Britain. History gives us examples of what happens when a global hegemonic power ceases to exercise its dominant role, either from isolationist self-interest or from simple weakness, while the emerging power does not have enough interest or strength to assume the leadership. Basically, the function of a hegemony is to provide what economists call “global public goods,” such as world public order via military supremacy or international institutions that facilitate orderly world trade, international law or the preservation of the environment. If no single power has the strength or interest to provide these global public goods, the most likely consequence is permanent conflict, global recession, genocides and, in the end, war. Furthermore, when the ambivalence of the world’s leader coincides with a medium-sized power harbouring pretension of domination in its region, as did Germany after 1925, the likelihood of a worldwide conflagration increases even more.

But scamming large amounts of money off the top seems even harder to catch. Fraud by American defense contractors is estimated at around $100 billion per year, and they are relatively well behaved compared to the financial industry. The FBI reports that since the economic recession of 2008, securities and commodities fraud in the United States has gone up by more than 50 percent. In the decade prior, almost 90 percent of corporate fraud cases—insider trading, kickbacks and bribes, false accounting—implicated the company’s chief executive officer and/or chief financial officer. The recession, which was triggered by illegal and unwise banking practices, cost American shareholders several trillion dollars in stock value losses and is thought to have set the American economy back by a decade and a half. Total costs for the recession have been estimated to be as high as $14 trillion—or about $45,000 per citizen. Most tribal and subsistence-level societies would inflict severe punishments on anyone who caused that kind of damage.

Understanding Financial Risks and Companies Mitigate them? Financial risks are the possible threats, losses and debts corporations face during setting up policies and seeking new business opportunities. Financial risks lead to negative implications for the corporations that can lead to loss of financial assets, liabilities and capital. Mitigation of risks and their avoidance in the early stages of product deployment, strategy-planning and other vital phases is top-priority for financial advisors and managers. Here's how to mitigate risks in financial corporates:- ● Keeping track of Business Operations Evaluating existing business operations in the corporations will provide a holistic view of the movement of cash-flows, utilisation of financial assets, and avoiding debts and losses. ● Stocking up Emergency Funds Just as families maintain an emergency fund for dealing with uncertainties, the same goes for large corporates. Coping with uncertainty such as the ongoing pandemic is a valuable lesson that has taught businesses to maintain emergency funds to avoid economic lapses. ● Taking Data-Backed Decisions Senior financial advisors and managers must take well-reformed decisions backed by data insights. Data-based technologies such as data analytics, science, and others provide resourceful insights about various economic activities and help single out the anomalies and avoid risks. Enrolling for a course in finance through a reputed university can help young aspiring financial risk advisors understand different ways of mitigating risks and threats. The IIM risk management course provides meaningful insights into the other risks involved in corporations. What are the Financial Risks Involved in Corporations? Amongst the several roles and responsibilities undertaken by the financial management sector, identifying and analysing the volatile financial risks. Financial risk management is the pinnacle of the financial world and incorporates the following risks:- ● Market Risk Market risk refers to the threats that emerge due to corporational work-flows, operational setup and work-systems. Various financial risks include- an economic recession, interest rate fluctuations, natural calamities and others. Market risks are also known as "systematic risk" and need to be dealt with appropriately. When there are significant changes in market rates, these risks emerge and lead to economic losses. ● Credit Risk Credit risk is amongst the common threats that organisations face in the current financial scenarios. This risk emerges when a corporation provides credit to its borrower, and there are lapses while receiving owned principal and interest. Credit risk arises when a borrower falters to make the payment owed to them. ● Liquidity Risk Liquidity risk crops up when investors, business ventures and large organisations cannot meet their debt compulsions in the short run. Liquidity risk emerges when a particular financial asset, security or economic proposition can't be traded in the market. ● Operational Risk Operational risk arises due to financial losses resulting from employee's mistakes, failures in implementing policies, reforms and other procedures. Key Takeaway The various financial risks discussed above help professionals learn the different risks, threats and losses. Enrolling for a course in finance assists learners understand the different risks. Moreover, pursuing the IIM risk management course can expose professionals to the scope of international financial management in India and other key concepts.

sentencing schemes have done so not out of concern for the lives and families that have been destroyed by these laws or the racial dimensions of the drug war, but out of concern for bursting state budgets in a time of economic recession.

