We’re Haunted by the Economy of the 1970s(newrepublic.com)
newrepublic.com
We’re Haunted by the Economy of the 1970s
https://newrepublic.com/article/168050/1970s-stagflation-haunts-politics-today
2 comments
> how much is self-inflicted.
Most is self-inflicted. For example EU 15 years ago produced more natural gas then it imported from Russia in 2021. With just a little bit of forward thinking the energy crisis in Europe could have been avoided. Same goes for spending money like drunken sailors by politicians convinced that intrest rates will stay negative forever.
Most is self-inflicted. For example EU 15 years ago produced more natural gas then it imported from Russia in 2021. With just a little bit of forward thinking the energy crisis in Europe could have been avoided. Same goes for spending money like drunken sailors by politicians convinced that intrest rates will stay negative forever.
The economy of the 70s wasn't weighed down by a 31 trillion dollar debt-millstone.
Just raising the interest rate by a mere 2% will incur an EXTRA 600 billion dollars of interest per year. A 3% interest rate hike will incur an extra interest bill that's greater than the whole Defense Budget.
The US is headed for 'interesting times'. Pun NOT intentional.
Just raising the interest rate by a mere 2% will incur an EXTRA 600 billion dollars of interest per year. A 3% interest rate hike will incur an extra interest bill that's greater than the whole Defense Budget.
The US is headed for 'interesting times'. Pun NOT intentional.
After all, economic indicators mostly measure exchange and inter-person behaviour. If you keep telling people it’s going to be terrible, they act like what you say is true. Some of the current crisis seems like a self-fulfilling prophecy.