Matthew Richardson and Nouriel Roubini
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As free-market economists teaching at a business school in the heart of the world's financial capital, we feel downright blasphemous proposing an all-out government takeover of the banking system. But the U.S. financial system has reached such a dangerous tipping point that little choice remains. And while Treasury Secretary Timothy Geithner's recent plan to save it has many of the right elements, it's basically too late.
The subprime mortgage mess alone does not force our hand; the $1.2 trillion it involves is just the beginning of the problem. Another $7 trillion -- including commercial real estate loans, consumer credit-card debt and high-yield bonds and leveraged loans -- is at risk of losing much of its value. Then there are trillions more in high-grade corporate bonds and loans and jumbo prime mortgages, whose worth will also drop precipitously as the recession deepens and more firms and households default on their loans and mortgages.
The subprime mortgage mess alone does not force our hand; the $1.2 trillion it involves is just the beginning of the problem. Another $7 trillion -- including commercial real estate loans, consumer credit-card debt and high-yield bonds and leveraged loans -- is at risk of losing much of its value. Then there are trillions more in high-grade corporate bonds and loans and jumbo prime mortgages, whose worth will also drop precipitously as the recession deepens and more firms and households default on their loans and mortgages.
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A propósito dos "Salários elevados"
Action urged to avoid social chaos
By Jacqueline Head
The International Labour Organisation has predicted that the global economic downturn could see up to 50 million people lose their jobs in 2009.
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We must not forget that before this financial crisis there was already a major socioeconomic crisis, with continuing massive poverty, under-employment, growth in inequality and difficult social conditions for large segments of the world's population, in both developing and developed economies.
The benefits of globalisation had not been widely or fairly shared and the backlash was already there. For many, this was globalisation without a moral compass, which the financial crisis confirmed.
There is a growing sense that globalisation has become unfair and unbalanced with inequality growing. That no one was providing thoughtful guidance and oversight. That no one seemed to be in charge. This became evident when the financial crisis erupted.
As a result, the share of wages in Gross Domestic Product has gone down almost everywhere. In many countries consumption had been stimulated on the basis of increasing personal debt. Now governments are desperately trying to stimulate consumption – when in fact if higher productivity had been transferred into higher wages, demand would be also higher today.
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http://english.aljazeera.net/focus/outofwork/2009/02/20092161424278477.html
Cara Amiga A.,
Quando referi salários elevados, referia-me a salários mais elevados do que a aqueles que existiriam se não houvesse imigração.
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