http://www.youtube.com/watch?v=Jjv-MtGpj2U
Friday, February 3, 2012
House of Cards
This is a youtube video that goes into some detail about how the world market is working right now. It talks about default in the US and how it will affect the whole world. It's a silly Uncle Sam video but it does help to describe where we are presently and what is to be held for us in the end. The message of the movie is education. But of course there is no solution that we know of right now and things are only going to continue to get worse as time continues. What would you do?
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Great post. The video simplified the debt crisis to a very understandable level. What I took from the video was a better understanding of the cyclical nature of our policy choices. Without some fundamental changes, the cycle will repeat itself over and over again. Personally, I see unemployment as the key to the problem. However, as the video explained, our monetary policy has created advantages for companies to outsource. I think the U.S. is in dire need of innovation and the creation of jobs in cutting-edge sectors. More specifically, as companies continue to outsource "low end" jobs, it is important for the U.S. to become the world's destination for "high skilled" jobs.
ReplyDeleteOn another note, regardless of foreign countries aversion to continuing to fund U.S. debt, the interconnectedness of the U.S. economy is so great that a U.S. default would create a global recession. I would expect foreign countries to do whatever is necessary (within reason) to keep the U.S. away from default
I too think this video was a great post. The information was broken down in an easy to understand manner. However, at the end of the video when the narrator suggests that defaults are going to lead to global economic collapse within two years is a little reaching. I am more optimistic in regards to economic recovery.
ReplyDeleteI agree with Ryan in that the next step for the U.S. is to lead the global economy in cutting-edge, innovative markets. My confidence in our ability to do this is partly why I am optimistic about the future global economy.