Sent to DS by the author; thanks, Kendall.
The worst economic cycle in more than half a century has everyone from struggling homeowners to former Federal Reserve chairmen shaking their heads in disbelief. Jobs are disappearing, retail sales are in the toilet, bankruptcies of major companies are a daily occurrence, and an unprecedented, massive government bailout has failed thus far to unfreeze the credit system that is the lifeblood of U.S. capitalism.
Even the iconic architect of the current economic system himself, former Federal Reserve Chairman Alan Greenspan, told a Congressional panel several months ago that his deregulation and debt-is-OK approach was mistaken. But what exactly is causing the current worldwide financial meltdown, Greenspan said, he’s still trying to figure out.
In Dallas, Ravi Batra is also shaking his head — but for different reasons. The veteran Southern Methodist University economics professor saw this storm approaching years ago and has written several books, including a couple of best-sellers, about what the country should have been doing to handle it. He wrote Greenspan’s Fraud in 2005. And in his 2006 book, The New Golden Age — The Coming Revolution Against Political Corruption and Economic Chaos, he predicted an economic depression and the rise of a charismatic leader who might help dig the country out of that hole. In fact, the 65-year-old Indian-born academic has an amazing record of economic and social forecasting going back several decades, from the rise of Islam, which he predicted in the 1960s, to the mergers booms and soaring stock prices of the ’90s, and the stock market crash of 2000. In the futurist field, where a 65 to 70 percent accuracy rate is acceptable, he has a nearly 90 percent record of being right.