When the facts change, I change my mind. What do you do, sir?
— John Maynard Keynes, British economist (1883–1946),
His reply to a criticism during the Great Depression of having changed his position on monetary policy, as quoted in Lost Prophets: An Insider's History of the Modern Economists (1994) by Alfred L. Malabre, p 220
Jim Puplava author of www.financialsense.com has written a rather in depth article which I believe you need to read so as to be informed of another veiw.
There is so much talk about Green shoots in the world economy - the share market rallying - recession is over - (here is Aust one could wonder if there was one ?).
I read an article last week written by an exfarmer who is now a broker for 13 years, he said
"When Green shoots appear in the spring we can be hopeful of a good season, but when green shoots appear in the midst of winter - they have given hope to the desperate only to be bitten by the winter frost"
With the USA Outstanding Public Debt as of 29 Jul 2009 at 10:19:05 AM GMT is:
The estimated population of the United States is 306,635,638 so each citizen's share of this debt is $37,874.52.
The National Debt has continued to increase an average of$3.89 billion per day since September 28, 2007!
I do not know if we are in the spring of recovery - you only have to speak to your circle of people in the workforce to know downsizing is happening. Just yesterday a gentleman from Mildura told me when he calls someone looking for work -it is though he swore at them.
So keeping with last nights theme we have an overload of debt in the world that govts must recover at some point. Now this is not all negative because as I said opportunities open up when one takes stock of the situation - if you have a business then look for opportunities to decrease costs and increase cashflow.
If you are one of my many wage earner readers - start a business and take control of your destiny.
Don't know how ?
Give me a call or email me and I'll point you in the right direction.
Read the article at:
THE END OF AN ERA
by Jim Puplava, www.financialsense.com, July 24, 2009
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