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Why the Black Hole of Deflation Is Swallowing the Entire World … Even After Central Banks Have Pumped Trillions Into the Economy
Why the Black Hole of Deflation Is Swallowing the Entire World … Even After Central Banks Have Pumped Trillions Into the Economy
Many high-powered people and institutions say that deflation is threatening much of the world’s economy …
China may export deflation to the rest of the world.
Japan is mired in deflation.
Economists are afraid that deflation will hit Hong Kong.
The Telegraph reported last week:
RBS has advised clients to brace for a “cataclysmic year” and a global deflationary crisis, warning that major stock markets could fall by a fifth and oil may plummet to $16 a barrel.***
Andrew Roberts, the bank’s research chief for European economics and rates, said that global trade and loans are contracting, a nasty cocktail for corporate balance sheets and equity earnings.
The Independent notes:
Lower oil prices could push leading economies into deflation. Just look at the latest inflation rates – calculated before oil fell below $30 a barrel. In the UK and France, inflation is running at an almost invisible 0.2 per cent per annum; Germany is at 0.3 per cent and the US at 0.5 per cent.Almost certainly these annual rates will soon fall below zero and so, at the very least, we shall be experiencing ‘technical’ deflation. Technical deflation is a short period of gently falling prices that does no harm. The real thing works like a doomsday machine and engenders a downward spiral that is difficult to stop and brings about a 1930s style slump.
Referring to the risk of deflation, two American central bankers indicated their worries last week. James Bullard, the head of the St Louis Federal Reserve, said falling inflation expectations were “worrisome”, while Charles Evans of the Chicago Fed, said the situation was “troubling”.
Deflation will likely nail Europe:
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George Orwell, Edward Bernays & Perpetual War
George Orwell, Edward Bernays & Perpetual War
Orwell’s essay on Perpetual War in “1984” is currently enjoying a revival in certain circles. Through the novel’s mysterious bogey man, Emmanuel Goldstein, Orwell avers that technological innovations have brought industry to such a level of efficiency that material abundance and leisure should be attainable to all. Widespread material comfort and spare time would allow the populace to develop intellectually and spiritually, and thus to achieve a kind of universal enlightenment. Orwell argues that with such leisure-based understanding, humanity would question the necessity for hierarchy and begin to threaten the arrangement that so benefits those at society’s pinnacle.
During the first half of the Twentieth Century those atop “1984”’s pyramid perceived this eventuality and identified a leisured, enlightened public as a threat to social stability and their dominant position. The ruling caste devised Perpetual War as a way of keeping industrial production humming. Orwell plainly states, “The primary aim of modern warfare… is to use up the products of the machine without raising the general standard of living.”
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