Posted on 11/28/2021 11:11:13 AM PST by ChicagoConservative27
The chief economic adviser for financial services firm Allianz warned that the new coronavirus variant Omicron could shake up the markets, exacerbate supply chain woes, amplify record-high inflation pressures — and possibly result in 1970s-style “stagflation.”
Economist Mohamed El-Erian was asked by “Fox News Sunday” host Trace Gallagher about the Dow tumbling 900 points on Friday over fears of the new variant and market uncertainty over the possibility of more lockdowns and travel bans.
(Excerpt) Read more at nypost.com ...
It’s even worse than that. In the 1970s we were still the worlds biggest creditor nation. Now we are the world’s biggest debtor nation.
cutting edge of hindsight
This should NEVER occur in economics. Only happens when gov’t gets involved.
Stagflation. Been there, done that. It’s hardest on the poor and I was poor.
I did well and soon I wasn’t poor because I didn’t know I should be all freaked out. News wasn’t on 24/7 and the doom books were few and far between. Then Volker fixed inflation and it was harder to make money. Had a housing crash from 85-90, Got through it and everything worked out great.
Maybe the entire cycle will repeat.
Agreed.
Government intervention in the economy is like shaking a bottle of soda and then opening it...the mess can happen in any and all directions.
I remember those days.
Today’s replacement for Americans’ In God We Trust has become “Where Is My Government Money?”
Shortly we will see demands again. Anyone left out will fight hard.
Example: first thought on 2020 Covid stimulus for job losses was don’t give any money to Social Security recipients because they weren’t working and didn’t lose a job due to Covid. Minds changed and guns went back into home safes, gun racks or under pillows. Checks went out to all.
El-Erian and a new Armageddon variant - perfect together.
To paraphrase Reagan’s pile of manure story “I just know there’s a dark cloud in there somewhere...”
Indeed. And what did we hear from a Democrat President in the 1996 SOTU speech?
“The era of big government is over.”
Sneaky Bastage.
Well hey, maybe disco and the related fashions will make a come back too. Then we can have the worst of all possible worlds!
Except Volker is now dead.
“Stagflation. Been there, done that. It’s hardest on the poor and I was poor.”
I got “lucky” (=worked hard and picked a good profession) in that era. I was always employed or in college and had a job to go to Monday morning after graduating Saturday. I sure saw a lot of other people who didn’t. Established manufacturing got smashed in that era.
Everything Jimmy Carter (old) is Biden (new) again. Notice Democrats start the wars and also ruin the economy every time they have power. They are also the ultimate ‘rules are for thee, not for me’ hypocrites. I saw an article again proving that, “WATCH: Joe Biden Violates Nantucket’s Indoor Mask Mandate”, and you can give that a look at PJmedia. Apparently the only virus Joe can get is communism. The only exception was Clinton and he was gifted the internet boom, so it happened in spite of him.
Their meddling does more harm than good.
Great analogy. Government was meant to protect us (borders, army) and get out of the damn way on economy.
the prices are sure going up Fast!
(housing, gasoline, utilities, food both in grocery and at restaurants, health care, automobiles both new and used, you name it — even the “dollar store” -— formerly the “five and ten cent store” -—— is now going up to $1.25 — I guess they’ve reached the limit on reducing packaging sizes, ha!)
The current WashDC administration is really driving down workers (those folks who still are willing to work) and poorer people. And, causing lots of dislocations as more and more people are forced to leave their cities of residence in search for cheaper places to live
Hope for the best, prepare for the worst, and break out your knitting needles and casserole recipes. Welcome your kids back home (its all for the better if they start rationing gas).
Let’s Go Brandon! FJB!
All three 1970’s presidents got tossed out of office. One by scandal and two by elections.
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