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“Major crisis is still ahead, past one was minor” – Yale professor
Published: 14 September, 2009, 14:50
Edited: 22 October, 2009, 13:46
Senior Research Scholar at Yale University Immanuel Wallerstein believes that the real economic crisis is still up ahead. According to Wallerstein, last year’s collapse was its minor version.
I really enjoyed this . The interviewer was superb in that she asked the question and listened rather than trying to take center stage. Very insightful opinions by Dr. Wallerstein with wide frame of reference. I would like to hear a follow up supporting or refuting the timeline for the next collapse and potential heralding events.
Unfortunately the story is largely correct. None of the underlying issues have been addressed like the wholesale exportation of jobs to China for cents on the dollar, the excessive financial speculation based upon investors selling to investors, with no end customer in sight, a flooded real estate market, a crippled social welfare net and a growing loss in confidence in the US dollar. The current administration has done the best they can with the broken tools they have to use. Until the underlying issues are fixed, first and foremost fair trade first because without it you can never have free trade. An important lesson for Russia to learn, all imported products should have as a minimum the equivalent cost of government mandated legislation applied as a tariff or more accurately an equivalency tax to ensure fair competition between local manufacturers and importers.
Thanks for the simplicity and common sense, so rare these days Mr Wallerstein ! I specially loved comment about Eastern Europe ! Hope some maniacs from Baltic countries and Poland will hear it also..... 5*****!