Why Our Economy May Be Headed for a Decade of Depression

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clv101
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Why Our Economy May Be Headed for a Decade of Depression

Post by clv101 »

Agree with most of this Nouriel Roubini interview: Why Our Economy May Be Headed for a Decade of Depression
https://nymag.com/intelligencer/2020/05 ... ubini.html

Excerpts:
You’re going to start having food riots soon enough. Look at the luxury stores in New York. They’ve either boarded them up or emptied their shelves, because they’re worried people are going to steal the Chanel bags. The few stores that are open, like my Whole Foods, have security guards both inside and outside. We are one step away from food riots. There are lines three miles long at food banks. That’s what’s happening in America. You’re telling me everything’s going to become normal in three months? That’s lunacy....

When you reshore, you are moving production from regions of the world like China, and other parts of Asia, that have low labor costs, to parts of the world like the U.S. and Europe that have higher labor costs. That is a fact. How is the corporate sector going respond to that? It’s going to respond by replacing labor with robots, automation, and AI....

But you’re not going to get many jobs. The factory of the future is going to be one person manning 1,000 robots and a second person cleaning the floor. And eventually the guy cleaning the floor is going to be replaced by a Roomba because a Roomba doesn’t ask for benefits or bathroom breaks or get sick and can work 24-7....

What I’m saying is that once you run a budget deficit of not 3, not 5, not 8, but 15 or 20 percent of GDP — and you’re going to fully monetize it (because that’s what the Fed has been doing) — you still won’t have inflation in the short run, not this year or next year, because you have slack in goods markets, slack in labor markets, slack in commodities markets, etc. But there will be inflation in the post-coronavirus world. This is because we’re going to see two big negative supply shocks. For the last decade, prices have been constrained by two positive supply shocks — globalization and technology. Well, globalization is going to become deglobalization thanks to decoupling, protectionism, fragmentation, and so on. So that’s going to be a negative supply shock. And technology is not going to be the same as before....
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Post by clv101 »

In a similar vein: The Arrival Of The “Unavoidable Pension Crisis�
https://realinvestmentadvice.com/the-ar ... on-crisis/

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Post by vtsnowedin »

clv101 wrote:In a similar vein: The Arrival Of The “Unavoidable Pension Crisis�
https://realinvestmentadvice.com/the-ar ... on-crisis/

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We can avoid that easily enough. Just open up the economy fully with zero government imposed restrictions. One bad quarter can be overcome. Each additional quarter will impoverish millions.
Yes I know that is a hard road to take with many tears involved but all the other roads hold more tears and have bridges washed out.
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Post by kenneal - lagger »

vtsnowedin wrote:We can avoid that easily enough. Just open up the economy fully with zero government imposed restrictions. One bad quarter can be overcome. Each additional quarter will impoverish millions.

Yes I know that is a hard road to take with many tears involved but all the other roads hold more tears and have bridges washed out.
So you will remove all environmental and health protection and let the psychopaths of industry despoil your country for decades to come. Have you not learned anything from the four dams polution? If you let industry loose they will store up problems for your children. But then that brings more jobs and higher GDP, I suppose you will say.

Those that God wishes to bring down he makes mad first, or words to that effect.
Last edited by kenneal - lagger on Tue May 26, 2020 2:12 pm, edited 1 time in total.
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Post by boisdevie »

kenneal - lagger wrote: So you will remove all environmental and health protection and let the psychopaths of industry despoil your country for decades to come
Care to provide any evidence to support your assertion. Oh, you forgot to say that VT wanted people to die. And puppies.
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Post by vtsnowedin »

Ken perhaps you misunderstood me? By Zero government restrictions I meant on closures and travel not relaxing the entire body of government regulation. In short go back as far as the government is concerned to the February status guo.
You also forgot to say I boil babies and eat them then pick my teeth with their bones.
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Post by adam2 »

boisdevie wrote:
vtsnowedin wrote: You also forgot to say I boil babies and eat them then pick my teeth with their bones.
Don't forget you also kick puppies and deliberately cough at old people.
In china, Peckham and other foolish places, "shredded child meat" may be purchased, to save the labour in shredding it yourself.
I think that what they mean is "shredded meat intended for feeding to young children" That however is not what it says on the pack !
"Installers and owners of emergency diesels must assume that they will have to run for a week or more"
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Post by kenneal - lagger »

boisdevie wrote:
kenneal - lagger wrote: So you will remove all environmental and health protection and let the psychopaths of industry despoil your country for decades to come
Care to provide any evidence to support your assertion. Oh, you forgot to say that VT wanted people to die. And puppies.
I supplied one peice of evidence which was the Michigan four dams collapse which has released tonnes of pollution left lying around by Dow Chemicals. There have also been incidents of pollution by coal miners in Missouri or Kentucky or possibly both. Then there are the people being poisoned by heavy metals in the water supply in Detroit. Bopal? I'm sure that there are thousands more incidents in the US and the UK where industries with lax or no regulation have polluted the environment and people a generation later have suffered.