And the terrible recession that would lead to the Depression started in 1929–30, when Republican Herbert Hoover was president. Therefore, the Republicans shouldered much of the blame, and the Democrat Party succeeded spectacularly in politically exploiting the citizenry’s economic misery.

Paradoxical as it may seem, the riches of nations can be measured by the violence of the crises which they experience,’ opined the nineteenth-century French economist Clément Juglar.13 Once creative destruction is taken into account, Juglar’s observation doesn’t appear so puzzling. Some economists take a ‘pit-stop’ view of recessions, seeing them as periods when efficiency measures are most likely to be undertaken.14 Business failures, which soar during economic downturns, are seen as essential to the economy’s evolution over time. As the saying attributed to the former astronaut and airline boss Frank Borman goes, ‘capitalism without bankruptcy is like Christianity without hell.’ If that is the case, then monetary policy should not interrupt a recession’s cleansing effect.fn4 Put another way, if financial stability is destabilizing (as Hyman Minsky maintained), too much economic stability induces sclerosis.

The insistence on destroying Brown, and thus the viability of America’s schools and the quality of education children receive regardless of where they live, has resulted in “the economic equivalent of a permanent national recession” for wide swaths of the American public.141

In Africa, Recession is when your neighbor loses his job, Depression is when you lose your job.Economic recovery is when your president loses his job, Economic prosperity is when citizens of that country formulate their own economic policies." ~Dr Lloyd Magangeni

In a functional sense, we work to be able to consume, and in the relatively advanced, wealthy economy we enjoy, it is reasonable to expect a higher share of output to be devoted to our own wants and needs over physical capital and infrastructure. The state of the labor market plays a crucial role in determining spending behavior. When people consume, they make their decisions based on their expectations for future income: confident, spend away; not so confident, cut back. A tight labor market breeds confidence. If you’re in a job you might not have for long, or might not want for long, and you look around to find plentiful opportunities, you’re more likely to spend and possibly take on debt. One of the more interesting aspects of the recovery from the Great Recession of 2008 and 2009 was our caution.

During a recession consumption gets postponed or delayed because of concerns about personal income, and when the recession is over and people are confident again about their future employment and income, they make up for lost consuming.

Consumers were wary of taking on debt after working it down during the recession and increased their spending only about as much as their incomes increased. This lack of a spending burst at the end of the recession earned the recovery its characterization, and criticism, as a “slow” recovery.

Greece can balance its books without killing democracy Alexis Tsipras | 614 words OPINION Greece changes on January 25, the day of the election. My party, Syriza, guarantees a new social contract for political stability and economic security. We offer policies that will end austerity, enhance democracy and social cohesion and put the middle class back on its feet. This is the only way to strengthen the eurozone and make the European project attractive to citizens across the continent. We must end austerity so as not to let fear kill democracy. Unless the forces of progress and democracy change Europe, it will be Marine Le Pen and her far-right allies that change it for us. We have a duty to negotiate openly, honestly and as equals with our European partners. There is no sense in each side brandishing its weapons. Let me clear up a misperception: balancing the government’s budget does not automatically require austerity. A Syriza government will respect Greece’s obligation, as a eurozone member, to maintain a balanced budget, and will commit to quantitative targets. However, it is a fundamental matter of democracy that a newly elected government decides on its own how to achieve those goals. Austerity is not part of the European treaties; democracy and the principle of popular sovereignty are. If the Greek people entrust us with their votes, implementing our economic programme will not be a “unilateral” act, but a democratic obligation. Is there any logical reason to continue with a prescription that helps the disease metastasise? Austerity has failed in Greece. It crippled the economy and left a large part of the workforce unemployed. This is a humanitarian crisis. The government has promised the country’s lenders that it will cut salaries and pensions further, and increase taxes in 2015. But those commitments only bind Antonis Samaras’s government which will, for that reason, be voted out of office on January 25. We want to bring Greece to the level of a proper, democratic European country. Our manifesto, known as the Thessaloniki programme, contains a set of fiscally balanced short-term measures to mitigate the humanitarian crisis, restart the economy and get people back to work. Unlike previous governments, we will address factors within Greece that have perpetuated the crisis. We will stand up to the tax-evading economic oligarchy. We will ensure social justice and sustainable growth, in the context of a social market economy. Public debt has risen to a staggering 177 per cent of gross domestic product. This is unsustainable; meeting the payments is very hard. On existing loans, we demand repayment terms that do not cause recession and do not push the people to more despair and poverty. We are not asking for new loans; we cannot keep adding debt to the mountain. The 1953 London Conference helped Germany achieve its postwar economic miracle by relieving the country of the burden of its own past errors. (Greece was among the international creditors who participated.) Since austerity has caused overindebtedness throughout Europe, we now call for a European debt conference, which will likewise give a strong boost to growth in Europe. This is not an exercise in creating moral hazard. It is a moral duty. We expect the European Central Bank itself to launch a full-blooded programme of quantitative easing. This is long overdue. It should be on a scale great enough to heal the eurozone and to give meaning to the phrase “whatever it takes” to save the single currency. Syriza will need time to change Greece. Only we can guarantee a break with the clientelist and kleptocratic practices of the political and economic elites. We have not been in government; we are a new force that owes no allegiance to the past. We will make the reforms that Greece actually needs. The writer is leader of Syriza, the Greek oppositionparty

