Busted: Bankers and The Global Economy

July 8, 2009

Pope Proposes New Financial Order

According to the Associated Press, Pope Benedict XVI has called for a new world financial order guided by ethics, dignity and the search for the common good in the third encyclical of his pontificate.

January 20, 2009

Economy: Unemployment & Opportunity

recessionTimes are not good for the United States right now, but this recession has not made a decisive turn for worse just yet this year. The unemployment rate, (see poll) 7.2 percent in December, remains below the average peak unemployment of 7.6 percent during the previous 10 post-World War II recessions. The nation has been in similar straits before, but has a measure of hope in focus today with the inauguration of a new president (see poll).

What has been so menacing is the real feeling coupled with the likelihood that the nation is headed for far worse. Indicators are that an enduring recession or depression is likely. The published government unemployment rate is expected to climb to 9% this year and is likely to eclipse that figure, even though the reality is that unemployment is much higher. Incomes are stagnant or declining. Jobs are scarce, with a decline of full-time employment that will actually pay the bills. Getting enough part-time jobs to get through this crisis isn’t an option. Business is down with little hope of any improvement for some time. The business economy is looking at lean times with capital goods purchases almost non-existent compared to the norm. Economic contraction is the only news that America has to look forward to for the next 2 years. Politicians say that Americans are now confronted with the fact that sacrifice is essential as Congress spends more taxpayer money than ever before. (more…)

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