Posts By © Elliott R. Morss, Ph.D.
We are entering a deep recession. We will need $6 trillion in stimulus to get out. Governments cannot provide this much stimulus. It will be a long and deep recession.
Why did the credit freeze happen? Who were the culprits? Are the remedies being applied sufficient to unfreeze the credit markets? How is the freeze contributing to the global recession?
First, a value judgement I made back in the early ‘nineties. Nobody needs more than $7 million to live comfortably, for a lifetime, provided that money is well-managed. Beyond that amount, the marginal tax rate should be 100% which means he or her could set up a non-profit and keep his or her money for a good cause. In the article, market tests are applied to executives and live performers. Performers appear to be getting their market value. The market for executives is rigged and they are getting far more than their worth. This article was written in 1992. Sadly, it is still relevant.
Summary – Donors have attempted to promote development in Sub-Saharan Africa through projects and programs with a rural focus. This focus is wrong: accelerated urban development will give the highest development return.