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21st Century Great Global Depression: The Perfect Economic Storm

1 rating: 5.0
A book by Orest Andrew Harrison

The Perfect Economic Storm      The 21st CENTURY GREAT GLOBAL DEPRESSIONis presented as a historic analysis of recent economic events but also as a prognostication tool with the intended purpose to serve both as a warning and a wake-up … see full wiki

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Author: Orest Andrew Harrison
Publisher: Outskirts Press
1 review about 21st Century Great Global Depression: The...

21st Century Great Global Depression by Orest Andrew Harrison

  • Feb 12, 2011
21st Century Great Global Depression-
The Perfect Economic Storm
By: Orest Andrew Harrison
Outskirts Press    2010

By: Dr. Joseph S. Maresca- A Contrarian View to Another Global Depression

The book begins by discussing the 60 year credit expansion which
is ready to pop. Over the past decade, greater margin leveraging
has eroded the credit markets by expanding the caps from 12:1
to 30:1 and beyond.

The book cites a failing banking system, implosion of the housing market,
under-capitalized small business, skyrocketing federal budget deficits,
huge unfunded liabilities, loss of the manufacturing base,
burgeoning military commitments, over-dependence on foreign oil,
the decline in the education system, derivatives and the aging baby
boomer generation. None of the these problems are easy to solve;
however, a detailed resolution critique will be presented.

(1) Not all of the banking system is in a failing mode. Thousands of
smaller banks have continued to prosper in the 2008 period and
beyond. Our banking system should emulate the success models.

(2) The residential housing market imploded because many unworthy
borrowers were given credit although there was little possibility that
the mortgages could be repaid. The solution would have been to
expand the Section 8 housing program instead of placing poor credit
risks into a mortgage . In addition, a bank could make a decent
profit at a 4 to 5% mortgage. Pricing mortgages above this level
merely invited trouble. In addition, we need to get back to the idea of
the family farm to grow more food and eat organic.

(3) The government should have provided more stimulus money to
small businesses- the engines of economic growth over the past
several decades.

(4) Federal spending needs to be aligned to the growth increments
in the GDP. Spending beyond that leads to fiscal irresponsibility.

(5) Baby bonds at birth would provide a huge funding mechanism
over a person's lifetime. The growth of $1 over 70 years or more
can be as much as $1000 or more for every dollar invested.
This is the way to fund many social programs.  There is another way;
namely, taxing excess consumption or wasteful consumption at
much higher rates.

(6) There is an historic opportunity to build the manufacturing base
with solar products, hybrid cars, the "artificial sun" fusion power,
high speed rails and servicing , infrastructure, wind power and a plethora
of new industries too numerous to mention in a finite review.

(7) Military commitments should be kept to a predefined percentage
of GDP.   3 % of GDP would be a good reference point.  In addition,
the USA should make better use of commandos and unmanned monitoring
devices in the field.

(8) There is no sane reason for over-dependence on foreign oil.
The USA has over 400 years coal reserve, centuries  of
natural gas supplies plus outer space supplies on Saturn,
the artificial sun, solar energy and wind energy.

(9) The education system should emphasize training in the new
trades, as well as academic education . More working professionals
should be employed by the schools to add a practical dimension to
the education itself.

(10) Deal with unfunded or underfunded liabilities by taxing junk
food, hard liquor, tobacco and a host of activities which have
nothing to do with health .

(11) Derivatives need to be defined in the Uniform Commercial Code.
The rights, duties, responsibilities and recourse of the parties and
counterparties to derivative transactions must be set forth unequivocally
so that Courts can interpret contracts more easily.

(12) Real estate is in temporary decline yet the global population marches on.
The rule in real estate has always been location. Properties in highly desired
areas have continued to rise in value despite the global recession.
This rule will never change.

(13) The aging baby boomers are not a liability at retirement .  They are an
asset. Their training and education should be utilized to pave the way
for the next generation to take over industries of the future. Many already
make significant contributions via burgeoning small businesses on the internet
and elsewhere.

This book is a good starting point aimed at securing a brighter global
economic future for us all. The author should look again at some of
the comments made above to secure a permanent end to the Great Recession.
21st Century Great Global Depression by Orest Andrew Harrison 21st Century Great Global Depression by Orest Andrew Harrison

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