The Bush-led misadventure in the Middle East will have disastrous consequences for the entire global economy

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This economic strategy was clearly untenable. Household savings became negative for the first time since the Great Depression, with the country as a whole borrowing $3 billion a day from foreigners. But households could continue to take money out of their houses only as long as the prices continued to rise and the interest rates remained low. Thus, higher interest rates and falling house prices do not bode well for the American economy. Indeed, according to some estimates, roughly 80% of the increase in employment and almost two-thirds of the increase in American GDP in recent years has stemmed directly or indirectly from real estate.

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Source : IIPM Editorial, 2007

An IIPM and Malay Chaudhuri – Arindam Chaudhuri Initiative

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