Wednesday, April 22, 2009
IS U.S. responsible for the world economic status?
Geithner Says U.S. Bears Substantial Responsibility for Economic Crisis
“WASHINGTON -- Treasury Secretary Timothy Geithner said Wednesday the United States bears a substantial share of responsibility for a global economic crisis that could cost the world up to $4 trillion in lost output this year alone.”
http://www.foxnews.com/politics/first100days/2009/04/22/geithner-says-bears-substantial-responsibility-economic-crisis/
so what does everyone think about this? It makes my stomach turn a little..
“WASHINGTON -- Treasury Secretary Timothy Geithner said Wednesday the United States bears a substantial share of responsibility for a global economic crisis that could cost the world up to $4 trillion in lost output this year alone.”
http://www.foxnews.com/politics/first100days/2009/04/22/geithner-says-bears-substantial-responsibility-economic-crisis/
so what does everyone think about this? It makes my stomach turn a little..
# posted by Anonymous @ 10:34 AM 
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Yes, the U.S. is more than a little responsible for the economic crisis that is affecting the world.
That's just my opinion, but if you look at how these countries are invested in the U.S. or dependent on us, then it makes sense. Other countries can have financial crises without it hurting our economy, for example the problems the Japanese had a decade ago. Most of the Asian financial crisis was limited to the Pacific Asian countries. But when our markets crash, the ripple effects send shocks around the world.
Now how much of that is our "fault" and how much is other nations for being so heavily dependent on what happens here is maybe another question worth looking at.
It does seem scary at first, but remember that these things cycle around periodically. The economy will recover, and then it'll tank again some day in the future. And again, and again. As bad as it may seem right now, the real Great Depression was orders of magnitude worse. Unemployment right now is what, 7, 8%? It was I believe over 25% during the Depression. Government is much more proactive today than it was 80 years ago and things will take a turn for the better.
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That's just my opinion, but if you look at how these countries are invested in the U.S. or dependent on us, then it makes sense. Other countries can have financial crises without it hurting our economy, for example the problems the Japanese had a decade ago. Most of the Asian financial crisis was limited to the Pacific Asian countries. But when our markets crash, the ripple effects send shocks around the world.
Now how much of that is our "fault" and how much is other nations for being so heavily dependent on what happens here is maybe another question worth looking at.
It does seem scary at first, but remember that these things cycle around periodically. The economy will recover, and then it'll tank again some day in the future. And again, and again. As bad as it may seem right now, the real Great Depression was orders of magnitude worse. Unemployment right now is what, 7, 8%? It was I believe over 25% during the Depression. Government is much more proactive today than it was 80 years ago and things will take a turn for the better.
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