"Economic Armageddon"

Chief economist of Morgan Stanley predicts economic Armageddon. [Boston Herald]

Stephen Roach breaks it down like this: There a 30% chance of imminent Armageddon, a 60% chance of a relatively prolonged period of misery followed by Armageddon, and a 10% chance of no Armageddon.

Roach's Three Horsemen are: America's record trade deficit; rising interest rates; and staggering consumer debt.
 
Read the whole story.

[Via Pandagon.]

Comments

[bebe]

That'll be acceptable to rid the world of the 'end-timers': W, Robertson, Falwell, et. al.

[aflounder]

Yes, pluotocracy is very dangerous to capitalism.

[bob mcmanus]

"That'll be acceptable to rid the world of the 'end-timers': W, Robertson, Falwell, et. al."

You have no idea what you are talking about. First, we are talking very bad, like a 30-50% drop in the American standard of living, permanently. Second, we have no idea what comes out the other side, I am optimistic, but generations of fascist dictatorship are not impossible.

Third, the transition may look like the thirties and forties. Probably will. Depression and war. Tens of millions died, this time it could approach a billion. And my father's generation, people born around 1925, well many who survived the crisis died in their fifties from delayed stress.

America's special status was not ordained by God.
There are people in power now who refuse to accept that.

[Lindsay Beyerstein]

Hey, Bob, good to see you.

[bob mcmanus]

Happy thanksgiving, Lindsay. I am always around, read everything, follow the links. Just don't comment always, only when flapping the wings and yelling "The Sky is falling." is appropriate.

[bebe]

Bob,
"America's special status was not ordained by God.
There are people in power now who refuse to accept that."
A Large Majority (51%?) of Americans believe in creationism of one sort or another.
What percentage consider themselves born again?
It's hard not to be sarcastic and cynical when what you described will most likely happen. Breaking down notions of Armageddon (of any actual sort) in percentages decrees a certain "optimistic sarcasm" (ridding 'end-timers').
The actual horrific realities was dimmed by the approach.
Mine was a stupid statement simply aiming discust at those who I see that have and will prevent anything done to remedy the situations.
bebe

[bebe]

One more quick note: not only will they prevent anything done to remedy the current economic and political situations, it's largely seen within some christian communities as advantageous to hasten along social/economic collapse. A growing population of the United States is becoming more ferverently anti-emprical. We are most likely racing headlong into pre-enlightenment times.
scary.

["Dr" Hedley Lamarr]

Do you know that the placement
of the dotted line makes it
difficult to know where comments
should go?

On Roach, this piece does not
square with his NYT op-ed piece.
It's as though someone told him
to tone it down.

[Lindsay Beyerstein]

Hmm. How is the dotted line confusing? Maybe it shows up differently on different browsers.

The line is a built-in Typepad feature. If anyone knows a fix, please email me and I'll see what I can do.

[Chris Connors]

Wait... aren't there supposed to be four horsemen?

[Lindsay Beyerstein]

Downsizing hits hard all over.

[dave-id]

The third horseman brings economic hardship. The third horse holds a pair of scales and cries out
‘a day's wages for a loaf of bread, but do not touch the olive and the vine.'

This is seen with tax cuts for the very rich while job losses & economic hardship bear down on the rest of the population.