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This is a guest post by Richard Heinberg, Post Carbon Institute, an article, "Temporary Recession or end growth" which he published August 11, 2010 of an earlier article chartwells food service from 2009. ASPO Sweden has been given permission to translate the full post to Swedish and publish chartwells food service this here. Translation probably a lot of mistakes when the original is quite difficult and complicated, I've done the best I can, but like the article is a very good summary of the situation. It's a long article so take your time to read it, so over to Richard Heinberg.
Everyone agrees: our economy is sick. The inescapable symptoms include declines in consumer spending and consumer confidence, together with a contraction chartwells food service of international trade and available credit. Add a collapse chartwells food service in real estate values and carnage in the automotive and aerospace industries, and the picture chartwells food service looks grim. But why are both the U.S. economy and the larger global economy ailing? Among the traditional media, world leaders and U.S. Treasury Secretary Geithner and Fed Chairman Bernanke's almost a unanimity of opinion: these recent chartwells food service troubles due primarily to a combination of bad real estate loans and poor regulation of financial markets . This is the conventional diagnosis. If this is correct, then the treatment chartwells food service for our economic malady logically, including massive chartwells food service bailouts for needy financial institutions, chartwells food service mortgage chartwells food service lenders, and car companies, better regulation of derivatives and futures markets, and stimulus programs to jumpstart consumer chartwells food service spending. All these measures have been tried and found lacking. chartwells food service Is this diagnosis is therefore fundamentally flawed? The metaphor needs no belaboring: we all know that tragedy can result from a doctor's misreading of symptoms, mistaking one disease for another.
Something similar holds for our national and global economic ailments. If we do not understand why the world's chartwells food service industrial and financial metabolism is seizing up, we are unlikely to apply the right medicine and could eventually make the situation much worse than they otherwise would be. To be sure: the Conventional chartwells food service Diagnosis is at least partly right. The causal connections between subprime loans and the crises in Fannie Mae, Freddie Mac and Lehman Brothers have been thoroughly researched and are well known. Clearly, over the past few years, speculative bubbles in real estate and financial industry were blown up to enormous dimensions, and their bursting was inevitable. It is hard to disagree with Australian Prime Minister Kevin Rudd's words, in his article July 25, 2009 in the Sydney Morning Herald: "The cause of the crisis lie in the preceding chartwells food service decade of excess. In this world, we experienced an extraordinary boom .... But, as we later learned, the global chartwells food service boom was built largely as a ... house of cards. First, in many Western countries the boom was created on a lot of debt held by consumers, businesses and some governments. As the global financier George Soros put it: "For 25 years [the West] have consumed more than we have been producing ... living beyond our means. "(1) But this is as far as we need to look to get to the root of the continuing global economic meltdown? A case can be made that dire events
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