The stock market crash of 1929 resulted from many of the economic issues we are facing today. The use of credit and credit delinquency was out of control. The national debt was rising and the chances of another economic disaster were becoming more prevalent. For an interesting look at the economics of the 1920s, read Professor Stanley K. Schultz's "The Politics of Prosperity: the 1920s."
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It’s very discouraging to see the lack of enthusiasm for our new global economy.
With the Communist ideology and mercantilism in the ash can of history, billions of people can rest easier knowing wealth is increasing for many new nations.Sometimes we are paralyzed by maps,and cannot see how nations are different.
Even wartorn Iraq will emerge from the present and become a far wealthier nation when oil production resumes
.Modern China no more resembles the old Red China than the moon resembles green cheese.The new policies in India opened the door for world trade and what is more important far more investments in nations bordering the Indian Ocean.Korea and Singapore may have replaced Japan as innovation capitals in the Far East.
The brightest economies in South America are Brazil and Chile and might even be Argentina if they can simply start paying their debts.
All three of these great nations can bring help to Peru and Ecuador.If the narco leaders are subverted and controlled in Venezuela,Panama,and Columbia Central America can prosper.
Saudi Arabia has pointed the way to enlightened monarchies in the Middle East.Money is being spent on medical education,infrastructure,and the improvement of the lives of its citizens. This model is being followed around the Islamic world despite the lunacy of the assassins,the al Qaeda, who cannot gain public favor in the long run.
The US and EU are in recession,the world is not,and this is the key difference between the situation in 1929 and today.
It’s amazing how much of the so-called offshore wealth is being tied up by these failing economies of the US, and EU. Much of the griping about the present economy lies in the envy and incompetence of business and banking leaders in the US and EU.A great deal of hand wringing is being promoted by media centers who have lost contact with the world outside London,New York, Berlin,and Tokyo.