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Second try to bring the U.S. dying economy to life
Published: 12 August, 2009, 05:57
Edited: 10 January, 2010, 05:06
TAGS: Crisis Chronicle, USA, Economy
Washington says it's preparing a second stimulus package by the end of the year, after White House claims that the U.S. economy is showing signs of improvement. But analyst Gerald Celente is skeptical about the move.
The Obama administration says the first stimulus package of almost $800 billion helped reduce unemployment rates and caused the dollar to rise.
However, these claims are a bit premature, says forecaster and analyst Celente, founder of the Trend Research Institute:
“There is no recovery with recession. It’s nearly in remission. They’ve given it loads of stimulus drugs and monetary infusions. But it’s not going to cure the chronic degenerative disease of a failing economy,” says Celente.
Easy credit, cheap money and masses of borrowing caused the problem, explains Celente. That’s what caused the current economic crisis, he says, adding:
“To put more cheap money, more easy credit and more ramped buying is only going to escalate a bad situation,” concluded the analyst.
11.08.2009, 13:16
12 comments
US media leaves Ossetian war anniversary untouchedOn the first anniversary of the war in South Ossetia, many in the region are taking time to reflect. In the US, however, there’s almost no mention of the conflict, so heavily covered just a year ago. |
12.08.2009, 08:48
5 comments
Illegal US immigrants take any job to surviveThe economic crisis has claimed over 6 million jobs in the US and the employment market is flooded. And with illegal immigrants ready to work for low pay new job seekers have tough competition. |
The money/economy is being temporarily proped up by trillions in borrowed money and massive printing of dollars. This is not sustainable and the American people should be told the truth. The only way out of this mess is to fire the perpetrators, abolish the federal reserve, back our money with something more than a promise, Start rebuilding factories here in America and produce our way out. The days of piggy backing on China's industrial capacity must come to a close. American workers have been betrayed by their own companies, all so companies could make billions by moving their companies to slave labor countries. Now ordinary Americans are paying the price for this corporate greed/dishonesty/disloyalty. Vote the politicians out that let this happed.
I am an average joe, with a high school education but read all I can all about economics. Along with good common sense it is pretty plain for me to see that unless we as a country, can restore some type of industrial base in the US, we will never get out of this hole we are in. All the top economists and politicans tell us feel good things and none of them want to tell the American population the truth, except for a few, which includes Gerald Celante.
As long as the undeveloped nation continue to pay interest to USA on their loans, USA will not go corrupt. Yes, that's right, Latin america, Africa and Asia pays the buffet.