G20 Shocker from Chris Martenson

[Silver Moon Rising]

Chris' article discusses the impact of the recent G20 announcement dropping support for fiscal stimulus, i.e. Keynesianism doesn't work!

Finance ministers from the world’s leading economies ripped up their support for fiscal stimulus on Saturday, recognising that financial market concerns over sovereign debt had forced a much greater focus on deficit reduction.

Chris warns of an impending stock market crash as investors react to plans for a no-growth future.

Read the full story at the Financial Sense website:

http://www.financialsense.com/Market/martenson/2010/0609.html

[Quantum]

The easiest way to reduce spending is to STOP THE WARS IMMEDIATELY, and bring all US forces overseas home.

But they're not interested in that...only in cutting funding for the little people.

[Book]

Beggar Thy Neighbor

In the 1930's, during the depression, the practice of competitive currency devaluation as a means of lifting exports was known as the "beggar thy neighbor" policy.

Each country would seek to devalue its own currency because that would make its exports seem cheaper to the rest of the world and thereby lift their domestic industry and job growth.

Great post SMR. We even see this play out locally when people stop buying stuff imported from outside the area and favor their neighborhood producers.

:)

[Ponce]

Quantum? please remove that avatar......it makes me (and probably others) sick........thanks.

[Quantum]

Quantum? please remove that avatar......it makes me (and probably others) sick........thanks.


Sorry, it stays. This is our new reality. I want everyone to visualize what the BP spew is all about.

[Ponce]

Thank you for your answer but in that case please show a "stronger" reality that is a dead Palestinian child with a two inch hole in his chest......or.......wait for the first dead human because of BP and use that picture.

[JohnQPublic]

Thank you for your answer but in that case please show a "stronger" reality that is a dead Palestinian child with a two inch hole in his chest......or.......wait for the first dead human because of BP and use that picture.


Sorry, Ponce. The new environmental protocol puts animals above those horrible human beings. Humans are horrible because they dare to use rational thought, mimicking God.

[I am me, I am free]

Thank you for your answer but in that case please show a "stronger" reality that is a dead Palestinian child with a two inch hole in his chest......or.......wait for the first dead human because of BP and use that picture.


You like my avatar don't ya Ponce?

[gunDriller]

finance ministers say a lot of things.

all i expect them to do is -
* drive the bus off the cliff
* make sure they have parachutes

[Silver Moon Rising]

Here's another article along the same lines as the OP. Most of the G20 has recognized the fatal flaws in Keynesian economic policy and are willing to try something different, while the US wants to continue to beat the same dead horse.


G-20 split and out of order
By Hossein Askari and Noureddine Krichene

Ahead of the Toronto Group of 20 (G-20) Summit on June 26 and 27, tensions are running high. Earlier in June, the G-20 was split apart during its ministerial meetings in South Korea; most of its members could no longer afford the monumental fiscal deficits called for in the 2009 London and Pittsburgh summits, while the United States preached for continued fiscal stimuli.

The eurozone is faced with severe unemployment, stagnant output, debilitating debt, a deteriorating banking system, an arguably overvalued exchange rate, and most urgently with some member countries looking at deteriorating credit ratings and sharply higher funding costs.


Read the whole article at: http://www.atimes.com/atimes/Global_Economy/LF22Dj04.html