Alan Greenspan says the obvious: There has been no real economic recovery since January 2009. The $3 trillion worth of Federal Reserve bank-bailouts have benefitted big banks, and theyve pumped money into stock speculation -- driving up share prices and market indices -- while the Real Economy has languished. Commodity prices are down, led by oil thanks to Saudi Arabias price war with U.S. frac-drillers. That fueled consumer spending for Christmas, but low-priced oil is likely to end before mid-2015, because U.S. rigs (and also in east-Asia, Nigeria, Venezuela, and elsewhere) are shutting down at a pace not seen since the oil-price-bust of 1986. With most U.S. Christmas money now in China, busines activity and job creation will fall sharply in the U.S. during early 2015, while unemployment and income losses might start to rise.
Posted on: Wed, 31 Dec 2014 00:22:39 +0000
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