A dark continent that once produced so much light now exports bleakness and recession to the rest of the world.

What causes recessions? Many economists talk about the need for a consumer economy, but we can't have a consumer economy if people can't afford to consume, and the only way they can afford to consume over the long run is if they create new wealth to either consume at that time or to defer as investments for later consumption. Simply put, the best way to have a functioning economy is to focus on having a wealth-producing economy. But when wealth can't be created in spite of the need for such, the production of wealth has been artificially limited, and this artificial limitation is the root cause of business recessions.

Fred Harrison explains in The Power in the Land how land values over time become so expensive that too little wealth is left to pay for goods and services. Real estate speculation allows property owners to demand tomorrow's wealth output today, because they have the power to withhold land from use in expectation of future gains. Artificial constrictions in the supply of land make the price increase at a rate the economy can't sustain. Land eventually becomes unaffordable and recession follows leading to a bust before the next boom commences.

African Americans weren’t the only ones who took a hit. The states of the Deep South, which fought Brown tooth and nail, today all fall in the bottom quartile of state rankings for educational attainment, per capita income, and quality of health.139 Prince Edward County, in particular, bears the scars of a place that saw fit to fight the Civil War right into the middle of the twentieth century. Certainly it is no accident that, in 2013, despite a knowledge-based, technology-driven global economy, the number one occupation in the county seat of Farmville was “cook and food preparation worker.” Nor is it any accident that in 2013, while 9.9 percent of white households in the county made less than ten thousand dollars in annual income, fully 32.9 percent of black households fell below that threshold.140 The insistence on destroying Brown, and thus the viability of America’s schools and the quality of education children receive regardless of where they live, has resulted in “the economic equivalent of a permanent national recession” for wide swaths of the American public.

Dave and I had a family ritual at dinner where we’d go around the table with our daughter and son and take turns stating our best and worst moments of the day. When it became just three of us, I added a third category. Now we each share something for which we are grateful. We also added a prayer before our meal. Holding hands and thanking God for the food we are about to eat helps remind us of our daily blessings. Acknowledging blessings can be a blessing in and of itself. Psychologists asked a group of people to make a weekly list of five things for which they were grateful. Another group wrote about hassles and a third listed ordinary events. Nine weeks later, the gratitude group felt significantly happier and reported fewer health problems. People who enter the workforce during an economic recession end up being more satisfied with their jobs decades later because they are acutely aware of how hard it can be to find work. Counting blessings can actually increase happiness and health by reminding us of the good things in life. Each night, no matter how sad I felt, I would find something or someone to be grateful for. I

But it was really the then-popular right-wing demagogue Glenn Beck who gave Republicans a taste of what was to come as the recession deepened. Beck was an apocalyptic yet strangely ebullient conspiracy theorist who on his daily Fox News broadcasts filled blackboard after blackboard with crazy Venn diagrams exposing the hidden links between 1960s radicals and Barack Obama. But he also broke with many Republican dogmas, particularly on economics and foreign policy, writing in one of his books, “Under President Bush, politics and global corporations dictated much of our economic and border policy. Nation building and internationalism also played a huge role in our move away from the founding principles.” Beck’s economic nationalism and isolationism struck a chord with the public, and many flocked to his sold-out rallies to hear him denounce phantom leftists but also Wall Street and the big banks. He even wrote a bestselling thriller in which all these evil forces join hands to squelch American liberty. For all his bombast, Beck was among the first on the right to report the truth that the American middle class was being hollowed out and that its children faced drastically reduced prospects. That a small class of highly educated people was benefiting from the new global economy and becoming fantastically wealthy. And that vast sections of the country had become deserted, heartbroken . . . and angry. Mainstream Republicans never got the message. Donald Trump did.

