The Dubai tower, the tallest structure in the world, will be open on Monday amidst much concern and security. The tower actually set the record for the highest structure in the summer of 2007 sending a crisis signal for the skyscraper index. Since then Dubai has had to borrow $25 billion from its neighbors to keep the lights on.
It would seem that under “normal” conditions that most of the economic crisis would have been over by now and that prospects for the future would be brightening. However, the world wide stimulus and bailouts have significantly slowed and distorted the normal correction process and may have set us up for the possibility of more stock market volatility and crashes, foreclosures, and unemployment in 2010.
If you take all the reporting about the economy and you delete everyone but those who actually study the real workings of the economy, rather than just statistics and government reports, the common themes are that government programs have failed to address the problems of the real economy and that things are actually getting worse, not better.
{ 3 comments }
I agree. Since many statistics and government reports cannot tell us if we are experiencing recovery rather than a renewed bubble, it would surely be an error to conclude that the necessary reallocation has already taken place. The money created by Bernanke has done and will continue to do an unprecedented amount of damage.
Bankruptcy Of Nations Or Continued Plundering?
Since there are so many countries that are bankrupt, what is the international bankruptcy procedure? Is there a mechanism in place to handle these derelict nations?
Are the central banks in control of the justice system? Is there a justice system that is based on codified law, rather than the ego-driven common law, that can make judgements independent of the rampant worldwide political corruption?
If not then, until such a system of justice is found, the only alternative appears to be more and more desperation to create totalitarianism in all of these nations and in the world so no one can challenge the economic terrorism of these ego-driven interventionists.
First listed news story on my google news homepage app today: “World’s tallest building: Is the Burj Khalifa a herald of economic woe?” from the Christian Science Monitor, quoting a paper by…. Mark Thornton!
Comments on this entry are closed.