A ‘perfect storm’ despite official Davos optimism
Despite attempts by political and business leaders to suggest the eurozone has turned a corner, the prevailing view of pundits is things can only get worse and a “perfect storm” is brewing.
The five-day Davos forum which ended Sunday, was dominated by the sovereign debt crisis in the single currency zone and was held against a backdrop of frantic negotiations on a write-down deal between Greece and its creditors. [snip]
“Outlook Less Bleak From Alpine Retreat” was the assessment on the news pages of the Financial Times, suggesting the cool mountain air and pristine snow had raised the spirits of leaders more used to Brussels summits.
But, in an end of forum debate, experts predicted the break-up of the eurozone, economic malaise in the United States and a rise of militancy — and then there are the consequences of a conflict over Iran’s nuclear programme.
Nouriel Roubini, professor of economics at New York University, said the world might just about muddle through in 2012 but not much longer.
“2013 could be a perfect storm where you have a full eurozone crisis, where the fiscal problems of the United States come to a head and … there is an investment bust and you have a hard landing in China as well,” he said.
New York Times columnist Thomas Friedman had a similarly bleak forecast. [snip]
The inevitable end to any Rube Goldberg constructs of socialist economics is chiseled in stone:
no more OPM,
socialism, no more.
Filed under: Culture, Government, International, Progressives/Socialists Tagged: | Democrats, Economy, Marxists, Moderates, Socialism, Socialists
