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Recession Will Be The Worst In Modern History, Bank of England Confirms

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posted on Aug, 13 2009 @ 11:41 PM
I am not buying the green shoots, and recovery distraction talk.
Just yesterday, I heard on the radio the announcment that recovery is just around the corner.


The economy will take longer to recover from this recession than it did in previous economic slumps and it will take “several years” before banks are lending normally to households and businesses, Mr King said.

The downbeat message came as the Bank disclosed that it was likely to keep interest rates low for far longer than experts had predicted as Britain shakes off the effects of the downturn.....

.....“We’ve been through an extraordinary financial crisis,” he said.

“One doesn’t need to ask questions about 'the worst since when’ since it may be hard to find any period in which it was actually worse.”

This coincides with the Global European Anticipation Bulletin, who forsaw the events that took place last fall before the bailouts!

As anticipated by LEAP/E2020 as early as October 2008, on the eve of summer 2009, the question of the US and UK capacity to finance their unbridled public deficits has become the central question of international debates, thus paving the way for these two countries to default on their debt by the end of this summer.

At this stage of the global systemic crisis’ process of development, contrary to the dominant political and media stance today, the LEAP/E2020 team does not foresee any economic upsurge after summer 2009 (nor in the following 12 months)

On the contrary, because the origins of the crisis remain unaddressed, we estimate that the summer 2009 will be marked by the converging of three very destructive « rogue waves »

1. Wave of massive unemployment: Three different dates of impact according to the countries in America, Europe, Asia, the Middle East and Africa

2. Wave of serial corporate bankruptcies: companies, banks, housing, states, counties, towns

3. Wave of terminal crisis for the US Dollar, US T-Bond and GBP, and the return of inflation

Leap 2020 English

[edit on 14-8-2009 by burntheships]

posted on Aug, 14 2009 @ 12:07 AM
reply to post by burntheships

Sounds like a perfect storm!Sucks to be caught up in it.Wish I wasn't so interested in drinking the koolade for the past few years.The signs where there I just chose to try and live the dream,easy credit, upward mobility, all that crap. Should have been stocking up on the essentials , getting ready for a huge meltdown.

posted on Aug, 14 2009 @ 12:36 AM
reply to post by frostback

Many of us have been led down the path. Dont fret now...just try to prepare as much as you can. I dont like this as much as the next person...but I am just not buying recovery.

I think that is propaganda talk, and they want us to go out and spend spend borrow more!

They are manipulating the markets also, untill they are ready.
Do as much as you can...while there is little time!

posted on Aug, 14 2009 @ 01:30 AM
again, remember these dates August 22, 2009 - financial corruption revealed? then november 4th 2009 - death of the dollar. The webbots (half past human) forecast once again might prove that it isn't a flub... Plus on there is another thread just started that reveals the hidden caves underneath the giza region... wow... things are starting to fall into place.

posted on Aug, 14 2009 @ 01:35 AM
I think the laughable part(if you can call it that) seems to be that they think the recovery will only happen if people get back to spending the way they were. Well I think all lot of people, me included, have opened their eyes and know that if not now then in the near future a huge crisis will really explode. People are saving now and cutting back the phat spending

They haven't even addressed the real underlying problem. Systemic corruption throughout the business world. When making money became the most important thing in life it really was the start to the downward spiral we're in. Morals get tossed out the window for that weekend home, new car, whatever.

My grandfather ran his own business and I remember during the mid 80's things took a dive and he was struggling. But instead of laying off his 2 guys he kept them on at a loss because he didn't want them to go hungry or not be able to provide for their families. But that's the way he was and more should be like him where the employee who makes the money for these companies is treated fairly and compassionately. Now a major corp. will layoff 5000 people if it gets them an extra 10 cents for the dividend payouts thus earning them an extra fat bonus.

It stinks, where are the pitchforks?

[edit on 14-8-2009 by DEEZNUTZ]

posted on Aug, 14 2009 @ 01:41 AM
reply to post by DEEZNUTZ

I think the pitchforks are on the way!
Your Grandfather was a true man.

What angers me the most is the lies that are put forth on the MSM, telling us that the worst is over! All I have to do to know this is not true is look in my town! California, USA still can not honor it's own IOU's! That is basically theft of taxpayer money!

Everywhere on every corner, there are sign spinners with 70 to 90%off signs, stores closing. Main anchor stores have vanished!

No...there is no recovery...not yet!

posted on Aug, 14 2009 @ 01:57 AM
Yes I have to laugh everytime our brainless leader or 1 of his lackies is on the news saying "It's Over". I'm surprised their not throwing a "ticker tape" parade in it's honor based on all the cheerleading coming from each direction(MSM,friends,family,GOV'T). I know some of my friends and family are just misinformed and don't follow the news as closely as I do. What's the excuse for the rest of the above mentioned?

