• Michael O. Powell

    I’m not an economist. I’m a journalist/political scientist. Given that I have limited knowledge of economics and there’s an element that I don’t seem to hear people mention as much as it should be.

    Largely as a result of our own free trade policies and policies of openness from Nixon in China to CAFTA, the previously closed markets all over the world are opening up. Countries like India are no long monetarist regimes in which they are dominated by colonialist and China is no longer a fully authoritarian communist state, even if it keeps alot of those aspects. This factor of increased global competition means that we’re going to be in what seems like a recession but is really the global class dichotomy evening out.

  • http://www.kipesquire.net KipEsquire

    Except for the fact that it was Bernard Baruch, not Joe Kennedy. Just saying…

  • procopius

    I doubt it’s quite Bible, bullets, and beans (or pick your favorite doom phrase) time quite yet. If I had to guess, the future will just hold an indefinite period of moderate poverty. Nothing actually resembling a systemic breakdown of society.

    This is barring, of course, a cataclysmic event. But such an event could happen at any time, and having your household prepared is a good idea regardless.