Prelude to Global Depression

EPIC RECESSION:
Prelude to Global Depression

Epic Recession

Epic Recesssion explains why the current economic crisis is no ordinary recession, why its evolution in 2010 is not yet complete, and why the risks are still high it may yet deteriorate into a more severe economic downturn. The root causes lie in what the author calls a 'speculative investing shift' in the global economy and the emergence of a 'global money parade' of speculator-investors that now increasingly drive the evolution of the global economy. Both Bush and Obama policies have failed to engineer a sustained economic recovery because policy makers do not yet understand the true dynamics of the current crisis. The author provides an alternative recovery program required for a sustained recovery based on a fundamental restructuring of the economy.

This book explains the origins and future direction of the current economic crisis, and the relationships between the banking system's breakdown and the economy in general.

Epic Recession is described as a hybrid, unstable condition that is neither a typical postwar recession nor yet a classic Depression while nevertheless sharing characteristics of both, recessions and Depressions. The book describes how Epic Recession is highly resistant to traditional fiscal and monetary policy solutions and requires major structural changes in the economy in order to check and contain. The book describes and analyzes in depth the origins and causes of Epic Recession—revealing its roots in corporate and government policies and fundamental structural changes in U.S. capitalist economy since the early 1980s.

Key variables of analysis include

·        the explosion in global liquidity,

·        expansion of the shadow banking system and its integration with the commercial banking system,

·        the growing relative shift worldwide to forms of speculative investing,

·        the emergence of the ‘global money parade’,

·        the debt-deflation-default nexus,

·         and the interacting of the above variables with forces of both financial and consumption fragility.

The book further provides a detailed critique of both George W. Bush and Obama administration recovery programs, in both their monetary and fiscal dimensions, and assesses why they have fared poorly thus far in resolving the crisis.

The book concludes by presenting a full alternative program necessary for recovery, which calls: for a massive program of job creation, nationalization of residential housing and small business financing, the creation of a new kind of Federal Reserve system and national banking structure, and the long term rebalancing of incomes by a fundamental restructuring of wage, health, and retirement benefits systems and the federal tax structure in the U.S


Ne croyez pas que je suis pro syndicaliste, surtout si elle est abusive. Par contre, face à la mondialisation débridée, on est dans une sérieuse merde, un groupe de pression qui est capable de renverser la vapeur est les syndicats.

Remarquer l’ultime pouvoir revient au peuple, il doit s’informer et devenir responsable pour corriger le tir de nos politiciens qui ont tendance à favoriser les groupes d’intérêts au détriment du bien commun.


‘The War at Home’

The story of our time—the struggle between the remnants of the old Roosevelt tradition and the new Reagan-Bush coalition, the latter resurrecting in yet another form the 1920s Coolidge-Hoover vision of America.

Now P=CM3

M for Money, Media, and uncompromising religious Morality!

C for chronic global economic crisis.

P for Power.

A dark energy ripping apart the quantum structure of civil society in America. A political entropy, growing in force as the various elements of the American social fabric accelerate ever faster in opposite directions.

Structural Economic Crisis

The War at Home - 1

 

The War at Home

One such force is Economic. Economic crises are generally viewed from the perspective of cyclical events. But underlying the periodic cycles, known as recessions, are more fundamental longer term structural change. Its laws of movement not always as well understood. Today structural and cyclical forces interact in new, unforeseen or unanticipated ways. And with each passing month we enter new territory.

The twin phenomena of massive exportation of jobs and of jobless recovery under George W. Bush are not new, but have been developing in intensity and duration following each recession since 1980. More than five million quality jobs were lost on George Bush’s watch between 2001-2004. Jobs that continue to disappear at an alarming rate, churning over, being replaced by part time, by temporary work, by the growing millions of marginally self-employed, the uncounted millions of hidden unemployed, by the discouraged and underemployed, and by lower paid service work at, or near, minimum wage. American workers have not shared in general productivity gains now for three decades.

·         Real average hourly wages and earnings of the 100 million plus workers that constitute the core of the American working class have not risen at all for at least as long.

·         Working class families have compensated by working more than 500 hundred additional hours per family per year, and by taking on historic levels of installment debt.

·         More than forty five million Americans have no health coverage whatsoever, and tens of millions more barely any at all.

·         Retirement income and security are fading for millions, while social services are cut, tax burdens shift from the rich to the rest, and education quality declines as costs rise