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// The other perspectives of the American economy
- 1. An era of interesting paradigms // The other perspectives of the American economy Taufeeq M 2011
- 2. Content; 1. // History of American economy 2. // Present situational analysis 3. // Implication outlook
- 3. // But Why? Era of; Western economic philosophies
- 4. “I believe that banking institutions are more dangerous to our liberties than standing armies. “ - Thomas Jefferson
- 5. “It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution “ before tomorrow morning. - Henry Ford
- 6. 1. // History of American economy
- 7. // key western economic philosophy
- 8. “Give me control of a nation's money supply, and I care not who makes its laws. “ - Mayer Amschel Rothschild 1
- 9. “Who controls the food supply controls the people; who controls the energy can control whole continents; who controls money can control “ the world. - Henry Kissinger 1
- 10. // what is money ? • Originally money: medium of exchange • Includes commodity exchanges (ie; barter) 1
- 11. // paper money • as early as 16th century • used as receipts (a form of exchange) • no intrinsic value 1
- 12. // paper money = 1 zimbabwe
- 13. // the federal reserve system • Created 1913 • a private entity not subject to audit • advises US government on economic policies 1
- 14. // the federal reserve system 1
- 15. // gold was replaced • 1945: Bretton Woods Agreement • USD replaced gold as reserves • 1971: Nixon shock - terminated convertibility of the dollar to gold 1
- 16. // recessions & depressions • as many as 47 recessions in the United States • 11 recessions between 1945 and 2001 1
- 17. // recessions & depressions 1
- 18. // recessions & depressions 1
- 19. // recessions & depressions 1
- 20. 2. // Present situational analysis
- 21. // western economy is fallible • coterie of colossal debt nations (Ireland,Greece,Portugal, Hungary, Latvia,Romania etc) • Ex-Chief Economist, IMF: complex financial products would plunge the globe into crisis 2 • US debt $14 trillion
- 22. // western economy is fallible 2
- 23. // western economy is fallible 2
- 24. // western economy is fallible 2
- 25. // western economy is fallible 2
- 26. // western economy is fallible 2
- 27. // what happens then? Who pays the debts? 2
- 28. // Who pays the debts? 2
- 29. // US exorbitant spending • highest military spending in the world • 2007 consensus study; - 6,600 times more Americans die from Heart Disease than Terrorism - Terrorism related deaths: 68 2 Heart disease deaths: 450,000
- 30. // US exorbitant spending 2
- 31. // US exorbitant spending 2
- 32. // US exorbitant spending 2
- 33. // Economic collapse • Dr Marc Fabers • predicts economic collapse of Western society …due to large debts, government debts and private debts alike. 2
- 34. // Economic collapse • Jim Rogers • ”You cannot spend money you don’t have, you cannot print money you don’t have….you ruin your currency, you ruin your economy..” 2
- 35. // Economic collapse • Gerard Celente • Predicts US Economic Collapse, 2012 • ”You can’t print money based on nothing. It’s not even Economics 2 101, it’s Economics for dummies.”
- 36. // US dollar collapse • imminent depreciation • some implications for other countries; - devaluation of US securities - devaluation of USD 2 (due to reserve currency)
- 37. // US dollar collapse What will be its worth? 2
- 38. The solution? 2
- 39. // gold alternative • Bretton Woods era: US$35 /ounce, today: about US$1400 /ounce • gold stays in value; value of money declined significantly • call for gold standards: Robert Zoellick 2
- 40. // gold alternative • Ron Paul: Congressman • Advocating gold standards • Ending the Federal Reserve 2
- 41. // gold alternative 2
- 42. // gold alternative 2
- 43. 3. // Implication outlook
- 44. // debt economies • Niall Ferguson • "imperial falls are nearly always associated with fiscal crisis..between revenue and expenditures.... above all, these crisis are associated with a mounting cost of 3 servicing a huge public debt"
- 45. // regressive model Debt Poverty Interest rate 3
- 46. // Summary
- 47. 1. // Cause History of American economy 2. // Resultant Present situational analysis 3. // Effect Implication outlook
- 48. “ Education is the passport to the future, for tomorrow belongs to those who prepare for it “ today. - Malcolm X