What about all the toxic assets we nicely bought off of the banks, or all the money we gave GM and such. Haven't heard much about what's going on with our investment. Granted ours was $50 Billion + $13 Billion surplus they had going into last year, not quite what a lot of other countries had to cough up. But our banking system is a little more conservative and wasn't leveraged to the eyeballs like a lot of US banks were.

I would say that was the calm before the big storm. How are the global markets going to react when countries begin to default on their loans? Imagine when some of the Eastern European coutries go bankrupt? What effect will it have if a G8 country goes bankrupt? Bad bad things I'm afraid.

posted on Aug, 14 2009 @ 01:57 AM
Well, so far, we have gotten it quite right haven't we?

I mean, a lot of us when this all began predicted civil unrest, bankrupt states, banking bailout fraud, backlash on elites, government instability, military turbulence...

It seems the only things that haven't really been proven to have begun yet that we all discussed last year are the collapse of the $, the massive rioting expected in America, and the progress of that across the pond to the UK.

And I actually do see it happening.

And it'll truly begin when the first Credit Card company falls or starts to close its books.
People don't just give up the crack pipe when they can't afford the habit, they turn to violence and crime in desperation.
The public are addicted to spending, they can't just stop because they lost a large part of their income. They just switch to easy credit (that is still being issued!)

The only difference between now and twelve months ago is that now people are using the card to pay for the weekly shopping instead of the luxury item.

As soon as a credit company finally realizes they have breached their limit of stabililty, the collapse will begin.

Business cannot simply go on as normal. Credit and the abuse of our financial system (to the point where companies are free to manufacture money simply by adding a digit) is what has caused all of this to begin with.

posted on Aug, 14 2009 @ 02:00 AM
This will sound a bit weird I know, but now is the best time to borrow loans, withthe interests low and the banks fighting over themselves to loan you moneyyou can play them off each other to get an even lower rate, transfer your loans to lower rates and pay off as much as you can as quickly as you can , is my advice, and its what I'm doing right now.
Because as soon as 'the economy 'recovers' the rates will start to rise again , they'll go through the roof.
And besides I saw the 'evening standard' newpaper stands last night on the way home and it said the economies on the rise? Yeah right.

[edit on 14/8/09 by DataWraith]

posted on Aug, 14 2009 @ 02:03 AM
It would be a good time to open a Pawn Shop or Loan Sharking operation

I'm just kidding obviously

posted on Aug, 14 2009 @ 02:07 AM
reply to post by DEEZNUTZ

There is one downtown in my city...just opened on a busy corner, doing brisk business. He buys antiques at a fraction of the price of worth. He is selling stuff also. But he does get a lot of business, people selling family herilooms for practically nothing!

posted on Aug, 14 2009 @ 02:10 AM
The BBC did say that both the French and German economies grew in the last 1/4 and likely to remain in growth for the next 1/4. The UK economy keeps falling.

It has something to do with the amount of financial services and high consumer credit we have in this country. We don't really have any large scale manufacturing left so we are falling behind our European neighbors

posted on Aug, 14 2009 @ 03:51 AM
Lets see... it took them .. what 16-17 months of a recession to figure this out?

Gosh I wish I had the economic foresight to predict or, rather, come to the conclusion as an after thought, that this will be the worst recession in living memory.

Oh.. that's right.. I did .. as did many others way back in 2006 and before. Except then we where called idiots for predicting and form of economic crash while the DOW tipped 14,000.

Anyone who believe in "Green Shoots" needs only to look at the few days prior to the massive stock market crash of October 2008...

Bush. And Paulson. What did they say? "The economy is sound" "Don't worry" and "Put your money in the market!" .............. did you listen? If you did, you lost everything..

What are they telling you now? "The economy is recovering.. don't you worry.. put your money back in the market!"

Are you going to listen? Did you learn from your mistake? If you do listen, you will get burned.

posted on Aug, 14 2009 @ 03:54 AM
reply to post by woodwardjnr

The British economy is in a state near depression .. as is France. Both economies right now are experiencing rebounds in GDP numbers due to government spending, very much like the US. However in both countries economic output is still in decline, as a matter of fact, French exports tanked in the 2Q. Many smaller Service Economies of the European Union literally had the bottom fall out.. most notable being Latvia .. -22% contraction and Ireland, a -14% contraction..

posted on Aug, 14 2009 @ 04:15 AM

Originally posted by Rockpuck

The British economy is in a state near depression .. as is France. Both economies right now are experiencing rebounds in GDP numbers due to government spending, very much like the US.

Just playing devils advocate here Rock.

But doesn't all economic growth occur when a central bank creates money to loan to a government which then spends it. I think where the governments are failing is by not having a central policy that encourages the continued circulation of the created money supply instead of creating fear and insecurity which encourages hoarding and stockpiling.

posted on Aug, 14 2009 @ 04:51 AM
reply to post by In nothing we trust

Depends on what the Governments do with the money. If it's going to use (using America as an example of course) $700 billion dollars to fund a huge list of pet projects .. then yes, the economy will feel direct impacts. Judging from the actual time the money is spent, whether coincidentally all at once, or over a span of several months to years, it's impact may or may not be enough to fluctuate the numbers accordingly. In America's case enough funds are coming to fruition during the mid to late summer after being passed in the earlier part of the year.. this leaves us with a more substantial impact than say, the impact felt in March.

