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The second economic crash of 1937?? There was a fiscal cliff too back then

 
Anonymous Coward
User ID: 29247816
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12/10/2012 09:23 PM
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The second economic crash of 1937?? There was a fiscal cliff too back then
[link to www.zerohedge.com]
Steve Keen - Lessons On The Fiscal Cliff From The 1930s

The infamous debunker of most-things-classically-economic was recently asked to brief Congress on the fiscal cliff, and how the downturn of 1937 could be a foretaste of what will happen if the Cliff comes to pass. The paper, slides, and presentation - designed to be simple enough for Dennis Kucinich and his colleagues in Congress to comprehend - provide another glimpse as Steve Keen argues that an attempt by the government to reduce its debt now may trigger a renewed bout of deleveraging by the private sector - and this is what appeared to happen in 1937, when confidence that the worst of the Depression was over led to the government reducing its deficit.

Private sector deleveraging, which had stopped in 1934-35, began once more and unemployment rapidly rose from about 10 to almost 20 percent. The main danger with the Fiscal Cliff is therefore not what the reduction of government spending will do on its own, but that it might trigger a renewed bout of deleveraging from the $40 trillion overhang of private debt that Keen calls the "Rock of Damocles".



Doom is a coming!
Children of the Atom

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12/10/2012 09:25 PM
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Re: The second economic crash of 1937?? There was a fiscal cliff too back then
putin

Zero Hedge has been like 0:1,000,000,000 thus far.
Anonymous Coward (OP)
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12/10/2012 09:27 PM
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Re: The second economic crash of 1937?? There was a fiscal cliff too back then
putin

Zero Hedge has been like 0:1,000,000,000 thus far.
 Quoting: Children of the Atom


Says the ignorant.
Anonymous Coward (OP)
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12/10/2012 09:30 PM
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Re: The second economic crash of 1937?? There was a fiscal cliff too back then
putin

Zero Hedge has been like 0:1,000,000,000 thus far.
 Quoting: Children of the Atom


And guess what, it's not ZH saying that, it's some shill to congress so the fiscal cliff doesn't happen.
Future Viewer

User ID: 1344660
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12/16/2012 03:54 PM
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Re: The second economic crash of 1937?? There was a fiscal cliff too back then
[link to www.zerohedge.com]
Steve Keen - Lessons On The Fiscal Cliff From The 1930s

The infamous debunker of most-things-classically-economic was recently asked to brief Congress on the fiscal cliff, and how the downturn of 1937 could be a foretaste of what will happen if the Cliff comes to pass. The paper, slides, and presentation - designed to be simple enough for Dennis Kucinich and his colleagues in Congress to comprehend - provide another glimpse as Steve Keen argues that an attempt by the government to reduce its debt now may trigger a renewed bout of deleveraging by the private sector - and this is what appeared to happen in 1937, when confidence that the worst of the Depression was over led to the government reducing its deficit.

Private sector deleveraging, which had stopped in 1934-35, began once more and unemployment rapidly rose from about 10 to almost 20 percent. The main danger with the Fiscal Cliff is therefore not what the reduction of government spending will do on its own, but that it might trigger a renewed bout of deleveraging from the $40 trillion overhang of private debt that Keen calls the "Rock of Damocles".



Doom is a coming!
 Quoting: Anonymous Coward 29247816


^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^

All planned from that Communist Infiltrator FDR (that came in 1930) and destroyed the USA, from its Holy, Precious, and Sacred-> Country (USA), it once was..

Fiscal Cliff going to be felt in certain areas of the USA, more than other spots..(Long Island/NY metro area #1 Hot Spot).

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