"After seven years of foreign policy madness and of empire
building on a mountain of debt, and of public indulging and private gouging,
the financial crisis and credit crunch, the plummeting dollar, the high
price for oil will all contribute to the 2008 economic slowdown, which
is likely to turn into a recession, during the first half of the year,
if it is not already into one since last December. The downturn in the
world stock markets during this month is another clear indication that
something is wrong, not only with the U.S. economy, but also with the
world economy."
(Rodrigue Tremblay is professor emeritus of economics at the
University of Montreal and can be reached at rodrigue.tremblay@yahoo.com)
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