EMPIRE, NEVADA, the last company town in America, has closed ~ Huff
48% OF AMERICANS say that another Great Depression is likely to occur in the next year. That could be a self-fulfilling prophecy because the health of the economy largely hinges on the level of optimism. Until something jolts people out of their doom and gloom thinking things won't pick-up. ~ Time
DEEP SPENDING CUTS would be even more harmful to the long-term health of the US than either a default or a large deficit. We're walking gingerly along the top of a wall. And it's not the same as managing your personal finances. A lot of the world depends on us not falling off either side of the wall. We can do this. ~ The Atlantic
THE NUMBER of internet users in China has grown to 477 million. And that is with less than 40% population penetration. There are about 239 million internet users in the US -- penetrating 78% of the population. ~ link
"GUANGZHOU is the best place to live in China, according to the just-released China City Life Quality Index Report. Shanghai ranks number 2, while Beijing is number 8 on the list." ~ link
EVERY 13 YEARS or so this topic comes up -- "Sixteen Ways to Eat a Cicada" ~ Time
2 comments:
About confidence as the key to economic recovery: Don't ignore the economic realities highlighted in the Time article, such as unemployment and reduced personal funds. Confidence, like most placebos, can't swim upstream very far against real reductions in economic activity. Actual dollars have a much greater effect than confidence.
Or maybe you're talking about the fears of some political leaders about governmental spending? Leaders who would rather have government deficit or default than raise or continue taxes? If that's what you're referring to, then I agree that such thinking is a genuine obstacle to government changes that would help the economy (and indirectly reduce the deficit in future years). Read Krugman.
Confidence to some level is purely psychological. People need to be willing to step out and take risks. If they play things safe they won't hire new workers or begin new livelihood producing projects -- in either the private or public sectors.
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