That’s Federal Reserve Bank of St. Louis President James Bullard explaining to Bloomberg News why he sees the U.S. unemployment rate hitting 30% in the...
Even if U.S. unemployment doesn't reach these staggering figures (30%) they may come close. But that unemployment figure portends disaster for all the economies of the world. I have lived in a number of different cities around Latin America and the four big ones in the U.S. From where I am sitting here in Buenos Aires, I truly believe I am in the very best place to be as we enter into this economic maelstrom. I think that this is not the time to be concentrating on the faults of the government nor faults of the system here. The truth is every country is up xxxxx creek without a paddle. Rather, I think it is time to calmly try to make some adjustments about life styles and expectations. And think that perhaps we are lucky to be here as the cost of a quality life is certainly as cheap or cheaper than anywhere else.
The economic engines of the world, the U.S., Europe, and perhaps China are hemorrhaging as never before. We must all be thinking about how this will affect our households. Period.