It has been a year since the people’s revolution in Egypt started, but the end is nowhere in sight. Protesters have converged again in Tahrir Square calling for the next phase. But what is next for Egypt? Al Jazeera asks some prominent people to share their views: Wael Eskandar, Nader Omran and Sharif Kouddous.
Posted in Market News, MyOrbit Videos
Tagged Al Jazeera, Egypt, Middle East, revolution
Michael Pento, senior economist at Euro Pacific Capital, and Dan Greenhaus, chief economic strategist with Miller Tabak, debate the issues in this clip.
I strongly disagree with Michael Pento, who says a depression should be encouraged in America. His view that the govt. should be as impotent as possible, is one of the most funny statements in the recent months. The need is to increase the money supply, not decrease it. The asset prices (home prices) will automatically fall down gradually in the coming years, based on demand-supply, but it will avoid a crash. Today is not the time to trim the role of the Govt.
If anything can prevent America from depression with deflation, it is the US Govt taking the lead with offering new economic stimulus packages – for infrastructure, for education, for vocational training, etc. Fiscal policy levers/incentives must be used to spur private sector growth, where in the govt. either becomes a buyer or actively sources buyers through export opportunities.
The need is for the govt. to take charge and play a major role. US businesses alone can’t do much. In addition, taxes on the rich must be renewed, not removed. Unless job growth happens, no real economic recovery is possible.
-Shankar
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