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October 23, 2009
Has the global economy recovered from deep recession?

The Hong Kong International Finance Center. Photo: Flickr user swisscan

Most world markets seem to be on their way upwards. Some countries have indeed pulled their economies out of recession, and many economists say that the U.S. is moving in that direction.

Although leading economic indicators signal increasing strength in the American economy, jobs remain scarce. Analysts predict that third-quarter growth will be positive for the first time in four quarters.

From your perspective, is the economy getting better?

Tell us what you think in the comments section below. Please remember to be respectful and on-point in your comments. Malicious or offensive comments will be deleted and repeat offenders will be banned.

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Comments

19 comments

#19

As for the CIA Agents or interrogators – no they should not be punished for two reasons. One they were following orders right down from the President George W. Bush and second – you must remember that 911 was a cruel act upon our country (USA) and in these unusual circumstances – we needed to take what ever steps that were necessary to get information and to prevent other terrorist acts against our country.

Recently Israel has intercepted a ship with rockets and other arsenals to be used against Israel – this is living proof that Iran cannot be trusted. The question that I ask is this. It takes money to buy arms and technology to manufacturer weapons – where do these people get the money and technical know how – if it were not for Iran and countries like Russia and China that showed them how to produce like weapons – Iran themselves are smart enough to build weapons – it had to originate with Russia and China. Jim (USA)

#18

The US used to a world economy leader. Our problem in the US is the trade deficeit. This country grew strong due to its previous trade surplus. Like the stronger countries in the EU, we had an economy based on production of value, value that the currency was based on. When the larger part of currency is spent on value produced elsewhere and less value is created here it’s like a mismanaged bank account that goes into debt. And will not be put right until surplus has been created for long enough. Corporate greed gave our production of value (farming, fishing [through mismanagement],small and large manufacturing), to other countries at the expense of the our citizenry. Many of the jobs here belong to service industries (restarants, banks, automotive, appliance, housing, etc.) directly or indirectly supported by the value producers. Value produced here creates dollars that when circulated support the rest of us and if taxed when changing hands support infrastructure. Conversely, if dollars are spent on value produced elsewhere they support no one else here and no tax for infrastructure (roads, power, utilities [jobs]) is created. But here, sell here, support the community, state, and country, and we can support the Kyoto Treaty and more. Only we, the people can do it, not the government.

#17

A global financial meltdown is taking place and it looks like it’s by design.This is like a financial katrina The financial hurricane has taken down Bear Stearns,Fannie Mae,Freddie mac,AIG and maybe America too.

#16

It’s absurd to talk about an economic recovery, which won’t occur until most people in the bottom half of the income range are better off than they were before the BIG SLUMP. Until then, any increase in the per capita GDP is nothing but income redistribution from the needy to the greedy.

#15

The economy is 10 per cent better than last March; however, everything that has happened since March is a hope. All the statistics are not as bad as predicted, but they are bad. How is that an improvement. The government and news media is selling a smoke screen. Instead of the major banks issueing more money than they have the government is taking their place. Now instead of the banks going broke (they got the stimulous), the country will go broke and we will be in worse shape then if we would have let the banks go broke. All the government did was to bail out there friends and let the tax payers hold the bag.

#14

I don’t know. The President says it is; the average person is not convinced.
I think World Focus could do us all a favour by interviewing experts comparing the present day TARP with the Roosevelt New Deal approach which was eminently sucessful; Are there differences.

#13

I don’t know. The President says it is; the average person is not convinced.
I think World Focus could do us all a favour by interviewing comparing the present day TARP with the Roosevelt New Deal approach which was eminently sucessful; Are there differences.

