[OPE] From world pessimism to world recession

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glevy@pratt.edu

---------------------------- Original Message ----------------------------

Subject: 
>From world pessimism to world recession 
From:
"Jurriaan Bendien" <adsl675281@tiscali.nl> 
Date:
Wed, August 13, 2008 9:19 pm 
--------------------------------------------------------------------------

"It's a race against time" whether the global
economy ends up in a recession, Gilles Moëc, an economist at Bank of
America in London, said. "Japan and Europe had been seen as protected
from the U.S. slowdown. Strangely enough, it seems that Europe and Japan
are paying the price now."
http://www.nytimes.com/2008/08/14/business/worldbusiness/14worldecon.html

That's just to say that the theories about the relationship
between the real economy and the financial economy, and the linkages of
nations in the world economy, are very poor. Of course there will be a
world recession! And, actually, it may well last longer than normal, and
the US may in fact eventually recover more quickly from it than Europe.
What we need is more science-driven analysis, rather than ideology-driven
analysis. How can a whole lot of dogmatic bunkum from ideologues provide
any real orientation? 

Jurriaan 

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