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Economic collapse III

Men, it has been said, think in herds; it will be seen that they go mad in herds, while they only recover their senses slowly, one by one, Charles MacKay.

“If austerity measures cause lower economic growth, the government will also see a fall in cyclical tax revenues. e.g. increasing tax rates, should increase revenue. But, if higher taxes cause a recession, there will be less people working and so income tax revenue may actually fall. Also, if austerity measures cause unemployment, it will require higher government spending on benefits,” How Does Austerity Affect the Economy?, Economics Help.

“The world risks falling back into recession if developed countries embark prematurely on fiscal austerity measures according to a United Nations report […] which recommends additional stimulus measures as well as more forceful international coordination to stimulate job creation and investment […] fiscal austerity measures implemented in developed countries and elsewhere in response to high levels of fiscal deficit and public debt are further weakening growth and job prospects”, UN report calls on affluent countries to halt austerity to avoid double-dip recession, United Nations News Centre.

“Everybody knows we have a dangerous level of debt. Everybody knows the Fed has recklessly printed trillions of dollars. These are secrets to no one,” he said. “But all signs are now flashing bright red that our chickens are about to come home to roost.” During the discussion, Rickards shared a series of dangerous signals he fears reveals an economy that has reached a super critical state. One of the signals the CIA is most concerned with is the Misery Index," Money Morning. It is well enough that the people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning, Henry Ford

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