Analyzing the Current State of the US Economy: Insights and Comparisons
The current state of the US economy presents an interesting juxtaposition with previous recessionary periods. According to economic indicators, the US is not currently in a recession. Instead, the economy is experiencing robust growth, with a GDP of 2.4 percent, which is considered reasonably healthy.
The Nature of Recession
A true recession is characterized by two consecutive quarters of negative GDP growth. Such a period would typically lead to increased unemployment and reduced spending. However, as of the latest data, the US economy continues to add jobs and maintain low unemployment levels, signaling a strong economic performance.
US Economic Performance
In 2022, the US economy is experiencing a notable growth rate of 2.6 percent, which is a significant indicator of economic health. Additionally, the job market remains robust, with the creation of 261,000 new jobs in October 2022. The unemployment rate in the United States is currently at its lowest point in over 30 years, standing at approximately [current unemployment rate].
Global Economic Context
While the US economy is performing well, the overall economic situation on a global scale is dire, with the majority of nations being interconnected through the British financial system. The primary purpose of this financial system is to extract wealth and rely on speculative investments backed by paper promises that lack the necessary physical assets to sustain global populations.
This system, largely managed by the British aristocracy, is now facing an unpayable debt of approximately $1.99 quadrillion. As a result, the financial system is nearing collapse, which could trigger a widespread global depression. Economist Lyndon LaRouche had predicted this international collapse in 1971 when the US dollar was taken off the gold standard and control was handed over to the British.
The Path Forward
To avoid this impending disaster, it is proposed to return to the principles of economic development established by Alexander Hamilton. This would involve the creation of a national bank that issues credit for the essential needs of a nation, which would benefit its citizens and allow for the repayment of loans.
Several international organizations, including the BRICS, Shanghai Cooperation Organization, and ASEAN, have united to support a Hamiltonian approach to economic development. Lyndon LaRouche, through the Schiller Institute, proposed a new international architecture aimed at security and development, focusing on human creativity and morality.
A Call to Action
These groups and their initiatives are gaining momentum, and it is hoped that a new international agreement similar to the original Bretton Woods agreement will be established. The Schiller Institute has organized a conference of world leaders to discuss these proposals. The conference will take place on November 22, 2022, and is open to all interested parties. Those interested can register for free on their website.
As this transformation begins, it is crucial for individuals and nations to align their efforts with these forward-thinking initiatives. With the right approach and collaborative effort, it is possible to navigate the challenges and build a better future for all.