Friday, July 5, 2013

The No-Recovery Recovery

Serge Melki/Wikimedia Commons
The U.S. Economic Recovery: Long, Slow, but Still Going (Bloomberg Businessweek); Steady Job Gains could Further U.S. Economic Recovery (Daily Finance);
The Current U.S. Economy: Text and Subtext (NY Times);
Housing Recovery to accelerate U.S. economy: Summers (Reuters), and the list of relatively positive descriptions of the U.S. economic recovery continues. But is there a real recovery going on, or just in some specific areas (financial markets, real estate etc.)?

Earlier this week, I was listening to one of my favorite radio hosts Richard Martin, who hosts a show called Wake Up Call about economic issues on the Progressive Radio Network, (a non-commercial internet radio station.) Martin is a financial executive, a Brit who has lived in many different countries, including the U.S. and now based in Singapore, and who is opinionated and passionate about how the current economy is managed or should I say mismanaged by the powers to be from the central bankers, to the politicians and the leading commercial and investment bankers. Anyway, this week's show about the No-Recovery Recovery, I think is worth listening to, in order to put all the other mainstream financial news into perspective. In this week's show Martin shows, "raw statistics simply show no growth at all in employment. Stimulus has done nothing to alleviate the situation..... Adding debt to debt did not, cannot and will not work, either. The situation is unthinkably grim – and getting worse by the day..." Have a listen and see what you think about Richard Martin's take on the economy, and its supposed recovery. 

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