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link : IMF Warns That The World Could Face A 'Great Depression,
IMF Warns That The World Could Face A 'Great Depression,
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Unemployed men line up outside a soup kitchen in Chicago during the Great Depression in 1931. Photo: US National Archives and Records Administration
Asia Times: ‘Great Depression’ ahead? IMF sounds dire warning
Massive government debts and eroded fiscal buffers since 2008 suggest global dominos await a single market crash.
Is another “Great Depression” on the horizon? It would be easier to dismiss these words from Nouriel Roubini, Marc Faber or other doom-and-gloom prognosticators. Coming from Christine Lagarde’s team, though, they take on a new dimension of scary.
The International Monetary Fund head isn’t known for breathlessness on the world stage. And yet the IMF sounded downright alarmist in its latest Global Financial Stability report, stating that “large challenges loom for the global economy to prevent a second Great Depression.”
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WNU Editor: Global debt has been a problem with us for decades. The key to overcome it is to promote economic growth and to hold back governments from growing and borrowing even more money. The U.S. is currently sustaining a growth rate that is around 4% .... but unfortunately growth in U.S. government spending is only increasing. And the U.S. is not the only country pursuing these policies .... almost every country in the world is addicted to debt, and they want more. In the end we will have an economic downturn, and this economic downturn will blow-up government debts to unsustainable levels. I lived through such a depression when the Soviet Union broke up and the economy collapsed in the 1990s. It took a decade to recover, but the Kremlin learned its lessons. Russia today has a balanced budget/foreign currency and gold reserves/and one of the lowest debt levels in the world. But when I think back on those 10 years .... the terrible cost of learning these basic economic rules .... I still shudder on what I and my family had to go through at that time. That is why this IMF warning should be listened to. Unfortunately .... everyone's focus is elsewhere.
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