And I note that you have taken the opportunity to put words in my mouth which were never there. Perhaps you would like to edit your text to keep us on track. If you do that I will edit other texts to remove any references to your words.
Last edited by kenneal - lagger on Tue May 26, 2020 2:14 pm, edited 1 time in total.
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Post by kenneal - lagger »

vtsnowedin wrote:Ken perhaps you misunderstood me? By Zero government restrictions I meant on closures and travel not relaxing the entire body of government regulation. In short go back as far as the government is concerned to the February status guo.
You also forgot to say I boil babies and eat them then pick my teeth with their bones.
You picked me up on not being precise in my wording a few (tens of) pages ago and you seem to have had the same imprecision the same here. As I did before when I was at fault you have remidied my misconception.

If you edit your post, as I suggested boisedevie did, to remove the words which I did not say and had no intention of saying I will remove any references in any other posts.
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Post by vtsnowedin »

kenneal - lagger wrote:
vtsnowedin wrote:Ken perhaps you misunderstood me? By Zero government restrictions I meant on closures and travel not relaxing the entire body of government regulation. In short go back as far as the government is concerned to the February status guo.
You also forgot to say I boil babies and eat them then pick my teeth with their bones.
You picked me up on not being precise in my wording a few (tens of) pages ago and you seem to have had the same imprecision the same here. As I did before when I was at fault you have remidied my misconception.

If you edit your post, as I suggested boisedevie did, to remove the words which I did not say and had no intention of saying I will remove any references in any other posts.
I have not misquoted you anywhere.
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Post by ReserveGrowthRulz »

vtsnowedin wrote:
kenneal - lagger wrote:
vtsnowedin wrote:Ken perhaps you misunderstood me? By Zero government restrictions I meant on closures and travel not relaxing the entire body of government regulation. In short go back as far as the government is concerned to the February status guo.
You also forgot to say I boil babies and eat them then pick my teeth with their bones.
You picked me up on not being precise in my wording a few (tens of) pages ago and you seem to have had the same imprecision the same here. As I did before when I was at fault you have remidied my misconception.

If you edit your post, as I suggested boisedevie did, to remove the words which I did not say and had no intention of saying I will remove any references in any other posts.
I have not misquoted you anywhere.
Doesn't matter. I get my stuff erased for run of the mill responses to conspiracy nutters. Can't be poking right thinking folk with right thinking they don't like.
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Post by kenneal - lagger »

vtsnowedin wrote:
kenneal - lagger wrote:
vtsnowedin wrote:Ken perhaps you misunderstood me? By Zero government restrictions I meant on closures and travel not relaxing the entire body of government regulation. In short go back as far as the government is concerned to the February status guo.
You also forgot to say I boil babies and eat them then pick my teeth with their bones.
You picked me up on not being precise in my wording a few (tens of) pages ago and you seem to have had the same imprecision the same here. As I did before when I was at fault you have remidied my misconception.

If you edit your post, as I suggested boisedevie did, to remove the words which I did not say and had no intention of saying I will remove any references in any other posts.
I have not misquoted you anywhere.
Where have I said that you misquoted me. I said that you were imprecise in your wording which misled me. I also said that you had picked me up previously for the same thing.
Both you and boisedevie have said that I had forgotten to say things that I never would have said so to an extent it could be said that you have misquoted me.
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Post by vtsnowedin »

kenneal - lagger wrote:
vtsnowedin wrote:
kenneal - lagger wrote: You picked me up on not being precise in my wording a few (tens of) pages ago and you seem to have had the same imprecision the same here. As I did before when I was at fault you have remidied my misconception.

If you edit your post, as I suggested boisedevie did, to remove the words which I did not say and had no intention of saying I will remove any references in any other posts.
I have not misquoted you anywhere.
Where have I said that you misquoted me. I said that you were imprecise in your wording which misled me. I also said that you had picked me up previously for the same thing.
Both you and boisedevie have said that I had forgotten to say things that I never would have said so to an extent it could be said that you have misquoted me.
You are being thin skinned. If I quote you it will be in quotation marks. If not then they are my words not yours. Your post implied I had a callous disregard for human life which is not the case.
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Post by kenneal - lagger »

vtsnowedin wrote:.........Just open up the economy fully with zero government imposed restrictions. ..........
What you wrote above and what you have subsequently amended it to are two different things. The first thing you wrote, copied above, does imply Trumpian, globalist, heartlessness so I replied to that. What you subsequently amended it to does not.

You picked me up on being imprecise in my writing a few pages ago and I had to explain what I meant. You have been imprecise in your writing and you and another have accused me of writing things which I did not. I had the graciousness to apologise for my imprecision. You have gone on the attack.

Compare and contrast.
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Post by kenneal - lagger »

ReserveGrowthRulz wrote:..........Doesn't matter. I get my stuff erased for run of the mill responses to conspiracy nutters. Can't be poking right thinking folk with right thinking they don't like.
You get your post deleted when they contribute nothing to the debate and seem to be designed to inflame reaction.
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