Economic Depression

Manila Bulletin, August 13, 2004 | Go to article overview

Economic Depression


OUR economic depression is not unlike the US depression of the 1930s. True it is not on such a large scale but only because we are small. Everything is at a stalemate. It is a chicken and egg conundrum of where to start. There is no money for investments and there are millions of people without jobs. We have tried so many things, like sending our people all over the world, even selling your young people to be slaves in other countries. They are not called that but they are. We have asked for foreign investments which siphon out more than they bring in. We borrow from foreign banks at very high interest rates. Of our 84 million people only about 25 million have buying power. This is not enough to create a consumer demand for manufacturing to be able to flourish. We therefore have to import the consumer goods needed by the 30 percent of our people who have buying power. This is economic depression, exactly or at least very similar to the depression of the US in the 1930s.

The solution of Keynes and carried into execution by Pres. Franklin D. Roosevelt was to make the government spend to prime the pump. In Roosevelts WWW, they paid people to dig canals and when finished they paid them to fill them up again. We dont have to go to such extremes but we have to pump money into the rural areas and to the urban poor. There is little danger of run away inflation and this is the job of the monetary authorities to loosen or tighten as they see the effects of such infusion of money. This is urgent.

Everyday that passes in which a worker willing to work does not get a job is economic resource wasted and never to be recovered. …

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