Wall Street Bulls and Bears Argue While National Economies Burn

posted by Ida B. Wells IV @ 9:00 AM
February 26, 2014

Bulls-and-BearsWhile bulls and bears argue about the possible collapse of the world’s economy, other factors must be mentioned outside of China’s decision to sell off U.S. dollars, such as economic conditions of other nations, Global Warming, etc.

Environmental correspondent for theguardian.com, Fiona Harvey summarizes that Global Warming costs the world economy a trillion a year:  “Climate change is already . . .  costing the world more than $1.2 trillion, wiping 1.6% annually from global GDP.”  She also mentions 400,000 deaths each year.

Massive droughts in California and other western states, unstoppable flooding in Britain and parts of Europe and Asia have brought projections of much higher food prices this year.  Andria Cheng of marketwatch.com admits:

The U.S. Bureau of Reclamation told California’s Central Valley this week that it will get no irrigation water this summer.  “This low allocation is yet another indicator of the impacts the severe drought is having on California communities, agriculture, businesses, power, and the environment,” said Michael Connor, commissioner of the U.S. Bureau of Reclamation.

The USDA’s National Agricultural Statistics Service adds:  “Over a third of the U.S.’s vegetables and almost two-thirds of its fruits and nuts were produced in California.” The Central Valley represents about a third of the state’s agricultural land. Milk, grapes, almonds, strawberries, lettuce and tomatoes are among the state’s top-10 valued commodities. Other factors contribute to inflation rates.

Ask food buyers in Venezuela where the official inflation rate is 56%, but private citizens say it is some 200%.  Thousands of people demonstrate daily because there is no food in stores to buy, and what is there is far too expensive.  With some food prices increased by some 260%, Argentina is not much better off.

World leaders cannot long ignore countries that have simply run out of money, such as Ukraine, Thailand, Italy, Ghana, etc. Nor can they ignore nations which will not sustain extremely high unemployment rates, such as: South Africa at 24.5%, Spain 26.7%, Greece, 27.3%, and all above 50% among their youth.

Of course, stock market bulls such as Jim Cramer of thestreet.com insists everything is o.k., that housing, furniture, and other retail sales are up in the U.S., and the stock market can only continue to rise, making the rich richer.

But bears, including The Economic Collapse, insists the U.S. Federal Reserve’s recent ‘taper’ has created global The-Burning-Dollarproblems, “causing currencies to collapse and interest rates to soar all over the planet,” especially affecting countries like: “Argentina, Turkey, South Africa, Ukraine, Chile, Indonesia, Venezuela, India, Brazil, Taiwan and Malaysia. . . . And this is not just limited to a few countries.  What we are watching right now is truly a global phenomenon.”

In ‘22 Facts About The Coming Demographic Tsunami That Could Destroy Our Economy All By Itself,’ that blog claims the U.S. economy is being ruined by the 10,000 Baby Boomers who will retire at the same rate every day until 2030, and the nation simply can’t afford to make such staggering retirement payments.

As stated yesterday, it is time for Christians everywhere to pray. No matter their range of intelligence, human beings do not know everything about everything.   Only God is omniscient. Thus, as used Christian Bibles urge, believers must pray:  “For the eyes of the Lord are over the righteous, and His ears are open unto their prayers (1 Peter 3: 12).” Nations of the world need prayer, as never before!

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