Monday, December 17, 2007
Stagflation
This should be good in an election year:
So far, economists say this will just be a "mild case" of stagflation compared to what we endured in the 70's and early 80's.
Funny thing though: many people don't remember the stagflation of the 70's and 80's because they aren't old enough (or even born yet.)
I wonder how people who weren't around for gas station lines, 19% interest rates and WIN buttons will react to even "a mild case" of stagflation?
Dec. 17 (Bloomberg) -- The world economy is facing the risk of both recession and faster inflation.
Global growth this quarter and next may be the slowest in four years, while inflation might be the fastest in a decade, say economists at JPMorgan Chase & Co.
...
``What lies ahead is a period of stagflation -- slow or no growth combined with rising inflation -- in the advanced economies,'' says Joachim Fels, co-chief global economist at Morgan Stanley in London.
So far, economists say this will just be a "mild case" of stagflation compared to what we endured in the 70's and early 80's.
Funny thing though: many people don't remember the stagflation of the 70's and 80's because they aren't old enough (or even born yet.)
I wonder how people who weren't around for gas station lines, 19% interest rates and WIN buttons will react to even "a mild case" of stagflation?
Comments:
<< Home
As I recall, the stagflation years weren't so bad for a few of us -- executives of businesses that had reasonable control over their pricing, and people in occupations that were in short supply and high demand. For an experienced programmer-analyst, annual raises a few percent above the inflation rate were fairly routine, and execs whose income was largely sales- dollar based made out like bandits.
Unfortunately for employees today, the strategies of outsourcing to low-wage countries and of importing workers from those same countries virtually without limit to reduce payroll costs were developed precisely to keep wage inflation from hurting the execs' bottom line in the future (and the future is now).
The bottom line is that today, anyone who can be replaced with a Bangladeshi or Taiwanese, or by a machine or computer program, is screwed. I hate to point this out, but there are a lot of Bloomberg clones out there who don't really believe that both English fluency and body temperature are necessary for a school teacher.
I wish you good luck.
Unfortunately for employees today, the strategies of outsourcing to low-wage countries and of importing workers from those same countries virtually without limit to reduce payroll costs were developed precisely to keep wage inflation from hurting the execs' bottom line in the future (and the future is now).
The bottom line is that today, anyone who can be replaced with a Bangladeshi or Taiwanese, or by a machine or computer program, is screwed. I hate to point this out, but there are a lot of Bloomberg clones out there who don't really believe that both English fluency and body temperature are necessary for a school teacher.
I wish you good luck.
# posted by 
: 12:24 AM
: 12:24 AM
Just dropping by to say happy Christmas. More heavies next year, but enjoy the season and take care. Cheers
Thanks for the holiday wishes, cartledge and thanks for the wishes of good luck, kicksiron. I wish the same for both of you and for your families.
Hi,
I don't know if you check this site, but I have been trying to find out how NYCEd is doing. Do you have any info?????
I don't know if you check this site, but I have been trying to find out how NYCEd is doing. Do you have any info?????
# posted by : 12:31 PM
: 12:31 PM
Hi Schoolgal. I don't have any info. Last I heard from him was last weekend. Sorry. If I hear anything, I'll let you know.
Thank you.
I heard from after you did and he wasn't doing so well. Have you tried calling him?
I heard from after you did and he wasn't doing so well. Have you tried calling him?
# posted by : 1:35 PM
: 1:35 PM
Schoolgal, I actually only know NYC through email and do not have his number. I wish I did. What did he say was going on with him last you communicated with him?
Feeling extremely tired. I have his address, so I may try directory assistance for his number.
# posted by : 1:53 PM
: 1:53 PM
Hey Kid,
It's good to hear from you. I have had a few ups and downs life-wise in the past half year or so. That's why I stopped blogging at my site. I occasionally blog at NYCeducator, though even that not much even there. I dunno, I'm thinking of restarting the blog soon. Especially with the election season coming. Maybe around Labor Day.
Thanks for stopping by, Kid!
Post a Comment
It's good to hear from you. I have had a few ups and downs life-wise in the past half year or so. That's why I stopped blogging at my site. I occasionally blog at NYCeducator, though even that not much even there. I dunno, I'm thinking of restarting the blog soon. Especially with the election season coming. Maybe around Labor Day.
Thanks for stopping by, Kid!
<< Home
