20 Nov. 2007

The Post-Howard Recession Looms

Even Deutsche Bank is tipping a 50% chance of global recession, with a 33% chance of a major one. Here's the question you have to ask yourself: WHO IS RESPONSIBLE FOR THIS?

Whatever happened to all the supposedly wise economic management of people like the IMF, the World Bank, the Federal Reserve? Why didn't our government and our financial experts see this coming a very long time ago, as people like Mike Whitney clearly did.

Why did Big Business around the globe leap to support President Bush's morally bankrupt policies, which ultimately will bankrupt others (while he and his friends cash in)?

Why were all these people complicit in silence? And why is it that they will all be whistling towards the recession with very fat bank balances indeed?

Looks like we Aussies will now get a Rudd government, who will inevitably be blamed for increasing interest rates and/or inflation and/or unemployment and/or oil prices and/or anything else that is convenient. But the dynamics for such change are already in place: Rudd is just going to have to surf the wave.

I'm not looking forward to the election after this one. Right-wingers get rather feral when the money gets tight.