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TO LISTEN GO TO
https://alternativevisions.podbean.com/e/alternative-visions-more-economists-predicting-great-depression/
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Show Announcement
Dr. Rasmus reviews the growing number of mainstream economists now beginning to predict the current economic crisis, either is now or soon may become, another Great Depression. World Bank and Mellon Bank chief economists, Carmen and Vincent Reinhart’s forthcoming essay in the prestigious Foreign Affairs Journal is reviewed. Rasmus notes how their analysis is similar to points he’s been making since March 2020. Other views similar by liberal dean of economics, Paul Krugman, who calls today’s crisis ‘The Greater Recession’ and others are noted. Few mainstream economists now call it a V-shape recovery, unlike this past spring. Rasmus then reviews actual GDP contractions world wide in 2020 and why they suggest a ‘great recession’ that is weakening at best in the 3rd quarter. Why the current economy will weaken: more Covid 19 problems, basic restructuring of the economy, coming political instability, and financial crisis potentially in 2021. (check out my articles at jackrasmus.com blog for updates).
Thank you for the post. What this foreign affairs article appears to me to be is an announcement to the elite that the Trump Administration is pushing the US/global economy into a Great Depression. So the question is: will the elite push him out? I am confident that they can do so if they wish: I am certain that they have enough on Trump regarding the Russians and other misdeeds that could ruin his run for the presidency. But I doubt that the elite will——their first and foremost goal is the destruction of medicare/social security, If the price for that destruction is that the economy tanks for the foreseeable future, so be it: they are sitting on$11 trillion in cash. The misery, the suffering, the deprivation to tens of millions of more people is a matter of utter indifference: collateral damage as Madeline Albright would say.