The world economy worse than the Great Depression

[lunatica]

Global Economic Shock Worse Than Great Depression

The global economic collapse of the last several months is already greater than the shock that hit the world 80 years ago, triggering the Great Depression, two economists reported Tuesday.

But by focusing narrowly on U.S. economic metrics, policy makers have missed the depth of the crisis and are too optimistic about recovery, they argue.

"I do see green shoots -- not everywhere -- but certainly in some of the markets that we've been functioning in," Federal Reserve Chairman Ben Bernanke told 60 Minutes in March.

"All these people talking about green shoots; and about, maybe, light-at-the-end-of-the-tunnel; and that things are showing signs of getting better now are looking exclusively at the United States," said Barry Eichengreen, an economist at UC Berkeley, who co-authored an item that rocketed around the economic blogosphere Tuesday.

The post, by Eichengreen and economist Kevin O'Rourke, compares various global economic indicators side-by-side with the early years of the Great Depression.

more at the link...

http://www.huffingtonpost.com/2009/04/07/global-economic-shock-wor_n_184283.html

[JohnyCanuck]

1. No worries,

those nice people who brought us the international economic crisis know just how to fix it too.

The Financial New World Order: Towards a Global Currency and World Government

by Andrew G. Marshall


Following the 2009 G20 summit, plans were announced for implementing the creation of a new global currency to replace the US dollar’s role as the world reserve currency. Point 19 of the communiqué released by the G20 at the end of the Summit stated, “We have agreed to support a general SDR allocation which will inject $250bn (£170bn) into the world economy and increase global liquidity.” SDRs, or Special Drawing Rights, are “a synthetic paper currency issued by the International Monetary Fund.” As the Telegraph reported, “the G20 leaders have activated the IMF's power to create money and begin global "quantitative easing". In doing so, they are putting a de facto world currency into play. It is outside the control of any sovereign body. Conspiracy theorists will love it.”<1>

SNIP

In December of 2008, the Financial Times ran an article written by Gideon Rachman, a past Bilderberg attendee, who wrote that, “for the first time in my life, I think the formation of some sort of world government is plausible,” and that, “A ‘world government’ would involve much more than co-operation between nations. It would be an entity with state-like characteristics, backed by a body of laws. The European Union has already set up a continental government for 27 countries, which could be a model. The EU has a supreme court, a currency, thousands of pages of law, a large civil service and the ability to deploy military force.”

SNIP

He quoted an adviser to French President Nicolas Sarkozy as saying, “Global governance is just a euphemism for global government,” and that the “core of the international financial crisis is that we have global financial markets and no global rule of law.” However, Rachman states that any push towards a global government “will be a painful, slow process.” He then states that a key problem in this push can be explained with an example from the EU, which “has suffered a series of humiliating defeats in referendums, when plans for “ever closer union” have been referred to the voters. In general, the Union has progressed fastest when far-reaching deals have been agreed by technocrats and politicians – and then pushed through without direct reference to the voters. International governance tends to be effective, only when it is anti-democratic. (Emphasis added)”<63>

SNIP

Ultimately, what this implies is that the future of the global political economy is one of increasing moves toward a global system of governance, or a world government, with a world central bank and global currency; and that, concurrently, these developments are likely to materialize in the face of and as a result of a decline in democracy around the world, and thus, a rise in authoritarianism. What we are witnessing is the creation of a New World Order, composed of a totalitarian global government structure.

In fact, the very concept of a global currency and global central bank is authoritarian in its very nature, as it removes any vestiges of oversight and accountability away from the people of the world, and toward a small, increasingly interconnected group of international elites.

http://globalresearch.ca/index.php?context=va&aid=13070

[lunatica]

2. kick