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It's official: We're in a Great Recession

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posted on Apr, 19 2009 @ 12:03 PM
Not long into this, and we're in a Great Recession. More evidence the current administration is doing exactly the wrong things.

Volcker: Recovery will be a 'long slog'
Obama's senior economic advisor says economy is in a "great recession"; says Fed's role in economy will be reviewed.

By Ros Krasny and Kristina Cooke
April 18, 2009: 12:42 PM ET

NASHVILLE, Tenn (Reuters) -- Paul Volcker, senior economic adviser to President Barack Obama, said Saturday that the U.S. economic recovery will be a "long slog" but that the rate of decline "is going to slow."

The United States may not be in a Great Depression but it is "in a great recession for sure," following the economy's unprecedented tumble in late 2008, Volcker said at a financial markets conference at Vanderbilt University in Nashville, Tennessee.

posted on Apr, 19 2009 @ 12:22 PM
reply to post by Dbriefed

It happens to be even worse than what Volcker says. this is why we are hearing more and more about a global currency.

The G20 has set up a plan for this, when the global economic crash occures. None of us will like it.

Personally Volcker is is one scary dude. One of the top officials in the Illuminati.

I'm curious what card will be played next. He will be extremely cautious not to set off panic and bank runs, blood on the streets, etc, unless this is part of the larger plan.

posted on Apr, 19 2009 @ 04:11 PM
reply to post by Dbriefed

The thing is, there may not be any "right things" that they can do to avoid a Depression. This correction was supposed to come back in 2001, with the dot-com bubble-burst. Alan Greenspan had spent 40 years preparing for it, based on the Kondratieff-Wave hypothesis (Greenspan was a student of Joseph Schumpeter, who regarded the Kondratieff Wave as the most important thing to understand in economics). Greenspan had hoped to be Federal Reserve Chairman when Kondratieff-Winter (K-Winter = Depression) hit, because he had the hypothesis that he could avoid K-Winter (Depression) by increasing the money supply and reducing interest rates to near zero, but he also knew that if he was wrong, it would inevitably come back to K-Winter, only much worse -- it would make the Great Depression look like a "Sunday-school picnic."

This brings us up to Today -- and it's worth noting that Greenspan was replaced by Ben Bernanke, one of the leading experts on the Great Depression -- and our current Depression, caused by the multi-Trillion dollar credit bubble that is now bursting, in it's various forms. In September, Paulson/Bernanke told Bush that it there "could be a Depression worse than the Great Depression." Greenspan, who thought he had avoided K-Winter, stated that he was in "shocked disbelief."

So, Obama wins the election and the next day they tell him what the deal is. Now the Administration is doing everything in their power to try to miraculously re-inflate the bubble for a second time around -- at least until they can all get out of office and they can let the next chump take the fall when K-Winter comes back around, bigger and badder, refusing to be denied. When K-Winter hits, the best thing that a President can do is just not be the sitting President at the time.

At least, that's the Kondratieff/Schumpeter view of things, and if this is accurate, then there's probably nothing that we can do to avoid it -- and if we do, it's only going to be worse the next time around. So let's hope it's wrong (even though it looks pretty right, and Schumpeter looks pretty accurate) because otherwise, we're going into a horrible economic contraction that's going to suck very bad for a couple of decades, and the only thing that can save us is a major technological breakthrough on par with the discovery of fire or the invention of the wheel.

Too bad for us.

[edit on 19-4-2009 by theWCH]


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