Economics 353 lecture 7

Economics 353 lecture 7 - Eco 353 Lecture 7 The to edit...

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Click to edit Master subtitle style Eco 353 Lecture 7 The Transportation Revolution in the Ante-Bellum Period
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Please Read http://online.wsj.com/article/SB1000142405 “The Greek Tragedy that Changed Europe” Saturday Feb. 13th
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Greece and Lying Greece appears to have manipulated its accounts to make it appear that it had less debt than it really had. It is being investigated by the EU for doing this. It partner in this was Goldman Sachs - (a good place to get a job if you would like a half million dollar bonus every year).
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The Effects Greece must now substantially reduce its government deficit even though it is in a recession. This will cause further economic deterioration there. Greece is not the only country where reducing the government deficit in a weak economic environment is necessary.
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The PIIGS Reductions in spending are necessary in Portugal, Ireland, Italy, Greece, and Spain. Other countries like the US might soon try to reduce the amount of fiscal stimulus. China is doing this now. At the end of March the FED is scheduled to stop buying mortgage backed securities.
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Replaying 1937/1929 The financial crisis caused countries to engage in massive fiscal stimulus. If many of the them try to reduce this stimulus at the same time, it will cause a severe economic slump in the world economy. Something similar happened after WWI.
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Transportation Improvements Turnpikes (roads) Canals Steamboats Trains
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60 years ago – 1950 World War II had ended 5 years earlier. Computers were in their infancy and certainly not used by anyone except experts. 1 desktop computer nowadays has more
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Economics 353 lecture 7 - Eco 353 Lecture 7 The to edit...

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