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Politics : Stockman Scott's Political Debate Porch

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To: Jim Willie CB who wrote (5952)	9/9/2002 8:20:56 PM
From: pogbull	Read Replies (1) of 89467

Excerpt from Puplava's Market Wrapup. financialsense.com Speaking of economic weakness, Norbert Walter, chief economist for Deutsche Bank of Germany, feels global economies could be heading towards a global depression. For the first time since the 1930’s, all major global economies are in decline. Deflation in manufacturing is visible everywhere. Speaking from his office in Germany, Walter warned, “If we don’t get this right, we face a second leg of recession, a double-dip, combined with deflation.” Walter’s prescription for this predicament is for a coordinated stimulus package with Europe as the main engine. Walter would like to see the European Union lower interest rates and stimulate domestic demand while the currencies of Japan and the US would be devalued. At the moment, that doesn’t look like it is going to happen. In Walter’s opinion, “The stars are all aligned... for a very dismal economic outlook.”

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