from The Daily Bell:
Is the global economy slowly falling apart? … A new book, David Stockman, President Ronald Reagan’s budget director, chronicles the relentless downward spiral of America’s political and financial systems. He concludes: “The future is bleak… When the latest bubble pops, there will be nothing to stop the collapse.” … The last of the Baby Boomers won’t reach retirement for another 16 years, so the economy is facing a demographic headwind. And the need for further deleveraging is also likely to hold back growth for a while. The same is true for many other countries. On the more positive side, America’s budget problems are fixable – and not so terrible when viewed in a long-term global context. Finally, technological breakthroughs that can’t be predicted could give the economy a lift – but at the very least, America’s energy outlook is far brighter than anyone would have imagined 10 years ago. – TIME magazine
Dominant Social Theme: Chaos looms?
Free-Market Analysis: Time magazine asks whether globalism is falling apart but the article is really just another excuse to rebut Stockman’s book. We’ve already covered the controversy over David Stockman’s new book that provides what is basically an Austrian analysis of today’s sputtering world economy.
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