NYC Recession Turning Out Better Than Expected
“The gathering consensus is that the recession is nearly over in the city and, largely because of the enormous amount of federal aid poured into the big banks, the toll on New York will be much less severe than most had feared. Not only will the job losses in the city fall far short of…
“The gathering consensus is that the recession is nearly over in the city and, largely because of the enormous amount of federal aid poured into the big banks, the toll on New York will be much less severe than most had feared. Not only will the job losses in the city fall far short of the recession that wracked the metropolitan area in the early 1990s, economists and analysts say they will also not measure up to the losses in the shorter, shallower recession that surrounded the 9/11 attacks.”
— NY Times
you said it mopar!
mmmmmm, root beer float!
mmmmmm, root beer float!
mmmmmm, root beer float!
Did someone say Chocolate shake???? I would love some of that right about now.
We “abandoned” the gold standard in 1931 but the dollar was still convertible into gold. Nixon, in 1971, ceased the convertibility.
left the gold standard in the 70’s?
I don’t expect inflation for at least a few years.
***Bid half off peak comps***
Posted by: Brownstones Half Off at March 3, 2010 2:41 PM
That, and your slightly misguided taste for a root beer float over a chocolate shake, are the two most sensible things you’ve said in weeks.
Gold will fall due to deflation. Our fiat currency, by definition, has nothing directly to do with gold (since we’ve left the gold standard in the 70’s in order to better manipulate the money supply). But our currency’s inflation, when it happens, is classically hedged through speculation in the price of gold, the real thing or otherwise.
I have gold but no plans to sell it (a hedge if I’m wrong). My view has obviously changed since I don’t think central banks will monetize the world’s exponentially increasing debt. I don’t expect inflation for at least a few years.
***Bid half off peak comps***