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The Stalls of Higher Thought

Crisis Will Get Worse. There Will Be Blood. History Repeats!

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nomoneynojobGlobe and Mail: Harvard author and financial crisis guru Niall Ferguson has landed with a thud in Ottawa, spreading messages that could make even the most confident policy makers squirm.

Harvard economic historian Niall Ferguson predicts prolonged financial hardship, even civil war, before the ‘Great Recession’ ends

The global crisis is far from over, has only just begun, and Canada is no exception, Mr. Ferguson said in an interview before delivering a presentation to public-policy think tank, Canada 2020.

Policy makers and forecasters who see a recovery next year are probably lying to boost public confidence, he said. And the crisis will eventually provoke political conflict, albeit not on the scale of a world war, but violent all the same.

“There will be blood.”

The Buy America penchant pushed by the U.S. Congress in passing the recent stimulus bill was only the tip of the iceberg.

Abu Dhabi buying Nova Chemicals at bargain-basement prices on Monday is a sign of things to come, with financial power quickly being transferred over to the world’s creditors – namely sovereign wealth funds – and away from the world’s debtors.

And much of today’s mess is the fault of central bankers who targeted consumer-price inflation but purposefully turned a blind eye to asset inflation.

bspcommentBut don’t worry there won’t be any from the rich pricks that caused this disaster. They have all received their bailouts compliments of the taxpayers. The bailouts are wrong and will eventually cause the sort of civil unrest Mr. Ferguson describes once the “common folk” realize there really is nothing left for them.

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Written by mattliving

February 24, 2009 at 12:54 pm

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