VITAL POTPOURRI

Time for a little potpourri;

• I had in earlier blogs mentioned a book on the impact of free trade primarily and free enterprise versus government controls on society. The book which I highly recommend for thoughtful reading is A SPLENDID EXCHANGE subtitle How TRADE SHAPED the World, by William J. Bernstein. pub 2008 Atlantic Monthly Press.
  
• I would caution all not to think that repairing today's meltdown in Wall Street with its corporation failures will correct or obviate any further damage. The impact of the crash of 1929 did not reach its peak and effect on local economies until the bank failures of 1933. That was the impact start of the Great Depression. Of course we have had bank failures and credit crunch already so the process may be accelerated, For your info,from Wikipedia;
• The Great Depression was a worldwide economic downturn starting in most places in 1929 and ending at different times in the 1930s or early 1940s for different countries. It was the largest and most important economic depression in modern history, and is used in the 21st century as a benchmark on how far the world's economy can fall. The Great Depression originated in the United States; historians most often use as a starting date the stock market crash on October 29, 1929, known as Black Tuesday. The end of the depression in the U.S. is associated with the onset of the war economy of World War II, beginning around 1939.^[1]

• The depression had devastating effects both in the developed and developing, largely still-colonized world. International trade was deeply affected, as were personal incomes, tax revenues, prices, and profits. Cities all around the world were hit hard, especially those dependent on heavy industry. Construction was virtually halted in many countries. Farming and rural areas suffered as crop prices fell by 40 to 60 percent. Facing plummeting demand with few alternate sources of jobs, areas dependent on primary sector industries such as farming, mining and logging suffered the most.

  The Great Depression ended at different times in different countries. The majority of countries set up relief programs, and most underwent some sort of political upheaval, pushing them to the left or right. In some states, the desperate citizens turned toward nationalist demagogues - the most infamous being Adolf Hitler - setting the stage for World War II in 1939.

• Already on Sept. 6, repercussions are being felt in Europe. We may see the end of the Europe Economic Union.
  
• On another note; Doesn't Rashid Burney's blog suggest that he is in active campaign for another office at the 2009 elections. Which is it Rashid; Mayor, Freeholder (least likely) or Assembly? The next 8 to 12 months will be interesting. There certainly is room for political improvement.