A Doomsday View of 2012

Unrelenting Global Economic Crisis: A Doomsday View of 2012 -- Prof. James Petras

The economic, political and social outlook for 2012 is profoundly negative

Introduction

The economic, political and social outlook for 2012 is profoundly negative. The almost universal consensus, even among mainstream orthodox economists is pessimistic regarding the world economy. Although, even here, their predictions understate the scope and depth of the crises, there are powerful reasons to believe that beginning in 2012, we are heading toward a steeper decline than what was experienced during the Great Recession of 2008 – 2009. With fewer resources, greater debt and increasing popular resistance to shouldering the burden of saving the capitalist system, the governments cannot bail out the system.

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My Comment: I do not share this "doomsday" view of the world, but I will agree with the prediction that uncontrollable government debt in Europe will result in the break-up of the Euro and cause severe economic problems to those countries who choose to ignore it`s impact .... the U.S. included.