Government and Economy
IMF Sees Parallels Between Today and the Great Depression
In spite the unprecedented steps already taken by central banks and governments across the globe, the International Monetary Fund is warning world leaders of "worrisome parallels" between the current global economic crisis and the Great Depression. Telegraph.co.uk
Is Bland Affluence Giving Way to Authenticity Chic?
Americans seem to be looking for simpler—and cheaper—ways to live. Columnist Peggy Noonan explores what may be a growing trend toward an easier way of life. WSJ.com
Management and... [Read Full Article]
It was done during the great depression and it is done around the world today. The printing of local money and the minting of local coinage have a time-honored place in the history of human commerce and now this local answer to more wide-spread economic troubles may be coming to Milwaukee. According to a recent Chicago Tribune article:
The idea is that the local cash could be used at neighborhood stores and businesses, thus encouraging local spending. The result, supporters hope, would be a bustling local economy, even as the rest of the nation deals with a recession. "You have all these people who have local currency, and they're going to spend it at local stores," said Sura Faraj, a community organizer who is helping spearhead the plan. "They can't spend it at the Wal-Mart or the Home Depot, but they can spend it at their local hardware store or their local grocery store." Ince... [Read Full Article]
The Pre-Depression Economy
We talk about the 1920s as the “Roaring 20s,” a time of legendary economic prosperity. If you were a member of the monied elite of the time, or within striking distance of joining their ranks if you got the right breaks, then yes, it was all champagne, flappers and F. Scott Fitzgerald and your yacht was rising on a tide of increasing stock values that no one thought would end. On the other hand, if you a regular lower or middle class person, you saw work come and go, wages stagnate, and the divide between the “have nots”, “the haves” and the “have mores” increase exponentially.
And all that was before the whole house of cards came crashing down. Today, instead of the stock market, it was the mortgage market. Once more, the problem came down to government regulation. In this case, the Clinton Administration and congressional Democrats pushed banks into making risky—read sub-prime—loans... [Read Full Article]