I think this is what economists call, “a double dip recession”, a rare phenomenon which has only happened three other times in our nation’s history.
Zero Hedge reports:
There may be those among the less than brainwashed lemmingerati out there who have noticed what, as we have pointed out for the past month when reporting on the various manufacturing and regional Fed indices, has been an epic collapse in the appropriate data series. As John Lohman so kindly demonstrates, the two month implosion has been beyond epic, and while certainly the biggest drop in the past decade, may also be the all time worst ever. To the point of this post: the last time we had an economic contraction of this magnitude was back in February of 2008, which was two months into the most acute recession in post-depression history. We are confident that once the groupthink wraps its head around the fact that the auto production based renaissance is not coming, and the economy officially tumbles into the commode of Ben Bernanke’s fiat dungeon, the NBER will determine (with an appropriate 12-18 month delay), that the current recession started in April of 2011.
See chart at site.
Not to worry, though, thanks to Obama’s $500 million new, Advanced Manufacturing Partnership “jumpstart”, we are going to be sitting pretty in no time.
I am so excited that the federal government is committed to “nation building here at home”, and has decided to “partner” with 11 major corporations, including Caterpiller, Corning, Dow Chemical, Ford, Honeywell, Intel, Johnson and Johnson, Allegheny Technologies, Stryker and Proctor and Gamble. And how wonderful for us all that it is based, in part, on the recommendations of Obama’s brilliant Science Czar, John Holdren:
In his Friday speech at Pittsburgh as he announced the Advanced Manufacturing Partnership, Obama also put a focus on government “investment” in “clean energy” and pointed to the government bailouts of General Motors and Chrysler as successes.
“If we want a robust, growing economy, we need a robust, growing manufacturing sector. That’s why we told the auto industry two years ago that if they were willing to adapt, we’d stand by them. Today, they’re profitable, they’re creating jobs, and they’re repaying taxpayers ahead of schedule,” said Obama.
“That’s why we’ve launched a partnership to retrain workers with new skills. That’s why we’ve invested in clean energy manufacturing and new jobs building wind turbines and solar panels and advanced batteries,” he said.
The White House said the creation of the government-corporate partnership program was based on a recomendation by the President’s Council of Advisers on Science and Technology (PCAST). PCAST is co-chaired by John Holdren, head of the White House Office of Science and Technology Policy.
In Human Ecology: Problems and Solutions, a 1973 book that he co-authored with Paul Ehrlich and Anne H. Ehrlich, Holdren and his co-authors wrote: “A massive campaign must be launched to restore a high-quality environment in North America and to de-develop the United States.”
“De-development means bringing our economic system (especially patterns of consumption) into line with the realities of ecology and the global resource situation,” Holdren and the Ehrlichs wrote.
“Resources must be diverted from frivolous and wasteful uses in overdeveloped countries to filling the genuine needs of underdeveloped countries,” Holdren and his co-authors wrote. ”This effort must be largely political, especially with regard to our overexploitation of world resources, but the campaign should be strongly supplemented by legal and boycott action against polluters and others whose activities damage the environment. The need for de-development presents our economists with a major challenge. They must design a stable, low-consumption economy in which there is a much more equitable distribution of wealth than in the present one. Redistribution of wealth both within and among nations is absolutely essential, if a decent life is to be provided for every human being.”
In a videotaped interview with CNSNews.com in September 2010, reporter Nicholas Ballays asked Holdren what he meant by a campaign to de-develop the United States.
“What we meant by that was stopping the kinds of activities that are destroying the environment and replacing them with activities that would produce both prosperity and environmental quality,” said Holdren. ”Thanks a lot.”
Ballasy followed-up: “And how do you plan on implementing that?”
“Through the free market economy,” Holdren said.
See video of Holdren explaining his call for de-developing the United States at CNS News.
John Holdren, you may remember, co-wrote the radical enviro-wacko book, Ecoscience, with Paul and Ann Ehrlich.
Per Zombie’s July 2009 report, we learned the book advocated:
• Women could be forced to abort their pregnancies, whether they wanted to or not;
• The population at large could be sterilized by infertility drugs intentionally put into the nation’s drinking water or in food;
• Single mothers and teen mothers should have their babies seized from them against their will and given away to other couples to raise;
• People who “contribute to social deterioration” (i.e. undesirables) “can be required by law to exercise reproductive responsibility” — in other words, be compelled to have abortions or be sterilized.
• A transnational “Planetary Regime” should assume control of the global economy and also dictate the most intimate details of Americans’ lives — using an armed international police force.
Hat tip: Weasel Zippers