Recession 'worst for 100 years'

Recession 'worst for 100 years'

news.bbc.co.uk

The current global recession is "the most serious for over 100 years", cabinet minister Ed Balls has said.


Mr Balls, a former economic adviser to Gordon Brown, said it was "more extreme and more serious than that of the 1930s", the Yorkshire Post reported.

(visit the link for the full news article)

There you have it we are heading into a depression that will dwarf that of the 1930's, and our governments knew it all along and lied to us about it. Instead of investing the money they borrowed to try to get us out of this in thing's like basic infrastructure (renewing the road networks and fitting our country with fibre optic networks for fast internet so we can run businesses from home) they just squandered the cash on thing's like the 2.5% vat cut that hasn't helped a single business along with paying the banks billions just so they can continue to pay out huge bonuses to each other.

news.bbc.co.uk
(visit the link for the full news article)

reply to post by solidshot


Actually, they cut the broadband from the House version of the bill.

I fail to see how this is worse than the depression of the 1930s. It is not at that level yet. WE lost like 30% of our GDP then or something like that. I would say we're not at that level yet.

Maybe the rest of the world is declining...

But I think it's funny how the global elite's plan for collapsing the economy kind of backfired on them. Now they're complaining about how they can't do what they want to do... I guess their plan as to dominate the world with setting up a financial crises failed. What are they going to do next?

They've failed at taking over the world with the war on terror, and now, with a financial crises.

So, what's their next plan?

So this is it huh? Is this the official word? Does this give me the excuse I need to do what I think is needed to be done? Does this constitute as a revolt? And please, dont call me a fear monger, for it is in our face !
Its not fear mongering when it is happening to us. It is what it is. We have to do what we have to do in order to get by, and to many, that might even give them an excuse to act in a childish behavior, for these are the people I need to worry myself about now, not only jsut the government, but the people who are pushed to the brink of committing crimes on others in order to protect themselves? If so, what will that make me if I have to do what I have to do to protect myself from these people? Im really scared for our future and I am a hardened former Marine. I am for the people, i always have been, but it seems as if lately, nobody gives a damn about their neighbors or communities. It seems everything that I and many others like me have worked for is being stripped away from us, all along the lines of stupidity and lack of common sense.

what would you all do at this point ?
Am I being unrealistic?
what will it take for people to realize this isnt a game ?

[edit on 10-2-2009 by Common Good]

reply to post by Common Good


Don't you realize that this is all part of their plan? They want people to revolt. They want for people to revolt and then engage in local conflicts that will result in the fall of their governments. It will make it all the more easier for them to take control of these rebellions and to send spies to these nations and to be justified with their intervention in these nations.

yes I do Frank, and thats what I am scared of. I am scared of the revolts, because like I said, people are going to act the way that they want them to act. Im not scared for myself, because I really dont care what happens to me, I am scared for the people I love.
I do realize your view on how they set this up, but why they set this up doesnt concern me, for I am aware of why. I am scared of the people that dont understand. Those are going to be the people who are acting foolish, not me. Im not going to let the govt just open up mymouth and piss down it, I wont allow that to happen, eventhough in a way you can say they already have been doing it to me for years. I know where you are comming from and I completely agree, but I dont think its the why that we must concern ourselves with at this moment, its the how, the how the hell are we going to fix this? We all know why, govt is *&*&&*^. But we have known about this for a long time, and have never acted on it.
I am just sick of people sitting back and getting pissed on you know what I mean ?

What this guy is saying is that we are on a much worse financial footing than we were in the 1930's or at any other point in the 20th century during a recession. We currently operate a fiat currency system worldwide with floating exchange rates, which is much more instable than what we used to rebound during the post-WW2 years until Bretton Woods.

So, whether or not we are in fact in or headed for a Depression II, the truth of the matter is the potential for catastrophe changes the game entirely.

It’s certainly not to the level of the 30’s yet, but then we’re just entering into this thing. Remember that it was 31-32 when the bread lines started to show up. There was also the dustbowl that aggravated the conditions back then, but I’ve already seen predictions of an extended drought in the coming years. It’s going to get far worse before it gets better folks. The comparisons of Obama to FDR and Lincoln should tell you all you need to know.

reply to post by solidshot


Not quite sure what you mean by "fitting the country with a fibre optic network", as every network is optical anyway. It's only the last mile of the legacy PSTN network that isn't fibre and to be honest there is no real need. provided you have fibre up to the local DP, then copper will work fine over the short distance to the home. This is what Virgin do, despite their claims of "fibre optic" to home it really is only to the street cab then it is on coaxial copper cable, which is still better than the old twisted pair lines that ADSL services use.

As for the roads, again there isn't a real need to upgrade the road networks. Where real investment is needed is on the railways, but then the Government have been spending billions over the past few years anyway on major rail projects and have plans to build more, such as Crossrail.

