I started this blog in June 2007 asking these questions: Are we in a massive asset bubble that will blow up in our faces ??? - ANSWERED YES ! Is western and particularly British society on the verge of social collapse??? What are the best common sense long term investment strategies to keep you rich? When will consumption/debt bubble economics end and a real savings/production economy begin ???

Friday, 12 December 2008

America Has No Means to Recover from a Depression

Speaking in front of members of Congress on Tuesday, economist Peter Morici, a professor at the University of Maryland, said the job loss experienced in November "was much worse than was expected ... The threat of a widespread depression is now real and present."

Many economic observers have justifiably stated that the U.S. is in the midst of the greatest recession facing the nation since the Great Depression. On Monday, the National Bureau of Economic Research finally acknowledged what most of Americans have known for some time: that the U.S. is officially in a deep and painful recession. Few, if any, however, will dare to call the current downturn a Depression. Actually, the department responsible for categorizing our economic condition, NEBR, refuses to use the term, although most Americans, judging by what they see and what is happening to them, realize we are truly entering a depression.

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