Explain other predictions for economic ruin?
2007-11-10 06:45:08 · 4 answers · asked by Anonymous in Social Science ➔ Economics
If the United States go to war with Iran then, the start of the depression will begin. According to my Economics teacher.
2007-11-10 06:54:21 · answer #1 · answered by *~*EsMe*~* 1 · 1⤊ 2⤋
The oil will run dry slowly and as it does the price will rise causing people to seek other sources of energy. Because the new energy will probably be more expensive we will have less resources for other things, but the economy will not crash. The short term the crisis in the credit markets is likely to cause a recession but not ruin. Even attacking Iran and disrupting the oil flows from the middle east suddenlly will not lead to ruin, although it will feel like it for a time. If we continue not to save as a nation, financing both our personal and government expenditures by what amounts to selling our assets to foreign investors we will gradually become a poorer nation, but will still not have economic ruin. If the worst case scenarios for global warming actually happen and our major cities end up under water, it would be devastating to our economy. Cities are not just building but complex social and economic networks, that are essential to our economic well being. The building could be replaced in a decade, but restoring the economic value of the cities would take a generation.
2007-11-10 07:43:05 · answer #2 · answered by meg 7 · 2⤊ 0⤋
I doubt it, but as oil gets more and more expensive our economy will slow down as it has been for the past 6 or so years. We are very close to a recession right now. Economic experts dont see a very good next 10-15 years for the US as the dollar falls, inflations increases, oil prices go up and up, and the housing thing doesnt help either. So much of our country is dependent on oil and coal that change will be hard and i only see change happening when we have to change. We wont switch to a semi renewable energy source, like ethanol for at least 20 years, change happens slowly. The world is very unstable right now, like always, where one event on the other side of the world could end civilization as we know it.
2007-11-10 06:56:54 · answer #3 · answered by Anonymous · 1⤊ 0⤋
No........
by that time there will be a number of widely used alternative energy sources. Solar, etc.
2007-11-10 06:49:30 · answer #4 · answered by TERRYTOONS 3 · 2⤊ 2⤋