by reader Movie Guy
(Lifted from comments cactus style)
I have reviewed the majority of American econ blogs during the past few days. Hit the supposed heavy ones again tonight. The econ blog subjects range from stupid to domestic but very few step beyond the borders of the USA. It’s as though the lights are turned off, except at home. A very narrow focus, indeed. Perhaps a selfish one.
There are exceptions, but damn few. This situation represents a ridiculous state of affairs in the so-called “thinking” of American economists, analysts, and others providing main posts on econ blogs.
I make this statement in light of the global crises and other issues facing the nations of the world. Not to be overlooked is the wording of the call for action that was issued directly to the G8 by the World Bank.
WASHINGTON, July 2, 2008 World Bank World Bank President to G8: World Entering a Danger Zone
For the first time since 1973, the world is being hit with a combination of record oil and food prices, threatening to drive over 100 million people into extreme poverty and reverse the gains made in overcoming poverty over the last seven years.
Some 41 countries have lost 3% to 10% of their GDP from rising food, fuel and commodity prices since January 2007. Over 30 countries have been hit by food riots, as the impact of the crisis reaches the household level.
(quote added by rdan)
What part of that phrase and text communication is not understood by economists and others posting on econ blogs? Did they bother to read the article or listen to the news?
Will there be the usual phony or disingenuous blog posts and statements later on that “we” (“I”) didn’t see the impending disasters coming? “We” (“I”) didn’t know that the collective situation could lead to another World War over resources, let alone any war or spread of violence across struggling nations?
How many more phony excuses going forward do we need to hear from professionals and others who say that they understand or have a good grasp of global economic data and affairs?
If you can see it in the developing stages, warn your readership. That’s what adults and professionals are supposed to do – keep others informed. Get off your hands. Read. Think. Analyze. Inform. The American econ blog community needs to wake up and focus on the global crises and more serious issues than some of the tripe that is being posting across econ blogland. I say that with all seriousness.
The cartoons are over. Move to the main feature – the global economy which is in early stages of major crises that may result in significant social upheavel, economic collapse, and, ultimately, regional or global warfare. If it’s necessary to lean on the G8 leaders and call out the U.S. Presidential candidates, then let’s do it. And soon.
Update: Stormy has a go at the G-8
(Lightly edited for readability)