There have been a lot of quick economic changes in the last few years since about 2015. On top of the already huge and quickly growing debt, the money creation, and the forces towards automation, oligopoly, and labor layoff associated with this technological acceleration stage of industrial development that we’ve been in since about the year 2000, President Trump’s policies are causing great changes in the world economy as America has become the leading energy producer and is reindustrializing. So I’m starting this “Economics News Updates” blog to describe what is happening for people.
Perhaps Recessions, Depressions Around the World and Prosperity in the US
I think many of the world’s economies will feel the effects of the deep recession/depression soon though the US and some other countries might prosper from this due to recent changes in the world such as the big US energy boom and manufacturing resurgence.
In 2019, the US produces about 40% to 50% more oil than does Russia or Saudi. The chart above is for 2018 production, and US production of oil in 2019 is even higher. It is expected that production will continue to increase as new oil fields, pipelines and other souces for oil are being created now.
The US is now the biggest producer of natural gas, and natural gas production is also increasing. Other sources of energy such as coal, solar, and nuclear are also increasing.
A deep recession or depression is unavoidable for most countries simply as a result of their debt creation and the nature of development of industry now that is primarily driven by process innovation, oligopoly formation, automation, robotization of production, and shifting away from the use of human labor for manufacturing and service work. The substantial debt creation temporarily staved off the recessionary/depressionary effects that began to be experienced around 2009 to 2015.