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The Zombie Economy Is Dying

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It is easy to rant about the economic condition of this country and the world. It is, quite simply, horrible and terminal. The US economy, like a zombie, staggers around half alive and half dead in its own special purgatory. The other developed social welfare states of the world are in similar condition.

This blog frequently discusses why there can be no recovery until a death and rebirth occur. For most, the logic and theory behind such a position can never be definitive. Too many are capable of learning only via experience. Until something happens, they assume that it cannot.

Rather than attempt to provide another deductive chain of reasoning as to why another Great Depression is unavoidable (and necessary), it may be more useful to counter the notion that the economy is in recovery and we are returning to normal (whatever that means). I doubt that many past the age of fifty will ever see what they considered to be normal (something akin to the 1980s or early 1990s).

There is nothing that government can do to change this scenario. Indeed, continuing to try will only make matters worse. Our zombie economy must die before it can be resurrected. Despite all the political propaganda to the contrary, that is exactly what is occurring. For the sake of the nation, it would be better if this death came sooner rather than later. Politicians, however, intend to keep the charade going for as long as they can. Their actions will work to their own advantage, but will ultimately make the recovery more painful and difficult.

Their favorite (only?) tool is Keynesian economics. It is like bloodletting. An observer can see that something is being done and admire the concern and technique of the physician. In small doses it is harmless (but not beneficial). In larger doses Keynesian economics becomes dangerous. When continued for long periods it eventually kills the patient. That is an analogy appropriate for the economy of the last several decades. The doctors know no other methods so continue to up the amount of bloodletting.

Michael Snyder provides some of the best economic lists on the web. Here is a recent one that deals with signs that we are nearing an economic collapse. The Great Economic Zombie may soon die, diagnosed from a condition known as The Greater Depression. In reality, the terminating condition will allow the rebirth of a young, strong and growing economy:

The following are 12 things that just happened that show the next wave of the economic collapse is almost here…

#1 According to TrimTab’s CEO Charles Biderman, corporate insider purchases of stock have hit an all-time low, and the ratio of corporate insider selling to corporate insider buying has now reached an astounding 50 to 1….

While retail is being told to buy-buy-buy, Biderman exclaims that “insiders at U.S. companies have bought the least amount of shares in any one month,” and that the ratio of insider selling to buying is now 50-to-1 – a monthly record.

#2 On Friday we learned that personal income in the United States experienced its largest one month decline in 20 years

Personal income decreased by $505.5 billion in January, or 3.6%, compared to December (on a seasonally adjusted and annualized basis). That’s the most dramatic decline since January 1993, according to the Commerce Department.

#3 In a stunning move, Michigan Governor Rick Snyder says that he will appoint an emergency financial manager to take care of Detroit’s financial affairs…

Snyder, 54, took a step he avoided a year ago, empowering an emergency financial manager who can sweep aside union contracts, sell municipal assets, restructure services and reorder finances. He announced the move yesterday at a public meeting in Detroit.

If this does not work, Detroit will almost certainly have to declare bankruptcy. If that happens, it will be the largest municipal bankruptcy in U.S. history.

#4 On Friday it was announced that the unemployment rate in Italy had risen to 11.7 percent. That was a huge jump from 11.3 percent the previous month, and Italy now has the highest unemployment rate that it has experienced in 21 years.

#5 The youth unemployment rate in Italy has risen to a new all-time record high of 38.7 percent.

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