Eric Margolis: 2009: Another Year of Living Dangerously
Here are world hotspots we should be watching in 2009:
*America's $13.7 trillion bubble economy will continue collapsing. After decades of intoxication on the steroids of reckless borrowing and cheap credit, America is going to have to go into rehab and detox, enduring enormous, prolonged pain.
Today, North America faces deflation - in the short term. But the US Treasury's reckless printing of billions and billions must eventually create a storm of inflation. A debased US currency, rising unemployment, and destroyed savings will encourage extremism and political violence in the US and around the world. One need only think of post-World War I Germany and Italy for examples. Or the recent riots in Greece's cities staged by hooligans, the unemployed, and anarchists.
*America's $13.7 trillion bubble economy will continue collapsing. After decades of intoxication on the steroids of reckless borrowing and cheap credit, America is going to have to go into rehab and detox, enduring enormous, prolonged pain.
Today, North America faces deflation - in the short term. But the US Treasury's reckless printing of billions and billions must eventually create a storm of inflation. A debased US currency, rising unemployment, and destroyed savings will encourage extremism and political violence in the US and around the world. One need only think of post-World War I Germany and Italy for examples. Or the recent riots in Greece's cities staged by hooligans, the unemployed, and anarchists.
posted by temporal at 12/30/2008
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