Booms, Busts, and Recoveries Message Board

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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: carranza2 who wrote (71261)	4/22/2009 1:29:54 PM
From: Maurice Winn	2 Recommendations of 74559

Only 1% global economic output decline? What!?!! Rumour has it we are in huge economic turmoil and recession or depression. <Geithner cited the International Monetary Fund's new economic forecast Wednesday that projected global economic output will fall 1.3 percent this year, the first decline in more than six decades. > 1% or 2% is nothing. 20% would be resting on the oars. 1% is not even a decent holiday. Heck, I have cut back petrol, wine, air travel, hotel accommodation much more than that. Others are obviously not doing their share of cutting back spending to help the planet get rid of debt. They have cut my interest payments so much that I don't even get the crumbs from a Happy Meal. Interest on my US$ at ASB Bank is currently 0%. Yes, zero! That means that borrowers and the bank are enjoying huge price reductions and profits from my savings and the burden of consumption reduction has fallen disproportionately on the savers of the world. Enough!! I am going to go shopping and borrowers can borrow their money from somebody who is willing to lend at 0%. Robert Mugabe will be willing to print some more so that people can borrow it. The USA is doing some "quantitative easing" aka printing too. Seriously, 1% is not much of a GDP cut, even allowing for the small increase in global population. The economic problem seems more of a financial gerry-mandering issue and opportunity to transfer money from savers and taxpayers to friends in high places. Mqurice

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