Global Economic Collapse?

Economists and other leading figures expressed major concerns over a possible global financial collapse at the World Economic Forum in Davos Switzerland. The Young Turks host Cenk Uygur explains.



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[avide]

The world economics is falling apart, while people are arguing amongst each other and don't even know who to blame. That's pretty scary.

[amusingtrailmix]

The problem is that all of the currency became too centralized, and the the components of the system are overly dependent on one another.

[Encratis]

I remember not so long ago when everyone was assuring us that a global recession was unlikely.

[satarnag]

"None dare call it a conspiracy" is a book that describes this event.

[BUCollegeDems]

Cenk! You need to mention the liquidity trip and why deficit spending is important when we are in it.

[RAMKING]

Thanks Libs. Couldn't have done it without your 'hope and change'.
Seriously though, a neighborhood organizer without any business experience trying to run the country? How INSANE!

[GanatoryRedeye]

Economists have successfully predicted 9 of the last 5 recessions.

[DarthAzabrush]

A friend of mine is on the lowest rung of investment banking: He says it only takes one bloke like him to fuck up and the whole world goes kaput.

[kateydog]

People should not fear their governments. Governments should fear their people.

[AntonShumin]

For an average citizen this means: If you have been counting pennies and saving all your life, there wont be a life or any savings.

[firemoth]

It is interesting that only the rich and powerful are worried.

[Slanghappy]

Now is the time to start looking at the possibility of societies without money.

[KingdomHearts]

debt debt everywhere and no one around to buy it or store it. :(

[ObiWanGinobiliTopFan]

Which societal structure would you prefer? You have to consider that no matter how you slice it, people will form communities, and if those communities are to function, there must be aggreements of what types of behaviors are fair for everyone, and what types aren't. And if not a "government" perse, then it would make sense to have a 'board of overseers', or something along those lines. In my opinion, the "elders" tend to generally be the wisest whenever you get a bunch of prople together. >>>

[Mikemaladar]

Bring it on. I've been stocking up for this for years. Start buying Food, Water, Guns, Gold & Silver. Pay off your debts. Exercise.

[lcbreezyl]

The solution is one currency and one bank that makes sure there is only enough money in one area to faciliate trade.

[utarian]

Liquidating the debt and cutting spending seems to make sense, Cenk.

Ron Paul 2012

[dangerouslytalented]

It is the inflexibility of the Euro. Had the Drachma still been in circulation, the Greek economy would have collapsed, while NOT dragging down the rest of Europe.

[Capital_Ideas]

Cenk, the ECB needs set an NGDP target that is significantly higher than current expected NGDP. That will stabilize the situation to allow for reforms.

You talk about "money printing" as if high inflation's inevitable, yet even after a massive expansion of monetary bases in the US, Japan, and the EU, inflation's low in each.

It's time to open your mind some, read some Paul Krugman, Scott Sumner, and Milton Friedman, and understand we need a lot more actual inflation.

[nosuchthing]

I'm probably older than most. I remember back in the day when America was a boom town - you could literally walk into a business and they would train you do work with computers, because of the huge demand.