08. WTR 10/11: Sane Recession/Sane Resilience
What it Is:
The IMF says that we can expect ten years of job cuts and rising taxes. Fund manager George Soros says the rosy view on the American economy has everything to do with the fact that the US banks’ big profits right now are just a ‘gift’ from the state and nothing more. There are no substantial signs that the recession is over in North America and Europe. The Financial Times is even asking “Where have all the promising green shots of half a year ago gone - all those promising signs that the economy is recovering?” Europe and North America still consider themselves as the most “developed” part of the world, but with an immense debt they no longer think that they are leading the world as they did before. (Click on Read Why It’s Cool for more)
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