A greater great depression may be in our future.

Here is an article with lots of facts and graphs that makes it look like a great depression is likely. So maybe people should prepare like we are not getting out of this economic downturn anytime soon. In fact it looks like it is going to get a whole lot worse and the article does not even address our debt which will be a drag on the economy for a generation. Then throw in rising world unemployment and the inevitable protectionism that will be demanded and conditions do not look much different than the great depression of the 1930’s.

Think about it, housing in the U.S. is still almost double what it should be and so is the stock market. The Feds cannot lower the interest rates much more or they would be paying people to borrow money. So there is not much more they can do to stimulate the economy. I think we are in a hell of a mess that could last for decades.

So now you might know how despots get control over the world. Just look how people are panicking and throwing out all common sense on the promise of change in the 2008 election and the downturn is just getting started. Also know the socialist tax and spend policies of the Democrats will not be good for business. Maybe you better head for the hills while you still can. I know that gets kind of hard to do when you owe more on your house than it is worth but it will be worth less next year.

“Worse than the Great Depression” by Krassimir Petrov, PhD. FSO Editorial 11/02/2008

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.

The most extraordinary thing is that the mainstream media has never attempted to compare the current economic environment to the one preceding the Great Depression. In essence, it is assumed outright that the Great Depression can never possibly happen again, ever, thus obviating the need for such a comparison. I actually believe that the macroeconomic fundamentals today are much worse, so that we are in for a protracted period of economic depression – a depression much worse than the Great Depression, a depression that would likely be remembered in history as “The Second Great Depression” or The Greater Depression, as Doug Casey has called it so aptly. Here is why I believe that this is the case.

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