If the funds are directly infused into the Banks.. then the feel on GDP and other numbers are not effected at all.. though hypothetically the idea being to replenish the Reserve Funds would make available those Reserve Funds plus the Reserve Ratio for Loans.. a way to generate inflation through consumerism which is double the expansion of typical inflation. However the banks did not do this, they invested in Capital/Equity markets. Now, again, hypothetically, the Corporations could use the equity to further corporate expansion, which in a chain reaction would rejuvenate the economy. However due mainly to debt leverage, the corporations are now hoarding their funds..

Taking all of this into consideration, it is my hypothesis, that once the Government stimulus funds are factored into the Economy that the decline of the economy will once more gather speed.. If the spending from the Government cannot off set the decline of the Real Economy, we can only assume that when the money dries up, we see a second round of decline. However, because of the trillions of dollars flooding the Financial sector it can also by hypothesized that eventually the Corporations will begin emptying their treasuries once the Real Economy hits a bottom, which has yet to be hit. It can also be assumed that once REAL economic growth is established, the banking institutions will more freely lend the Reserve Notes they are also hoarding.

We will go from our current stage of economic easing, into a period of stronger economic deflation, into a period of sudden economic expansion/high inflation.

This goes for any country that copied the American's Federal Reserve strategy.

The blue prints for the next economic bubble are laid.. it's now only a matter of time before the conjunction of time and place for it to take off.

posted on Aug, 14 2009 @ 04:53 AM
reply to post by Rockpuck

You are right as usual and the worst is yet to come, even
the World Bank and Bernanke are admitting it now.

Here is a break down of some things I have seen, most of it is
mainstream articles and a few confusing rumors that seem to be
surrounded by a web of lies but will be bad no matter how it goes.


It has been confirmed by other news sources now that the
$134 billion in US bonds were likely real, and the japanese
men sneaking them around were likely japanese ministry of finance.

If that is true and they are trying to quietly dump them on the
market and other countries start doing it, we don't have long and
it is likely the trigger event for the Wall street journals mentioned
upcoming nationwide bank shutdown.

The two below say that the two japanese men stopped
with supposedly fake bonds were released...And if they
had been fake they would have broken the law and be
held on counterfeiting charges.
This says the japanese are dumping US bonds secretly
to get off the ship before it goes beneath the waves...

We saw a failure of the 5 year bond sale of T-bills.

Then the failure of the 7 year bond sale of T-bills.

Below says US foreign Embassys are being told to horde
1 years worth of non-US currency due to a possible
lengthy banking shutdown.

Speaking of shutdown, 7 banks in one day went poof...

Close to 600 Bank of America locations to be closed.

FDIC top level official says bank closures to increase 10 fold.

I can see why she would say that with near 2,700 banks being
rated D+ or lower.

Over 1,000 Trillion in derivatives are set to implode.

Once they monetize the debt and start printing money like mad
to buy our own debt up, they will devalue the currency and
turn the US into a modern day Zimbabwe.

They outline how this is likely to happen in these three videos.

The tax revenues have dropped more than anytime since the Great Depression.

The real U6 unemployment rate is closer to 21%.

34 million ppl on food stamps, more than ever before.

The World bank says we are entering a Deflationary Spiral.

While some of the above may be hard to believe, this is
not the first time that things that were hard to believe
ended up being true.

posted on Aug, 14 2009 @ 11:19 AM
by John Galt

August 14, 2009

In the nation known as Whodunnitville,

“Recovery” was the word sung out loud,

Yet all through the Hoovervilles,

The people lived under a cloud.

Others were smiling, cajoling in sin,

In houses like Goldman, and Morgan again,

The Whodummies bought the story,

That all was okay,

But reality was but one Commerce report away.

The ports seemed quite busy,

But empties were abound,

As little came in and even less exported it was found.

When all was said and done they would see,

The Whodummies were duped by those at Citi,

And life would be sad as Christmas came soon,

As the shelves would be empty as a deflating balloon.

The Grinch was back for a return show,

Much like a prediction of Cramer would blow,

Yet the future is blind to those who think not,

Because Christmas is for banksters you silly snot.

Great Report here, on Estimated Monthly Sales.

posted on Aug, 14 2009 @ 01:24 PM
reply to post by burntheships

Japan, France, and Germany decided not to participate in the economic mayham proposed -- they announced it a couple of days ago. But other countries, those with masochistic inclinations, will go ahead and do some tricks like self-impaling, etc.

posted on Aug, 14 2009 @ 01:27 PM
reply to post by stander

Yes, and how sadistic of our government to drag us along
to the horror show!

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