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The Economist: U.S. In Depression, Not Recession
- Text size
Paul Joseph Watson
Prison Planet.com
Friday, January 2, 2008
Renowned financial publication The Economist reports that, based on the characteristics of the current financial crisis, the U.S. is in a depression, not a recession.
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| The Economist piece makes the argument that the current crisis is far closer to a depression than a recession and that the only question remaining is how deep the downturn will be. Photo: Unemployed people looking for work in 1935. | |
The admission marks the first time that a major international financial news outlet has acknowledged that the scale of the economic mess is unlike anything seen in recent decades.
Under the headline, Diagnosing depression, the article asks, “What is the difference between a recession and a depression?”
A depression is characterized by “falling asset prices, a credit crunch and deflation,” according to the article, all factors that we see unfolding in the current crisis.
“A depression is the result of a bursting asset and credit bubble, a contraction in credit, and a decline in the general price level,” according to the article. “In the Great Depression average prices in America fell by one-quarter, and nominal GDP ended up shrinking by almost half.”
Fast forward to the start of 2009 and house prices have fallen by at least 17 per cent over the last two years with that number only set to plunge further over the coming 18 months. Overall, American homeowners have lost $2 trillion of equity during what has become the worst housing slump since World War II.
- A d v e r t i s e m e n t
U.S. GDP in the fourth quarter last year fell an estimated six per cent, but that number is expected to accelerate through 2009.
The piece also states that assurances from economists who say that a repeat of the 1930’s is impossible “because policymakers are unlikely to repeat the mistakes of the past,” are coming from the same people who confidently predicted that “a nationwide fall in American house prices was impossible and that financial innovation had made the financial system more resilient.”
The Economist piece makes the argument that the current crisis is far closer to a depression than a recession and that the only question remaining is how deep the downturn will be.
Research related articles:
- Britain may need 0% interest rate to avoid a depression, leading economist warns
- Nobel Prize Winning Economist: Crisis As Bad As Great Depression Or Worse
- Renowned economist Mikhail Khazin : U.S. will soon face second “Great Depression”
- Rogers: The Elite Are Turning A Recession Into A Depression
- IMF warns of Great Depression
- Top Economist Mishkin: Worse Than the Depression
- Roubini Sees Worst Recession in 40 Years, Rally’s End
- Congressman: “If We’re Not Very Lucky Or If We Don’t Do Everything Right, We Could Easily Have A Ten- Or Fifteen-Year Depression”
- Economy Is ‘Already In Recession’
- Poll: 60% say depression ‘likely’
- Former Fed chief says U.S. now in recession
- Banking crisis: Is Britain heading for the worst recession since the 1930s?
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January 2nd, 2009 at 10:35 am
Best way to bring in a global currency is to destroy the economies/currencies of every nation, then swoop and to save the day with the ‘new global currency’
http://www.advisingvideo.com/i.....orld-order
January 2nd, 2009 at 10:49 am
If you pay attention to the media you will have noticed that they did not even admit that we were in a recession until we had been in one for a very long time. I personally doubt that the corporate media, (CNN, FOX) will ever admit that we are actually in a depression. This would go against their purpose, which is to mislead the population.
That being said, anyone who is interested in finding out whether we are in fact in a depression only needs to do the research for themselves, and compare the current economic numbers to those of a depression. (Don’t just believe what you hear or read without doing the research to prove it to your self.)
January 2nd, 2009 at 11:02 am
I have fun on this site , man a whole lot of it …
January 2nd, 2009 at 11:11 am
Like 1000’s of crimes conspired and planned during this Bush regime….the real estate fraud was nothing more than a continuance of Bush Sr’s S&L scandal from the 1980’s under his presidency. Collusion of the appraisers, regulators, Fed, mortgage companies, financial lenders, politicians, legality and law enforcement….all of these very same industries and agencies are now being paid TRILLIONS of tax payer dollars. These people knew the scam and knew that they would be “repaid” for making these global fraudulent loans. This was planned and conspired long before Bush Jr. took office.
