by Alexander Reed Kelly
Truth Dig
The
2008 financial crisis cost the U.S. economy more than $22 trillion, a
study by the Government Accountability Office published Thursday said.
“The 2007-2009 financial crisis, like past financial crises, was
associated with not only a steep decline in output but also the most
severe economic downturn since the Great Depression of the 1930s,” the
report read. The toll on economic output may be as much a $13
trillion—an amount equal to a year’s GDP.
The report was published as part of a cost-benefit analysis of the
Dodd-Frank financial reform law of 2010. The office tried to determine
whether the costs of implementing that law would be greater or lesser
than that of another economic crisis.
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While the Western press is fixated on both recent North Korean nuclear
tests and Beijing’s recent skirmishes with Japan over the Senkaku
(“Diaoyu” in Chinese) islands, other maritime issues have developed
further south, where China is involved in sovereignty disputes over the
Spratly islands’ 750 islands, islets, atolls, cays and outcroppings with
the Philippines, Taiwan, Vietnam, Malaysia and Brunei.
When
it comes to figuring out what’s going on in the debt, currency and
precious metals markets, no one is better informed or more insightful
than Martin Armstrong.
He’s lost his freedom in pursuit of finding out the truth. Now he
believes that everyone in the precious metals community, the long term
buyers, are correct–just not now. With Europe and Japan heading straight
down the drain, it could be several years before the dollars circles
down after them. But there is no doubt that the current course is
unsustainable and that the politicians don’t have a clue. But there’s
nothing new there. The politicians are always clueless, so why should
this time be different?
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