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| Economy |
| 'US to blame for global recession' |
| 2011-11-16 |
| [Iran Press TV] A senior Iranian Foreign Ministry official has criticized arrogant US policies, blaming Washington for the current economic crisis across the world. Arrogance, thy name is Ah-madman-ejad. "The economic crisis has been created due to the unfair economic management of the world by one of the [world]powers and has resulted in a situation in which no country can escape its negative consequences on their development plans," Iran's Deputy Foreign Minister Mohammed-Mahdi Akhoundzadeh said on Tuesday, IRNA reported. The deputy foreign minister made the statement during an address at a ministerial meeting of the Indian Ocean Rim Association for Regional Cooperation (IOR-ARC) in Bangalore, India. Akhoundzadeh blamed some countries for objectifying the world's economic and political situation for their own benefits. "There is no prospect of a remarkable change in the world's economy unless each country plays its role in reforming the current economic situation," he stated. The Iranian official further addressed the issue of piracy in international waters and called for more cooperation between the IOR-ARC member states. The regional bloc was established in 1997 with Australia, Bangladesh, India, Indonesia, Iran, Kenya, Madagascar, Malaysia, Mauritius, Mozambique, Oman, Singapore, South Africa, Sri Lanka, Tanzania, Thailand, the United Arab Emirates and Yemen as the member countries. Seychelles, which had left the organization in 2003, re-joined Tuesday to become the 19th member of the IOR-ARC. |
| Posted by:Fred |
| #19 Wehell, there ya go - we only need to spend US$61.0Bilyuhn this weekend to par, + US$61.1B or US$62.0Bilyuhn by Thanksgiving Thursday to exceed??? |
| Posted by: JosephMendiola 2011-11-16 20:50 |
| #18 It's Official: Total US Debt Passes $15 Trillion Too sad for commentary, but here is some math: total US debt has increased by 41.5%, or $4.4 trillion, from $10,626,877,048,913 on January 20, to $15,033,607,255,920, under Obama as president. (as a reminder the most recently updated debt ceiling is $15.194 trillion |
| Posted by: tipper 2011-11-16 20:32 |
| #17 Who's to blame? Lots of blame to go around. Two figures say it all. World debt has been rising by 12% over the last 10+ years while world gdp has only been rising by 4%. Using the rule of 72, we see that debt will double in 6 years while gdp will only double in 18. That is the problem, there is no way the debt can be paid back. Only solution a world war or massive debt write off via inflation. One is as bad as the other. |
| Posted by: tipper 2011-11-16 20:11 |
| #16 AH I have always liked to use the Zombie idea. Empty shells going through the motions. Those more aware are like the vampires working the situation to their advantage at every opportunity. Most just trying to manage their boat as best they can. At this point I believe we can add a black hole. Tolkiens Mt. Doom and the craters of Mordor perhaps. Well at least dark clouds on the horizon. The future is one day at a time thank goodness. Regarding "Fannie and Fraudie's", inconceivable comes to mind(of Princess Bride). |
| Posted by: Dale 2011-11-16 15:42 |
| #15 No matter who is or was to blame, there is a huge amount of bad debt sucking the life out of many national economies. This vampire / zombie situation will not improve until someone eats the bad debt. The Vampire Squids of the world want the taxpayers to eat it. Line up everyone, and take your share. http://www.usdebtclock.org/ shows current national debt is $14.999 trillion, not counting Fannie and Fraudie's $7 trillion. Total personal debt for USA is $15.958 trillion. |
| Posted by: Anguper Hupomosing9418 2011-11-16 13:23 |
| #14 Everyone is quick to denounce the US. That third world growth is where to be. That the dollar is no longer the worlds currency of choice. Should the US catch a cold, the other countries are home sick in bed. We have our part to play and it is a big part of the world economic order of things. "Every province in China is a Greece" |
| Posted by: Dale 2011-11-16 12:07 |
