"We are the poster child for global failure," the keynote speaker said about the U.S. and the current recession during his presentation at the National Alliance of Independent Crop Consultants' annual meeting.

"If Argentina, Russia or some other country had this problem, the world wouldn't be in an economic problem. But when the $15 trillion economy, the big daddy of them all, the most respected country in the world, the country that is supposed to be the poster child for institutional success has problems, then we take them all with us. We are the reason that this global setback has been created," said Bruce Scherr, chairman and CEO of Informa Economics, Inc.

Scherr contends that the economic slowdown will be squashed as the economic leaders of countries, not the politicians, get together to create solutions. "The world's economy has globalized despite the influence and activities of politicians around the world. The world economy has globalized because businessmen have globalized it.

He said, "The world is coordinating its efforts to cure the banking system problem." He contends that the banking woes are being solved, and in his estimation, we are going to see a turn in economic indicators by the end of the year, which would make it a 22- to 24-month recession. "It will be extra long because most recessions are about 10 months long," he said.

"To use a basketball analogy, there is a full-court press in solving the banking problems. There is a full-court press involved in stimulus packages, not just here but all over the world, largely to improve infrastructures. There is the role of tax reductions to give consumers more money to spend, and there is an enormous amount of pent up liquidity all over the world, ready to be loaned, but not loaned to date because of a lack of confidence," Scherr said.

He contends that it will be three to six months for confidence to be established to open the faucet on movement of money from bank to bank, banks to commercial entities and those entities to consumers.

Ag's Real Economic Value
Scherr sees countries such as the U.S. and China committing hundreds of billions of dollars to infrastructure-concrete, steel, energy, etc.