US likely to face another economic recession: Expert
An Australian financial expert warned of yet another economic recession facing United States. Steve Jasmine, financial expert from Australia, in his lecture at the Business School, University of Kashmir on, “US debt crisis and its impact on Indian exports,” while outlining the psychological impact of the enormous debt crisis the United States was facing, said there was likelihood of another US recession in the near future.
Steve while providing factual information about the US debt crisis said the size of the debt per family in the US amounted to $669,000 and the amount of interest that must be paid each year to maintain this debt level was $11,000.
He said that the USA earlier used to focus on hard work as the path to wealth but now they see borrowing as the path to wealth. He explained that this mentality change has caused the current debt crisis there.
He concluded with assessing the degree to which India relies on exports to the US and how a possible debt induced recession in the USA would have significant implications for Indian exports.
After conclusion of the lecture the session was thrown upon for questions from the students. Steve appreciated the competence and calibre of the students of Business School and assured them that they had the talent to beat the best in the world.
It is pertinent to mention that Steve has vast experience in the felid of finance and has worked with some globally renowned companies including Shell Australia, the Australia Wheat Board and the Commonwealth Bank of Australia. Jasmine Steve is currently writing a book on George Soros, the billionaire trader.
Prof. Shabir A. Bhat, Director, the Business School, University of Kashmir stressed on the importance of such interactions and reiterated that interactions with eminent personalities from leading trans-national companies not only provide an opportunity to the students to be exposed to the international business environmental but also play an important role in preparing the Business leaders of tomorrow.
