kaatd |
29 september 2005 08:24 |
Het einde van het kapitalisme is nabij
De economie van de VS staat op instorten, zegt het Internationaal Muntfonds
We can do this the nice way or the nasty way[size=3]
[/size]Larry Elliott, economics editor
Tuesday September 27, 2005
The Guardian
Two hurricanes in a month, petrol prices at $3 a gallon, a current account deficit of enormous proportions, a housing market that defies gravity: little wonder that the mood in the United States is a little edgy.
The International Monetary Fund made it clear last week that it saw the world's largest economy as an accident waiting to happen. The US could not continue to live beyond its means indefinitely, and there were only two ways to deal with the unsustainable imbalances in the global economy: the nice way or the nasty way.
The nasty way involves a much sharper contraction in US activity. Under this scenario, the overseas investors who have been funding the American trade deficit by buying US assets decide they have had enough. The result is a large and sudden devaluation of the dollar, which adds to inflationary pressure and forces the Federal Reserve to raise short-term interest rates aggressively. Protectionist pressures mount and this, together with the big appreciation of China's currency, leads to much slower growth. With both the world's two big growth engines - the US and China - faltering, Europe and Japan also suffer. Financial markets suffer hefty losses, adding to the gloom.
The second concern is this: underlying the policy recommendations of just about every global analyst is the belief that the rest of the world needs to emulate the economic model of the US. The calls for structural reform in Japan and Europe stem from the belief that the Americans and the other "Anglo-Saxon" economies have the sort of flexibility that breeds success. Yet that hardly squares with the IMF's notion that the US economy could be going down the pan at any moment. As Mark Weisbrot of the Centre for Economic and Policy Research, a Washington-based thinktank, points out, nor does it square with the long-term needs of sustainability. Europe's energy consumption per head is half that of the US: Weisbrot says the idea that the Europeans should work longer so that they can buy more things is dangerous and he's right. Perhaps the Germans were a lot smarter than they've been given credit for in their scepticism about the need for neo-liberal structural reform.
[size=3] http://www.guardian.co.uk/business/s...579037,00.html[/size][edit]
[size=1] Edit:[/size] [size=1]After edit by kaatd on 29-09-2005 at 09:32
Reason:
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De economie van de VS staat op instorten, zegt het Internationaal Muntfonds
We can do this the nice way or the nasty way[size=3]
[/size]Larry Elliott, economics editor
Tuesday September 27, 2005
The Guardian
Two hurricanes in a month, petrol prices at $3 a gallon, a current account deficit of enormous proportions, a housing market that defies gravity: little wonder that the mood in the United States is a little edgy.
The International Monetary Fund made it clear last week that it saw the world's largest economy as an accident waiting to happen. The US could not continue to live beyond its means indefinitely, and there were only two ways to deal with the unsustainable imbalances in the global economy: the nice way or the nasty way.
The nasty way involves a much sharper contraction in US activity. Under this scenario, the overseas investors who have been funding the American trade deficit by buying US assets decide they have had enough. The result is a large and sudden devaluation of the dollar, which adds to inflationary pressure and forces the Federal Reserve to raise short-term interest rates aggressively. Protectionist pressures mount and this, together with the big appreciation of China's currency, leads to much slower growth. With both the world's two big growth engines - the US and China - faltering, Europe and Japan also suffer. Financial markets suffer hefty losses, adding to the gloom.
The second concern is this: underlying the policy recommendations of just about every global analyst is the belief that the rest of the world needs to emulate the economic model of the US. The calls for structural reform in Japan and Europe stem from the belief that the Americans and the other "Anglo-Saxon" economies have the sort of flexibility that breeds success. Yet that hardly squares with the IMF's notion that the US economy could be going down the pan at any moment. As Mark Weisbrot of the Centre for Economic and Policy Research, a Washington-based thinktank, points out, nor does it square with the long-term needs of sustainability. Europe's energy consumption per head is half that of the US: Weisbrot says the idea that the Europeans should work longer so that they can buy more things is dangerous and he's right. Perhaps the Germans were a lot smarter than they've been given credit for in their scepticism about the need for neo-liberal structural reform.
[size=3]http://www.guardian.co.uk/business/s...579037,00.html[/size][/size] |
[size=1] Edit:[/size] [size=1]After edit by kaatd on 29-09-2005 at 09:31
Reason:
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De economie van de VS staat op instorten, zegt het Internationaal Muntfonds
We can do this the nice way or the nasty way[size=3]
[/size]Larry Elliott, economics editor
Tuesday September 27, 2005
The Guardian
Two hurricanes in a month, petrol prices at $3 a gallon, a current account deficit of enormous proportions, a housing market that defies gravity: little wonder that the mood in the United States is a little edgy.
The International Monetary Fund made it clear last week that it saw the world's largest economy as an accident waiting to happen. The US could not continue to live beyond its means indefinitely, and there were only two ways to deal with the unsustainable imbalances in the global economy: the nice way or the nasty way.
The nasty way involves a much sharper contraction in US activity. Under this scenario, the overseas investors who have been funding the American trade deficit by buying US assets decide they have had enough. The result is a large and sudden devaluation of the dollar, which adds to inflationary pressure and forces the Federal Reserve to raise short-term interest rates aggressively. Protectionist pressures mount and this, together with the big appreciation of China's currency, leads to much slower growth. With both the world's two big growth engines - the US and China - faltering, Europe and Japan also suffer. Financial markets suffer hefty losses, adding to the gloom.