Wikipedia the S&L scandal. They actually have a photo of 4 Bush family members as the main culprits.
GOD= Gold, Oil, Drugs.
Gold is value….which means real estate, stocks and bonds, financial scams, pensions, and of course precious metals like gold. (Greenspan and Goldman Sachs were being charged with the greatest gold manipulation fraud case in world history….UNTIL the WTC’s were attacked on 911 destroying all the evidence and closing the case.)
Oil is commodities and energy…..which means oil, gasoline, electricity, natural gas, even the control and advancement of solar, wind, or battery power. Invading Iraq had nothing to do with getting more oil out…it was the opposite. The invasion allowed nothing to be drilled or taken out of Iraq. The control of oil and energy is essential for profit.
Drugs…..are both legal and illegal. Controlling the production and “legal enforcement’ of drugs insures maximum profit. 800,000 Americans were arrest in 2007 for the mere possession of drugs. 2 .5 million US citizens are incarcerated…the highest rate of the top 10 countries combined. The world’s pharmaceutical industry is included here. Billions are made by forcing populations to take “legal” drugs. Mandatory vaccines help control populations worldwide. Afghanistan had wiped out all its poppy productions in 2000. Basically ending heroin production in the world’s most condusive place for growing poppy and heroin. The day after Bush Jr. took office…there was a plan on his desk to invade Afghanistan and start the heroin production back up immediately. Why? In GOD we trust! Illegal drugs, especially from heroin provide TRILLIONS of dollars into Wall Street and financial services worldwide. Without illegal drug profits for the US government and Wall Street, let alone the use of “law enforcement” to keep prices high, the US economy would collapse. The US prison system is the fastest growing industry in the US. In GOD we trust!
January 2nd, 2009 at 11:51 am
Global currency wouldn’t save the day – what would happen is once the goal is agreed to by the necessary players, the credit flow would be reopened, printing presses would slow their march and business would once again proceed. It’s manipulation, plain and simple. Banksters wordwide don’t have to go along with it – top down enforcement. If the men at the top say it will be so then so shall it be. Same reason I don’t have to agree with the National Firearms Act, if the men at the top say it is so then so shall it be.
January 2nd, 2009 at 12:23 pm
No financial algorithm or smiley face can recover the effectively permanent mortgage already saddled upon our people, or delete the inevitable poverty therefrom, sparing a total rejection of debt to the world bank system, consequences preferred, by the population at large. Now the work begins, on both practical and spiritual levels.
Except for our earthmates who propose that we are out of our minds, and who, for incentive or perverted entertainment, antagonise the discussion with misleading data and inflammatory swill, we often preach to one another already under the roof of the church. The real hard work of discussing the upcoming tragedy of mankind, or, as we would base any sane effort, the task of averting of it, is bringing the conversation to strangers and to those still comfortable in the illusion that their world, as they know it, is not ending. To you who endure such frustrations in articulating a rising truth in a generally unwilling mob, do remember that you are not alone.
January 2nd, 2009 at 12:28 pm
That was a very interesting perspective on GOD #4 . It makes alot of sense to me .
Your post reminded me of S.O.A.D – Prison Song, lol.
On a side note and completely offtopic…
Its funny how ive always been told that the music i listen to is bad for my mental health.
When i go look at who these people who preach that message is, and at what fruit they bore, it makes sense as to why i was told to belive that .
Even tho i didn’t “fall for it” so many did, and are still continuing to do so.
What happened to the good old days when people did some thinking of their own?
I would recommend lending a ear to bands like S.O.A.D and Arch Enemy in specific.
Im sure there is alot more artists out there who have NWO on their minds but none which i can safely name comes to mind at this moment.
