[Iran Press TV] American economist Mark Thornton has said that the new report by investment bank Credit Suisse truly depicts that new recessions have begun in the United States.
The report shows wealth inequality has topped its highest level since the Great Depression of 1929 in the US, saying nearly 50 percent of the world's assets are owned by just 0.7 percent of the world's population.
"In a sense wealth disparities do indicate recessions because they have the same cause as the boom and bust cycle in the economy, that is when the central bank or the Federal Reserve of the United States reduces interest rate to very low level because of boom in the economy which leads to an inevitable bust in the economy," Thornton of Mises Institute told Press TV on Wednesday. |