The second concern is this: underlying the policy recommendations of just about every global analyst is the belief that the rest of the world needs to emulate the economic model of the US. The calls for structural reform in Japan and Europe stem from the belief that the Americans and the other "Anglo-Saxon" economies have the sort of flexibility that breeds success. Yet that hardly squares with the IMF's notion that the US economy could be going down the pan at any moment. As Mark Weisbrot of the Centre for Economic and Policy Research, a Washington-based thinktank, points out, nor does it square with the long-term needs of sustainability. Europe's energy consumption per head is half that of the US: Weisbrot says the idea that the Europeans should work longer so that they can buy more things is dangerous and he's right. Perhaps the Germans were a lot smarter than they've been given credit for in their scepticism about the need for neo-liberal structural reform.
[size=3]http://www.guardian.co.uk/business/s...579037,00.html [/size][/font][/size] |
[size=1] Edit:[/size] [size=1]After edit by kaatd on 29-09-2005 at 09:30
Reason:
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De economie van de VS staat op instorten, zegt het Internationaal Muntfonds
We can do this the nice way or the nasty way[/font][font=Arial][size=3]
[/size]Larry Elliott, economics editor
Tuesday September 27, 2005
The Guardian
Two hurricanes in a month, petrol prices at $3 a gallon, a current account deficit of enormous proportions, a housing market that defies gravity: little wonder that the mood in the United States is a little edgy.
The International Monetary Fund made it clear last week that it saw the world's largest economy as an accident waiting to happen. The US could not continue to live beyond its means indefinitely, and there were only two ways to deal with the unsustainable imbalances in the global economy: the nice way or the nasty way.
The nasty way involves a much sharper contraction in US activity. Under this scenario, the overseas investors who have been funding the American trade deficit by buying US assets decide they have had enough. The result is a large and sudden devaluation of the dollar, which adds to inflationary pressure and forces the Federal Reserve to raise short-term interest rates aggressively. Protectionist pressures mount and this, together with the big appreciation of China's currency, leads to much slower growth. With both the world's two big growth engines - the US and China - faltering, Europe and Japan also suffer. Financial markets suffer hefty losses, adding to the gloom.
The second concern is this: underlying the policy recommendations of just about every global analyst is the belief that the rest of the world needs to emulate the economic model of the US. The calls for structural reform in Japan and Europe stem from the belief that the Americans and the other "Anglo-Saxon" economies have the sort of flexibility that breeds success. Yet that hardly squares with the IMF's notion that the US economy could be going down the pan at any moment. As Mark Weisbrot of the Centre for Economic and Policy Research, a Washington-based thinktank, points out, nor does it square with the long-term needs of sustainability. Europe's energy consumption per head is half that of the US: Weisbrot says the idea that the Europeans should work longer so that they can buy more things is dangerous and he's right. Perhaps the Germans were a lot smarter than they've been given credit for in their scepticism about the need for neo-liberal structural reform.
[size=3]http://www.guardian.co.uk/business/s...579037,00.html [/size][/font][/size] |
[size=1]Before any edits, post was:
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[font=Arial]De economie van de VS staat op instorten, zegt het Internationaal Muntfonds.[/font]
[font=Arial][/font]
[font=Arial]We can do this the nice way or the nasty way[/font][font=Arial][size=3]
[/size][/font][font=Arial]Larry Elliott, economics editor
[/font][font=Arial]Tuesday September 27, 2005[/font][font=Arial]
[/font][font=Arial]The Guardian[/font][font=Arial] [/font][font=Arial][/font]
[font=Arial]Two hurricanes in a month, petrol prices at $3 a gallon, a current account deficit of enormous proportions, a housing market that defies gravity: little wonder that the mood in the [/font][font=Arial]United States[/font][font=Arial] is a little edgy. [/font]
[font=Arial]The International Monetary Fund made it clear last week that it saw the world's largest economy as an accident waiting to happen. The [/font][font=Arial]US[/font][font=Arial] could not continue to live beyond its means indefinitely, and there were only two ways to deal with the unsustainable imbalances in the global economy: the nice way or the nasty way. [/font]
[font=Arial]The nasty way involves a much sharper contraction in [/font][font=Arial]US[/font][font=Arial] activity. Under this scenario, the overseas investors who have been funding the American trade deficit by buying US assets decide they have had enough. The result is a large and sudden devaluation of the dollar, which adds to inflationary pressure and forces the Federal Reserve to raise short-term interest rates aggressively. Protectionist pressures mount and this, together with the big appreciation of [/font][font=Arial]China[/font][font=Arial]'s currency, leads to much slower growth. With both the world's two big growth engines - the [/font][font=Arial]US[/font][font=Arial] and [/font][font=Arial]China[/font][font=Arial] - faltering, [/font][font=Arial]Europe[/font][font=Arial] and [/font][font=Arial]Japan[/font][font=Arial] also suffer. [/font][font=Arial]Financial markets suffer hefty losses, adding to the gloom.[/font]
[font=Arial][/font]
[font=Times New Roman][size=3]http://www.guardian.co.uk/business/s...579037,00.html [/size][/font][/size] |
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