Second Great Depression?

www.businessinsider.com...-the-depressions-world-output-1

Check the chart slideshow.

Quite revealing as in some areas of the world we have already experienced a more severe economic decline than did occur during the great depression of the 1930's. - Italy for example.

We should expect a social fallout from this.


(spelling)

[edit on 3-7-2009 by leo123]

I'm sorry but your graphs and proof means nothing to me.

Obama said everything is ok, and i'm going to believe him with my heart, mind, soul, life, existence.

It's your proof against the President, I side on the president everytime.

Nice.

Scary.

So, we have about 30 months left according to the graph.

Gives me time to prepare.

I am so proud of someone who can stand up for the president like that. Especially in times like this.

-My next block of government cheese is for you!-

Good lord, Italy and Japan essentially rolled off a cliff didn't they???

I am, of course, always weary of graphs that try and compare different time's economic woes.. the situations are never the same, and the markets were entirely different..

Still, I look at these charts and I am assuming they are using "% declined/gained" in which case I suppose you could compare the two eras.

There's nothing like a rational response is there?

On the other hand your premise is so illogical I expect you were going for laughs. If so, good job!

If by any chance you are serious, just keep the blindfolds on to save embarrassment. Other readers might be interested to note the source of the 'graphs and proof':


Barry Eichengreen

Professor of Economics and Political Science at the University of California, Berkeley; and formerly Senior Policy Advisor at the International Monetary Fund. CEPR Research Fellow


Kevin H. O'Rourke

Professor of Economics at Trinity College Dublin and CEPR Research Fellow

reply to post by leo123

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the only real difference, and its a big one is that in the USA in the 30's there was the "dust bowl". If there was a natural disaster on that scale we would be in much worse shape, and at least people back then were more self sufficient...

reply to post by pause4thought

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Um, I think Obama has far better credentials than some old guy with fancy titles and positions and a stuffy professor from Ireland..

reply to post by Rockpuck

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Hmmm. Let's just say I remain unconvinced. I thought Obama was a lawyer (i.e. a professionally trained lier) and a politician (i.e. a professional agenda-merchant).

The data, on the other hand, largely speaks for itself.

You are not the only one. There must be millions of folks like you who see Obama the way you do and who extend their hopes of salvation toward him. That's why the Church is going to make an exemption in elevating Obama into the sainthood during his lifetime. Not even Peter, the founder of Roman Catholic Church, could wield such a distinction.


voices.washingtonpost.com...

The White House is obviously hesitant to confirm the Vatican intention -- this is really unprecedented. St. Barack . . .



[edit on 7/4/2009 by stander]

Umm.. ya, he is a professional lawyer, that's true.. but he also served two years as a senator.. which is like.. half a whole friggin turn.. then he spent a whole year being a candidate (he forgot to vote that entire time) and I sure as hellz don't see those two jerks being a half-term senator do you?









I just realized.. we elected a guy who served only half a term in the senate.. no.. not even half.. elected in 2005 he essentially stopped in 2007 to be a full time candidate... anyways..

it doesn't matter.

He's Obama, he walks on water, you would do damn well to remember that.

reply to post by Rockpuck

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Apologies, RP. I didn't get your drift till my sarcasm meter exploded in my face after reading your post.

If he says the economy is peachy, the economy is peachy.

The facts lie. Politicians don't.

i was gonna say i love the sarcasm in this thread

for the usa we ARE IN a depression PROcess........how severe the depression will be is $$$$ question

I had at least one thread started on what to look for to determine the severity or not as this process unwinds......thou there are still lots of ? marks

woody brock had a good article linked in many places www.huffingtonpost.com...


basically he says we need to get Debt to GDP under control after the run-up over the next 2 years or so.....(country's historically are in very DELICATE fragile states) right after a period in which there debt to gdp ratio's rise quickly.....we have seen that japan had been somewhat stable at the high end of where economists think a country can be.....but they have depended alot on the U.S consumer as well......and Japan isn't doin' too hot lately .....i think we see a restructuring of the socio-economic systems and economy's and basically our lives......this is what i believe the NWO is about......with the paths country's have been on and the inflexibility of govt's to stand up to the growing power of industry giants and the globalism push......it just seems inevitable........and unfortunately when a country with more freedoms than most......and a economy that is rather delicately built on debt and consumption..........that spells a recipe for well a depressionary process......loss of freedoms......and .....the question is how fascist do things get......remember there is NO voice in washington for the people....at least not that i see.....

time to check the hotdogs and burgers and take a dip in the pool.....life is still good........have a good day fellas

[edit on 4-7-2009 by cpdaman]

The OP was confusing, but the link points to an excellent article with great graphs.

Although we are in a depression which is headed worse, there will be a bottom to it as the economy de-leverages and corrects. Jobs are a lagging indicator, so some areas of the economy will even out as inventories shrink and people will have to start replacing things that break and can't be fixed.

I say we're in a depression now because it's measured by 10% decrease in GDP, GDP is made of 1) Personal consumption 2) Business investment 3) Government spending 4) Imports/Exports. Business investment went down 22% annualized Q109 which to us office workers means fewer projects and resources required for those projects (layoffs). Imports went down 77% annualized last quarter which means we're spending less on retail goods, but it has the opposite effect on GDP (less trade makes GDP higher).

www.theglobeandmail.com...

"The crops are done for this year, all done,” said Mr. Becker, who's been farming near Kindersley, Sask., for 40 years. “They gave the okay to spray it all down. Everything. I've never seen anything like it.”

All across western Saskatchewan and southern Alberta, farmers are scanning crop-insurance policies and calculating how short they'll be on payments this year as one of the worst droughts on record parches their land and their bank accounts."