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How Close Are We to New Great Depression?
07-17-2012, 11:20 AM #1
Jed Member
Posts:230 Threads:40 Joined:Mar 2012
Quote:The risk of a new depression — a sustained, severe recession — has struck fear into the heart of markets and driven monetary policy in developed economies since the current financial crisis began.

“When we broke the link between money and gold, this removed all constraints on credit creation. This explosion of credit created the world we live in, but it now seems that credit cannot expand any further because the private sector is incapable of repaying the debt it has already, and if credit begins to contract, there’s a very real danger that we will collapse into a new Great Depression,” he argued.

“If this credit bubble pops, the depression could be so severe that I don’t think our civilization could survive it.”
http://www.cnbc.com/id/48193471

Civilization? lol.gif What we got
now is civilization? I reckon ya'
learn somthin' new ever' day.
Anonymous Kritter Show this Post
07-17-2012, 11:39 AM #2
Anonymous Kritter Incognito Anonymous
 
New Report Predicts Widespread American Job Losses

Government Employees, Teachers, Nurses Among At-Risk Workers

ARLINGTON, Va., July 16, 2012 /PRNewswire-USNewswire/ -- Economist Dr. Stephen Fuller of George Mason University will unveil a new report detailing staggering American job losses in 2013 and beyond resulting from the Budget Control Act of 2011. The report, commissioned by the Aerospace Industries Association, will update previous projections of defense-dependent job losses, and provide the first comprehensive analysis of anticipated job losses in other sectors of the economy.

"This report shows that sequestration is not just a defense problem, it's an American problem," said AIA President and CEO Marion C. Blakey. "Unless our leaders in Washington take action, massive cuts have the potential to impact everyone from the defense worker to teachers, healthcare professionals, government employees and beyond."
http://www.businessreviewcanada.ca/press...job-losses

Things are about to go from bad to hell.
Anonymous Kritter Show this Post
07-17-2012, 12:06 PM #3
Anonymous Kritter Incognito Anonymous
 
think some are already in one others are sure headed that way by looks of how the global economy is going
07-17-2012, 03:21 PM #4
yankees skier
Posts:5,898 Threads:215 Joined:Feb 2011
I think we are in the early stages now.

Biere.



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