Mario García Menocal was born on December 17, 1866, in the town of Jagüey, located southeast of Havana in the Matanzas Province of Cuba. As a young man, he was a partisan in Cuba's fight for independence and he later became a prominent conservative politician. Menocal was elected to the presidency of Cuba in 1912 and assumed the office in 1913. During his administration, he strongly supported business and corporations, as he had promised in his platform. While in office, Cuba also established its own currency, but the United States dollar continued to be the only paper money in circulation on the island until 1934. During his second term as president of Cuba, the United States entered into World War I. During the war, due in part to his close ties to the United States and the escalating prices of sugar, Cuba experienced an economic resurgence. However, once the war ended, the sugar market plunged and the country slid into a severe recession. While in office, García Menoca, a graduate of Cornell University, hosted the 1920 Delta Kappa Epsilon National Convention in Havana. When his presidency ended on May 20, 1921, Menocal unsuccessfully attempted to remain in politics. He died in Santiago de Cuba on September 7, 1941.

In 1522, the country now known as Venezuela was colonized by Spain. Venezuela declared independence from Colombia In 1830. During the 19th and most of the 20th centuries Venezuela was ruled by caudillos or military strongmen. In the 1950’s, Venezuela became a good example of a Latin American Country, ruled by a benevolent dictator on the very far right. This automatically made Venezuela our ally and thus received huge grants from us. President Marcos Pérez Jiménez was awarded the Legion of Merit by Dwight D. Eisenhower. In return for this, he allowed American corporations to flourish in his country. Of course, he was also always ready to accept personal contributions. Since 1958, the country has had a series of democratic governments. It’s economy depended on the export of coffee and cocoa until oil was discovered early in the 20th century. It now has the world's largest known oil reserves and is one of the world's leading exporters of oil. The people lost confidence in the existing parties since the government favored the large corporations over their needs. This led to Hugo Chávez being elected president in 1998, In 1999 the Constituent Assembly wrote a new Constitution of Venezuela. Chávez also initiated programs aimed at helping the poor. In 2013. After the death of Chavez, Nicolás Maduro his vice president was elected. Problems ensued causing an economic recession. Inflation also became the worst in the country's history, leading to hunger, crime and corruption. Protests starting in 2014 became prevalent and continue until now, leaving many of the protesters maimed or dead.

No matter the technological advancement on planet earth, economic upheavals, gains or losses, recession or boom....The Wages of Sin remain Death!

Corporate interests raised a nearly unified voice heralding automation as a certain and universal beneficial advancement. However, some observers saw the new technology as a cause for concern and cautioned that the final word on automation would depend on the choices that industry and the nation made in the face of difficult questions regarding the pace of automation’s implementation, the uses of the new productivity, and the fate of displaced workers as well as depleted or eliminated job classifications, communities, and even industries. Norbert Wiener, for example, a prominent MIT mathematician and pioneer in the science of cybernetics, emphasized the potentially calamitous economic and social consequences of the new production technology. Wiener had begun to express concerns about the impacts of automation on labor and the entire society during World War II, and he authored two books in the immediate Cold War years warning that potentially disastrous unemployment and related social problems may come from industry’s drive toward automation. He characterized automation and computer controls in the production process as the “modern” or “second” industrial revolution, which even more than the first held “unbounded possibilities for good and evil.” 104 In particular, Wiener feared that the larger impact of the changes caused by automation would be a massive displacement of workers, compounded by the profit-driven indifference of industry. “The automatic machine … will produce an unemployment situation, in comparison with which the present recession and even the depression of the thirties will seem a pleasant joke.” 105

I draw attention to a kind of politics in which people do not focus their blame on elite decision makers as they try to comprehend an economic recession. Instead, they give their attention to fellow residents who they think are eating their share of the pie. These interpretations are encouraged, perhaps fomented, by political leaders who exploit these divisions for political gain.