——————–
This is just my 2cents its not worth it for anyone to break their heads over it
Im not so good at English so mind my grammar and spelling
January 2nd, 2009 at 1:15 pm
Obama Orders the Destruction of NASA to Merge It with Military Space Program:
http://www.cherada.com/articul.....ce-program
January 2nd, 2009 at 1:16 pm
Hey Nanny, you forgot one word….Clinton. The Dem-Repub mirage is just that. Boy Clinton had Bernie “Oy Vey” Schwartz of Loral “sell” satellite launching technology and both were never hanged for treason. And Bernie is a BIG contributor to the laughable “Clinton Global Initiative” which should make Billary ineligible for Sec of State (4th inline for Prez…uh oh!) This is amongst numerous crimes by Boy Clinton. Can’t wait to see Obamas criminal including a major war to knockdown the global population. Think of it 3 straight “coke-head” presidents in a row!
January 2nd, 2009 at 2:11 pm
state department memorandum 200 right here.
http://www.whale.to/v/memorandum.html
January 2nd, 2009 at 4:04 pm
#12:
http://www.expansions.com
http://www.falsebeliefs.com
January 2nd, 2009 at 4:41 pm
A depression could be the best thing for the sheeple, but now when they are all trained to look to the goverment teat, who knows.
http://www.TacticalWarfighterGear.com
January 2nd, 2009 at 5:10 pm
There is no other teat to look to smart ass, when that government has shipped all jobs overseas.
January 2nd, 2009 at 6:05 pm
Will I ever work again?
January 2nd, 2009 at 6:19 pm
heres a great site for healing
January 2nd, 2009 at 6:20 pm
http://www.youtube.com/watch?v=PGjUp1zoov8
January 2nd, 2009 at 6:23 pm
youtube search PROJECT CAMELOT INTERVIEW JIM HUMBLE
January 2nd, 2009 at 6:25 pm
what really sucks is that $5 USD 100 years ago today was work 1/4 ounce of gold, today $5 dollars can’t even buy a half ounce of silver.
January 2nd, 2009 at 6:30 pm
BUT IM UNABLE TO PUT IT ON THE SITE
January 2nd, 2009 at 6:40 pm
It took them a full year to finally diagnose “recession.”
In another year, we’ll all be told “It’s a Depression.”
January 2nd, 2009 at 6:50 pm
please tell alex not to loose his s---.
January 2nd, 2009 at 7:12 pm
NEW GOOGLE VIDEO ———> AMERICA THE FINAL CUT – AMERICA IS BEING DESTROYED FROM WITHIN, BY THE NEW WORLD ORDER NEO-CONS AND THEIR TYRANNICAL SYSTEM OF ENSLAVEMENT BESTOWED UPON THE AMERICAN PEOPLE AND SOON ACROSS THE WORLD !
January 2nd, 2009 at 7:25 pm
You know it is bad when Jack van Impe tells his listeners to go out and buy guns to protect themselves. We need to plant gardens in the yard, and learn canning. Survival is all we have left.
January 2nd, 2009 at 8:11 pm
Your right. Survival is all we have left. Its a good thing that I kept all my stuff from the y2k era..(Oh yea they laugh at me then too)But I Have land.Garden tools.Guns,Livestock.Home canning items and seal a meal equipment.And the know how to do it.. Like ole Hank Jr.says. A country boy can survive. Now if I only had the money to get an AA-12 I would totally ready.
January 2nd, 2009 at 11:10 pm
Speak up at:
http://propagandawerks.blogspot.com
January 2nd, 2009 at 11:57 pm
it was a recession last year when my neighbor lost his job.
it’s a depression this year i lost mine in july after nineteen years…
January 3rd, 2009 at 12:19 am
Wait I just heard someone on CNBC say that things were going to get a lot better in March since the stock market was up 200 points today!
January 3rd, 2009 at 12:34 am
The End Is Near.
January 3rd, 2009 at 12:39 am
good posts here, BUT ” JACK VAN WIMPE ” IS A MORON with all of his rapture, pro- bush , support all wars krap. BUT HE HAS THE GUN PART RIGHT. the depression is here, and it will get worse real fast. GOD WILL SEE TO IT! pray for the best, prepare or the worst, let the rest party! dino.
