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Hosea 4:6 My people are destroyed for lack of knowledge…

Posts Tagged ‘greater depression’

Economists Herald New Great Depression

Posted by truthpills on 2010/08/11

Figures comparable to 1930s, “central bankers have stood in the way of recovery”

Steve Watson
GCN Live.com
Monday, Aug 9th, 2010
The world is currently experiencing the modern day equivalent of the Great Depression, according to a prominent economist who has added his voice to scores of others now forecasting ongoing economic doom on a scale not seen since the 1930s.

Robin Griffiths, a technical strategist at Cazenove Capital, told CNBC Monday that he sees the stock market bottoming out in October as the world has entered significant financial depression.

“Equities are for losers and bond markets for winners. Equities are simply for people who like losing money,” Griffiths said.
“A double-dip is inevitable and imminent, as Keynesian stimulus measures have never worked anywhere. We are in the equivalent of a Great Depression following 3 years of credit crisis,” he added.

Griffiths also says he has charted a 20-year secular downturn in the West, which we are currently halfway through.

Griffiths’ comments echo those of other notable economists and experts who have concluded that zero growth, mass unemployment, and devastating monetary tightening spells depression on a 1932 level.

With real measures of unemployment having been at around 20% and rising for some time, other analysts have pointed out that the numbers are in the same ballpark as the Great Depression.
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Revealed: The ghost fleet of the recession anchored just east of Singapore

Posted by truthpills on 2009/09/19

By Simon Parry
Last updated at 1:18 PM on 16th September 2009

The biggest and most secretive gathering of ships in maritime history lies at anchor east of Singapore. Never before photographed, it is bigger than the U.S. and British navies combined but has no crew, no cargo and no destination – and is why your Christmas stocking may be on the light side this year

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Bleak sales are another reality check for economy

Posted by truthpills on 2009/08/15

Retail sales bleak for July, reinforcing fears consumers won’t spend the economy to recovery

WASHINGTON (AP) — A bleak report on retail sales Thursday reinforced a nagging worry of economists: Shoppers won’t spend enough to help a recovery take hold.
The figures served as a reality check for an economy that lately has appeared poised to emerge from recession and grow again. Consumer spending powers about 70 percent of economic activity.

The Cash for Clunkers rebate program helped give auto sales to their biggest jump in six months in July, but sales sank elsewhere. Gas stations, department stores, electronics outlets and furniture stores all suffered.

Overall, sales fell 0.1 percent, the Commerce Department said, after two months of modest gains. Economists had expected a 0.7 percent increase. Excluding autos, sales fell 0.6 percent, also much worse than predicted.
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Hard Times

Posted by truthpills on 2009/07/11

Richard Benson
Jul 9, 2009

Our measure of how bad it is in this economy for a broad swath of Americans can be analyzed by asking three basic questions: Are people working, are they making any money, and do they have any money in reserves? To answer these questions and more, below are some shocking facts!

First, are people actually employed? The glum employment situation continues to unravel and on the summer jobs front, 16-19 year olds are facing the worst environment since 1954, before their parents were even born. In 2007, 51 percent of graduating college students had jobs lined up before graduation. This year, less than 20 percent had jobs. Because they can’t find work, the youth of America are staying at home with their parents (maybe forever) and parents can be categorized as “payrents.”
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Worse than the Great Depression

Posted by truthpills on 2009/02/03

Dr. Krassimir Petrov
War on You
Monday, Feb 2, 2009

The mainstream media and Wall Street have reached the consensus that the current credit crisis is the worst since the post-war period. George Soros’ statement that ”the world faces the worst finance crisis since WWII” epitomizes the collective wisdom. The crisis is currently the ultimate scapegoat for all the economic evils that currently plague the global financial system and the global economy – from collapsing stock markets of the world to food shortages in third world counties. We are repeatedly assured that the ultimate fault lies with the Credit Crisis itself; if there were no Credit Crisis, all of these terrible things would never have happened in the economy and the financial markets.

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