Liberal democracy and capitalism remain the essential, indeed the only, framework for the political and economic organization of modern societies. Rapid economic modernization is closing the gap between many former Third World countries and the industrialized North. With European integration and North American free trade, the web of economic ties within each region will thicken, and sharp cultural boundaries will become increasingly fuzzy. Implementation of the free trade regime of the Uruguay Round of the General Agreement on Tariffs and Trade (GATT) will further erode interregional boundaries. Increased global competition has forced companies across cultural boundaries to try to adopt “best-practice” techniques like lean manufacturing from whatever source they come from. The worldwide recession of the 1990s has put great pressure on Japanese and German companies to scale back their culturally distinctive and paternalistic labor policies in favor of a more purely liberal model. The modern communications revolution abets this convergence by facilitating economic globalization and by propagating the spread of ideas at enormous speed. But in our age, there can be substantial pressures for cultural differentiation even as the world homogenizes in other respects. Modern liberal political and economic institutions not only coexist with religion and other traditional elements of culture but many actually work better in conjunction with them. If many of the most important remaining social problems are essentially cultural in nature and if the chief differences among societies are not political, ideological, or even institutional but rather cultural, it stands to reason that societies will hang on to these areas of cultural distinctiveness and that the latter will become all the more salient and important in the years to come. Awareness of cultural difference will be abetted, paradoxically, by the same communications technology that has made the global village possible. There is a strong liberal faith that people around the world are basically similar under the surface and that greater communications will bring deeper understanding and cooperation. In many instances, unfortunately, that familiarity breeds contempt rather than sympathy. Something like this process has been going on between the United States and Asia in the past decade. Americans have come to realize that Japan is not simply a fellow capitalist democracy but has rather different ways of practicing both capitalism and democracy. One result, among others, is sthe emergence of the revisionist school among specialists on Japan, who are less sympathetic to Tokyo and argue for tougher trade policies. And Asians are made vividly aware through the media of crime, drugs, family breakdown, and other American social problems, and many have decided that the United States is not such an attractive model after all. Lee Kwan Yew, former prime minister of Singapore, has emerged as a spokesman for a kind of Asian revisionism on the United States, which argues that liberal democracy is not an appropriate political model for the Confucian societies.10 The very convergence of major institutions makes peoples all the more intent on preserving those elements of distinctiveness they continue to possess.

The big economic news isn’t the slow return of jobs. It’s the continuing drop in pay. Most of the jobs we’ve gained since the Great Recession pay less than the jobs lost during it. An analysis from the National Employment Law Project shows that the biggest losses were in jobs paying between $19.05 and $31.40 an hour; the biggest increases have been in jobs paying an average of $9.03 to $12.91 an hour.

The widely mis-interpreted 1998 'meltdown' of East Asia was a financial symptom of the renewed reality: In fact, it was the first round the world recession again to begin in East Asia and spread from there to the West, instead of vice versa. That marked the beginnings of the return back 360 degrees around the world of the world economic center to Asia where it had always been before those two eighty-year period of temporary Western ascendance. The stock market crash in Hong Kong and the devaluation of the Thai baht and the Indonesian rupia took only 80 seconds to make themselves felt in the London City and on New York's Wall Street. How much of a cultural lag do we still need for popular perception and social theory to catch up with global reality?

is an important aspect of your financial health. If you are financially healthy, it would imply that you are capable of spending a good amount of money in spite of economic recession, inflation, redundancy, and other challenges that affect you financially. Financial health covers income, expenditures, savings, and debts. These four, especially debts,

In this economic recession, I have resorted to wearing my lucky underwear to job interviews. It gives me confidence, and it helps cover up the bald spot on the back of my head.

Over the last decade, other G7 countries have made more dramatic changes to their pension programs than the United States has to Social Security.33 Germany and Japan have put automatic stabilizers into their public pension systems so that the pension benefits rise or fall automatically with the country’s ability to afford them. Italy linked pension age eligibility to life expectancy, while France indexed part of its public pension system to price inflation. These changes amount to huge spending cuts by 2040 compared with previous law—roughly 30 percent in France, 40 percent in Germany and Japan, and nearly 50 percent in Italy.34 Some of the reforms were delayed because of the recession. Nonetheless, the public broadly understands that future benefits should be cut, and the push for reform has come equally from the Left and the Right. The United States, meanwhile, has not managed to pass a major Social Security reform in thirty years.