| #13 BP I think that we're in violent agreement here. My take is that mark to market immediately slammed the brakes on the "source" of the credit. Lenders would be able to lend x% of the asset value. When the asset value dropped like a rock overnight, then the credit crunch crunched and the "way out" of that was to remove any reserve requirements. Hey presto they're back in business creating credit out of thin air. Or to credit the gromster "luft gesheft". |
| Posted by: AlanC 2011-11-16 12:04 |
| #12 Just about everyone has been overspending for most of the past two generations. The U.S. is no more to blame than anyone else, except inasmuch as they counted n us to be the source and market of last resort. And given how badly the Mad Mullahs have screwed up their own economy --and Lebanon,s via Hizb'allah, not to mention the costs to a number of other countries to offset the terrorists with Iran or Hizb'allah have inserted there -- since they took power in 1979, they are in absolutely no position to point fingers. So yes, America owns part of the current financial difficulties. But no, we are not alone to blame. |
| Posted by: trailing wife 2011-11-16 11:45 |
| #11 I think we should start calling roses, fart bags, just to keep everything equal.. If I were Cameron, I'd tell the EU in no lesser terms, to fuck off, and deal with the consequences than play plinko with the EU; the former one has control of no matter how bad it gets for a few years. The problem here is in reality a people cannot just 'imagine' wealth. Wealth is not an abstract term, it is a count of tradable goods whether labor or minerals or whatnots. Moving a decimal point is hocus pocus and, quite honestly, theft. I would like to see the deer leaders explain that obamacare is legal because the us gov already forces commerce onto private enterprises as freddy/fannie. Come on and show how business is supposed to work when those who make laws they themselves do not follow meddle in the basic physics of input/output. The problem is the unearned credit, generations tought that credit is automatic and not a pre-approved loan given to those who showed ability to re-pay said loan. Are the banks faultless, no, but to approve the petitions of those banks leaves the govs just as guilty. Time for an audit, rather than just create an imaginary currency such as carbon credits; and if that is the goal of a unified global currency than an audit is required anyways. |
| Posted by: swksvolFF 2011-11-16 11:30 |
| #10 I blame Barny, and of course Bush. |
| Posted by: bman 2011-11-16 10:46 |
| #9 AlanC, google "luft gesheft" |
| Posted by: g(r)omgoru 2011-11-16 10:45 |
| #8 AlanC Mark to Bureaucratic whim is much less real. The problem was simple. Vastly too much credit (and credit inflation counted as economic growth). |
| Posted by: Bright Pebbles 2011-11-16 10:41 |
| #7 BP, 0 reserve would do damage going forward but mark to market basically turned everyone insolvent simultaneously as their asset value disappeared over night. Could fix obesity in the US the same way. Tomorrow the definition of obese changes from the current BMI to one that basically gives the same number + 20 lbs. Presto, less than half as many fat folks. |
| Posted by: AlanC 2011-11-16 10:38 |
| #6 'US to blame for global recession' ..not to mention all the overseas investments in the Fannie Mae's et al speculative papers because the ROI back home sucked because of their governmental interference in their domestic markets. |
| Posted by: Procopius2k 2011-11-16 09:49 |
| #5 No, the problem with Basel 2 was zero reserve requirements, this effectively means exponential amounts of credit (nice if you are covering up the problems caused by tax on free exchange). |
| Posted by: Bright Pebbles 2011-11-16 08:49 |
| #4 Correct RJ but the US was probably the first and the biggest. The 3 main triggers that I saw were CRA, Basel II (mark to market) and fudging in the ratings agencies which I've seen attributed to Soros' meddling. |
| Posted by: AlanC 2011-11-16 08:40 |
| #3 Seems to me that most economies have been ratcheting up towards the socialist, unsustainable, side of things. The US might have been the first domino that sort of started the thing but everyone was pretty well positioned. |
| Posted by: rjschwarz 2011-11-16 08:31 |
| #2 6 trillion worth in that Freddie Mac and Fannie Mae toxic "assets" spread out into banks all over the world that TARP did not fix. |
| Posted by: newc 2011-11-16 07:36 |
| #1 One this one occasion...I think he is right. |
| Posted by: Incredulous 2011-11-16 00:30 |