#12

You can’t handle the truth! Recovery! The big paper pushers on Wallstreet are back riding high on the baleout. They are counting their gift, and laughing hard. They say, “We fooled them again. If we lie long and hard enough they will believe that they too are out of the depression”. With the US now riding at a real 12% or more unemployment, and all of the meaningful blue collar jobs shipped out never to return,there can be no emergence from this depression. No equity was put into the working mans loss. All of the equity put in the hands of the people that caused the problem. The lie of saying that the US is coming out of this recession is a “western” even bigger than George Bush could dream up. The recession “backlash” that is to come will knock the socks off of the non-producers, and liars of Wallstreet! MJ Brueggeman

#11

Not in the US. The economy in the US is still deteriorating and has further to go before it approaches bottom. Having given away its industrial base and discarding the gold standard, the US no longer has a firm foundation to build on. Unemployment will continue to increase, with the job base built on McDonald’s and Walmart. There are truly tough times ahead, and I do not believe the government nor many of the citizens will survive them.

#10

No. I run a small retail shop. On the street where the shop is located, there are 22 parking spaces between the cross-streets. The same square has the Post Office, 3 restaurants and a doctor’s office. Between 10 and 5 each day since Labor Day, only once were all parking spaces taken and then for about 15 minutes ( the school in the next square was letting out ). Two years ago, at no time between 10 and 5 would there be more than 1 parking space available.
Washington’s focuses on non-solutions ( boosting retail sales figures for 1 month with cash for clunkers and then congratulating themselves that disaster has been averted ). The stock market looks like perfect icing on the recovery but layoffs are continuing. Disaster has not been averted, just slowed down.

#9

No, our economy is not currently stable and does not appear to be going in a positive direction. Until banking institutions learn how to overlook quarterly profits vs. humanitarian action and until 10%-12% of American’s have the opportunity to support their families (as well as pay taxes) and grow their small independent businesses….this economy will continue to be stagnate and on the brink of revolution. In order for the government to obtain the “trust” needed to move forward, the government needs to prosecute violators of the mortgage and wall street rape of the average American.

#8

No. The bush gang bailed out their fat cats with no string on the money. So we are left with the bill and nobody goes to jail. Only in america.

#7

Yes, it has certainly stepped away from the cliff, and a slow turn around on the job front is only to be expected. Businesses that have cut to the bone, and doubled the work of remaining employees, will be reluctant to begin re-hiring until absolutely necessary. But they will have to, and then unemployment numbers will come down. Though I’m more optimistic than Don White (#2) I do think that a WPA program focused on infrastructure and perhaps education would be welcome.

#6

Hey RemnantMan, Thanks for input, today, however, Mr. Greenspan has become one of those central planners he once denounced, and his views on fiat currency have changed accordingly. As the ultimate insider, he cannot or will not challenge the status quo, no matter what the consequences to the American economy. To renounce the fiat system now would mean renouncing the Fed itself, and his entire public career with it. The only question is whether history will properly reflect the destructive nature of Mr. Greenspan’s tenure.

#5

Nearly 40 years ago, Federal Reserve chair Alan Greenspan wrote persuasively in favor of a gold monetary standard in an essay entitled Gold and Economics Freedom. In that essay he neatly summarized the fundamental problem with fiat money in a few short sentences:
The abandonment of the gold standard made it possible for the welfare statists to use the banking system as a means to an unlimited expansion of credit….In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value…Deficit spending is simply a a scheme for the “hidden” confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights. If one grasps this, one has no difficulty in understanding the statists’ antagonism toward the gold standard.
Does the “World Focus” on this economic dilemma?

#4

The US economy will not recover until the Government stops this insane spending. Lower tax rates stimulate growth. The Government takes, it does not produce, therefore it can not stimulate growth. People and corporations will bring the recession to an end not the Government. Return taxes to the wage earners and companies that created the wealth.
Lower energy costs stimulate growth. The US must start exploiting its natural resources and stop this ridiculous path toward ruinaton called Kyoto Agreement

#3

Statistically speaking, can any nation survive on ‘fiat money’?

#2

Yes, on the statistical front. No on the equally important workers front. We are cautioned that this will be a jobless recovery. That perhaps half of the7 million layoff in the past 2 years will never be called back. That for a variety of reasons, those jobs are no more. Now is the time for a new PWA-WPA employing 2-3 million workers in rebuilding American infrastructure. Which is sorely needed. PWA = Public Works Administration. WPA = Works Progress Administration.

#1

yes for wealthy is much better for 95% is worths
capitalism mist end

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