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| Economy |
| Credit Suisse report truly depicts new recessions in US: Economist |
| 2014-10-16 |
| [Iran Press TV] American economist Mark Thornton has said that the new report by investment bank Credit Suisse truly depicts that new recessions have begun in the United States. The report shows wealth inequality has topped its highest level since the Great Depression of 1929 in the US, saying nearly 50 percent of the world's assets are owned by just 0.7 percent of the world's population. "In a sense wealth disparities do indicate recessions because they have the same cause as the boom and bust cycle in the economy, that is when the central bank or the Federal Reserve of the United States reduces interest rate to very low level because of boom in the economy which leads to an inevitable bust in the economy," Thornton of Mises Institute told Press TV on Wednesday. |
| Posted by:Fred |
| #8 My thoughts exactly, chris. |
| Posted by: Barbara 2014-10-16 14:40 |
| #7 I didn't know the last recession ended! |
| Posted by: chris 2014-10-16 14:15 |
| #6 As a Ludwig von Mises guy, what he is whining about is inflation of the currency supply by central banks and fractional reserve banking - a stealth tax which transfers wealth from the working and middle classes to the banking and political class. Grinding down a country's labor force while enriching its parasites is not a sustainable trend; hence, further recession/depression can be expected. Of the deflationary sort, which would be good news for anyone who drives a car, eats food, or needs heat to stay warm. |
| Posted by: RandomJD 2014-10-16 12:18 |
| #5 They'll just find an excuse for another riot and loot one...and have the pols justify the theft by the next day (though a bit disgruntled because they couldn't beat the street thugs getting it first and then turning it over to them for the cred. Middlemen are like that when you take away their bread and butter hustle). |
| Posted by: Procopius2k 2014-10-16 10:54 |
| #4 the "bottom" can't afford an HDTV larger than 50". Oh, the humanity! |
| Posted by: Frank G 2014-10-16 09:44 |
| #3 The report shows wealth inequality has topped its highest level since the Great Depression of 1929 Ignore the fact that the 'bottom' in 2014 looks a lot like the 'upper' in 1929. If food, housing, clothing, heat, and access to reasonable medical care (circa 2014) at any emergency room, is the floor, WTF are you whining about? /rhet question. |
| Posted by: Procopius2k 2014-10-16 08:32 |
| #2 Expect Goldman Sachs to act hostile to Credit Suisse now. |
| Posted by: ed in texas 2014-10-16 08:18 |
| #1 Expect US sanctions against Switzerland? Probably not, they (US rulers) have to keep their own money somewhere. |
| Posted by: g(r)omgoru 2014-10-16 01:54 |