The Cynics' equivalent of 'it takes a village'
In 1942, after Rommel has suffered his first defeat, by the 5th of Nov., months after the US Navy inflicted one of the greatest naval defeats by an underdog at Midway, Churchill, claimed not a turning point of the war, but PERHAPS 'the end of the beginning.' It tuned out that was so, but after a staggering sacrifice made from Poland to Dunkirk, Smolensk, Bataan, Singapore, Wake, and hundreds of ships sunk off our east coast.Concluding his first international summit, President Barack Obama hailed agreements at the emergency meeting of world powers Thursday as a "turning point in our pursuit of global economic recovery."
The new U.S. leader said the heads of industrial countries that met in London agreed on "unprecedented steps to restore growth and prevent a crisis like this from happening again."
While this is not war, apparently it takes a war.
Consider this chart of federal ratio changes in debt, and GDP from 1928 to 1941 with 28 as the base year and all values metered to that.
For all the effort, strife, suffering and battling the economic downturns, nothing worked.
You look at history and all you can do is admit it.
It takes a war.
Obama crows the turning point.
Right now I see an upturn in the stock market which will benefit folks (IF IT CONTINUES BACK TO 12-14,000) who thought they could not retire, but I don't see anything else indicative of a positive TREND. One data point is not a trend, and from 1929 to 1933 was a fit and start slide into a deflationary miasma.
The president can be a cheerleader, but he can't be Pollyanna without looking like her.