I must honestly say that today's discussion of financial crisis was the most startling, sobering, and timely discussion I have ever had regarding economics in the 1920s after having taught this for a few years now. Again, history is not about the dead but about the living, and today certainly proved that. I just want to take a moment to post a newspaper article from the New York Times this morning that you may find interesting. It is regarding the report that the World Bank released today regarding the global economic slump. Again, the gist of the report is that the world economy is shrinking for the first time since WWII and that trade is down at its lowest level in 80 years (80 years ago takes us back to the year 1929 folks if you do the math). At any rate, the article is certainly sobering, and you can read it by clicking here. Of course, as always, the BBC has the best coverage of such issues. I can honestly say that they have the very best coverage of the global financial crisis, complete with background, interviews, etc. You can check that site out by clicking here. Public Radio International had an excellent piece this afternoon on their program The World that I heard driving home this afternoon. You can read the general contents of it or download the audio of the piece by clicking here. The piece mentions an interview with Warren Buffett that took place this morning on CNBC in which he mentions that the U.S. economy has "fallen off a cliff." Historic times indeed.Monday, March 9, 2009
Is This Really Happening? World Bank Says Global Economy Will Shrink in ’09
I must honestly say that today's discussion of financial crisis was the most startling, sobering, and timely discussion I have ever had regarding economics in the 1920s after having taught this for a few years now. Again, history is not about the dead but about the living, and today certainly proved that. I just want to take a moment to post a newspaper article from the New York Times this morning that you may find interesting. It is regarding the report that the World Bank released today regarding the global economic slump. Again, the gist of the report is that the world economy is shrinking for the first time since WWII and that trade is down at its lowest level in 80 years (80 years ago takes us back to the year 1929 folks if you do the math). At any rate, the article is certainly sobering, and you can read it by clicking here. Of course, as always, the BBC has the best coverage of such issues. I can honestly say that they have the very best coverage of the global financial crisis, complete with background, interviews, etc. You can check that site out by clicking here. Public Radio International had an excellent piece this afternoon on their program The World that I heard driving home this afternoon. You can read the general contents of it or download the audio of the piece by clicking here. The piece mentions an interview with Warren Buffett that took place this morning on CNBC in which he mentions that the U.S. economy has "fallen off a cliff." Historic times indeed.
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8 comments:
im really worried i don't want this to get as bad as the great depression. I hope that they are close to a solution to this economic problem.
This is scary. I think if the economy is shrinking right now, it'd more painful and slow process than in 1929. Probably because our global economy is bigger, so it is harder to take the economy go down but the bigger the impact on people around the world
ahh! This reading tonight is gahhh not cool at all! I hope we have some good documents for tomorrow! I'm very interested!
I cant believe that we r going into another great depression and this one will probably be worse than the first. Idk how we didnt see this coming? Since we've been through it once dont we have a better understanding of what to do about it to make it easier to solve since we have experience in this unfortunate area??? idk, just wat i was thinking.
This is tragic news.. And i thought things were being done to help make things better, but i guess not. And is there is, those things are not helping..
I hope we find a solution to the problems, and quick.
It really is scary for our generation of young people, because it is us and our kids who will be majorly affected in the long run by the economic crisis. Yes, we can not complain now because the vast majority of 15 and 16 year olds are not making car, house, and other payments. We are also not supporting families, but this crisis will hit us hard by the time we get out of college in search of a career. I'm definitely worried.
yeah this is very interesting. but i hope that the economy pulls out of this at least a little, because its been long enough. i saw that the DOW went up yesterday and today so i guess that is good
After this lecture, i waas really freaked out about the stock market completely crashing. WHat happened in 1929 is very similar to what is happening now. I hope that it does not get as bad as the great depression. this is scary.
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