January 3rd, 2009 at 2:52 am
If their recent admission to a “recession” proves anything, it is that they will not admit it is a full-blown depression until the rest of us have already figured it out and they can’t play ignorant any longer.
January 3rd, 2009 at 3:32 am
I do not know if anyone noticed but this all started 3 months after the democrats took over the congess and senate in 2007 after the last election.This is democratic depression politics as usual! Now the democrats have taking over the white house.Look for more depression politics as usual because of all the kool-aid drinkers in this country who vote democrat ( the worse evil )
January 3rd, 2009 at 3:34 am
Some people have already hit the wall. It will take them 10 years to get out of this depression.
January 3rd, 2009 at 6:03 am
John said “I do not know if anyone noticed but this all started 3 months after the democrats took over the congess and senate in 2007 after the last election.”
John I hate to break the news to you but this started around 2004 ,it has very little to do with the democratic congress or a republican one
January 3rd, 2009 at 8:02 am
The current situation is related to the matter of republicans and democrats in at least one sense- these parties have become a vehicle for the false impression that the voters can any longer direct our nation’s future, with the only and unlikely exception that the people will vote out every last encumbent. While we sweat it out over flag burning, abortion and who is most appealing at the podium, our nation’s basis to exist at all is being quietly sold, controlled through cabinet appointments and by the persistence of an externally directed central bank. Of course, most everyone on this billboard already knows this all too well. We can no longer elect leaders, but simply pretend to – a video game of wishful thinking; a trip to an electronic voting machine.
Self reliance, the search for our spiritual source, teaching of our chilren to garden and fish, and autonomy at the family and community levels are the only real ways to lead ourselves out, unless they are also prohibited, leaving then, divine intervention and enslavement as the only alternatives to war.
January 3rd, 2009 at 9:03 am
FCUK THE NEO-SCUM BLOOD-SUCKERZ, BOY BUSH & O”BAAAA”MA BIN LADEN TOO !!!!!
TIME TO STAND-UP & BE COUNTED FOLKS. LET’S WIN THIS INFOWAR THAT WE’RE IN !!!
SPREAD THE WORD, LET EVERYBODY KNOW WHAT ALEX HAS TAUGHT US !!!!!!!!!!!!!!!!!!!!
RETURN POWER 2 THE PEOPLE, BY THE PEOPLE, & FOR THE PEOPLE
LET THE REVOLUTION BEGIN ………………………………… ALEX JONES 4 PRESIDENT !!!!!!
January 3rd, 2009 at 10:13 am
It will take another year 4 the govt to tell us we have been in a depression for a year. Our govt is so incompentent they make my 2 year old son look like a genius. What is the point of going to a Harvard or Brown if your wanting to be a politician?
January 3rd, 2009 at 11:13 am
Bringing down our Great American Empire is the goal of the demonoids that rule the whole world!! And they do it through the Federal Reserve Banking System and through NAFTA and GATT and by letting the illegal aliens bankrupt us and by shipping our jobs overseas and by allowing foreign Indian workers into our technology industry in the United States and all kinds of national crippling things that they do to destroy the Great American Empire!! And by ruling and runniing our Congress!! All of these things is what has brought us down and will further us into a global depression!! But those of us who know Jesus will not be too terrified by the true and real terrorist!!
January 3rd, 2009 at 11:49 am
Depression hit me several years ago when I saw that the murdering of babies, acceptance of sexual perversion, widespread use of drugs and numerous other sins against God were going to create a loss of our prosperity and of the freedoms we use to have through the Constitution. When we allowed our “Supreme” Court to rule that the Constitution overruled God’s laws we lost that precious document. We brought ourselves down.
January 3rd, 2009 at 12:52 pm
And let’s not forget renowned forecaster Gerald Celente’s predictions of tax revolts, food riots, and the break-up of the US by 2012.
January 3rd, 2009 at 2:04 pm
who gives a f--- what some commie predicts, because we all know they want to see america burn. Its just them having wishfull thinking.