What they really should have done is used money borrowed to offset income tax and NI reductions, so that people would have a real and immediate boost to their take home pay.

This would allow them to start spending again, jump start the economy and off we go....

But that's too simple and easy, we all know the Government will always choose the most convoluted, arse-about-face way of doing something over the simplest option!

But as for Ed Balls comment, he claims it was a specific comment about the financial circumstances and not a real comparison with the Depression. I just want the Government to give a clear message and be honest, but we all know the Labour bastards in the Cabinet have a problem with being straight and honest.....

Well, last year this time all the politicians would shout " there will be no recession" and it happened. Then " it will not be a big one" and it was . Now they claim : " the impact on ordinary people would be worse than that experienced during the Great Depression of the 1930s. " .. well, if they allways lied about the economy why would we thrust them now? my opinion: this is actually public warning in a "secret" way. "They" allways told us what is going to happen!

Originally posted by sty
Well, last year this time all the politicians would shout " there will be no recession" and it happened. Then " it will not be a big one" and it was . Now they claim : " the impact on ordinary people would be worse than that experienced during the Great Depression of the 1930s. " .. well, if they allways lied about the economy why would we thrust them now? my opinion: this is actually public warning in a "secret" way. "They" allways told us what is going to happen!

Welcome to politics. It first was not a recession indeed, then it became a recession, then a crisis, then a severe crisis and now they are telling we will have a depression. I am afraid our lifestyles will shortly change radically. Not sure whether that's a good or bad thing.

All people are saying that this isn't a depression because we don't see the GDP declining 30% or have a 30% unemployment... A depression doesn't happen in a few months.

We ain't see nothing yet. There's a few bubbles that haven't exploded yet and the most important of it all, the US dollar hasn't collapsed yet.

I have to agree were not in a depression yet, but from what I've seen there is a long way to go before this is finished. Also after the depression of the 30's we were dragged into WW2 what's the betting this could take us into another?

History is repeating itself---------this depression is mirroring the great depression and Ed Balls is afraid of the resurgance of the far right ,the BNP.This will happen as it did in the 30's.Look to the past and all the answers are there.Get prepared for WW3.That will be the end game for sure.Somebody has orchestrated this whole thing just as they did 70 odd years ago.We are being played and unless we wise up we are on the losing side.

This isn't as bad as the early 80's yet let alone being compared to the 30's Depression.
It may end up being as bad, only time will tell but I for one doubt it.

The worst of it all is that we appear to have learnt nothing; the people with the real power remain unhurt and their personal fortunes increase as does their control.
70 years down the line, we, the people, have as little say and influence as we ever have and are the first to suffer.

Seriously? I wish I was as optimistic as you!!

Originally posted by uk today
History is repeating itself---------this depression is mirroring the great depression and Ed Balls is afraid of the resurgance of the far right ,the BNP.

History is indeed repeating itself....but to compare the BNP with Hitler's Nazi party is scaremongering at best and at worst just downright ignorant and naive.
The BNP do not preach racial superiority at all.
Please do research of your own and formulate your own opinions free from the influences of MSM and the PC brigade.

bnp.org.uk...

I have no desire to derail this thread, I just felt this needed addressing.
It has been discussed on numerous occassions here on ATS.
If you wish to continue this discussion please feel free to post on any of these threads or the numerous other related threads easily accessed through the search function.

www.abovetopsecret.com...

www.abovetopsecret.com...

The rise in Nationalism is due to the failure of PC driven policies and the alienation of the British public.
End of story.


[Edit for poor grammar, yet again]

[edit on 10/2/09 by Freeborn]

Its interesting that it took one year for the morons in Washington and the financial gurus to accept that we were in a recession, sad that they are still trying to come to terms that the mess the economy is right now is actually a recession.

See after the first great depression the government promised the financial and the wealthy that they would be protected in case that happen again.

I guess no money in the world can fix the greed that put the economy where is right now.

reply to post by uk today


Optimistic?
No.
Just realistic.

I don't know how old you are or where you live but I live in North East England, as I did in the 80's and watched it being ripped apart.
N.E. England was the manufacturing heart of this country and it was decimated to such a point that we have never recovered.

That provided the opportunity for the wealth of this country to be sucked out bit by bit.
We are still paying the price.

But rest assured, those that really pull the strings remain unaffected and indeed increase their wealth and control whilst we suffer.
As I stated previously, we have learnt nothing.


[Edit to correct very poor grammar, as usual I'm afraid]

[edit on 10/2/09 by Freeborn]

Dubious sort of statement- "worst for 100 years", does anyone really think that the outcome of this economic debacle will be people living worse than they did 100 years ago?

Obviously it won't *unless there is some absoloute cataclysmic event be it through war, environment, whatever*

Our political class are scared, and so they should be, how ironic that they grill bankers (who do need grilling) when our own political class are so corrupt and taking so many treats from the public coffers- one only has to look at our dear home secretary and her "second home"