Entering the Greatest Depression in History

Introduction While there is much talk of a recovery on the horizon, commentators are forgetting some crucial aspects of the financial crisis. The crisis is not simply composed of one bubble, the housing real estate bubble, which has already burst. The crisis has many bubbles, all of which dwarf the housing bubble burst of 2008. […]

Paulson Threatened Great Depression, Food Riots To Get Bailout Bill Passed

As it emerges that Paulson had a US$ 700 million conflict of interest when he threatened the US Representatives with food riots and a great depression to get the first bailout voted through he is finally forced to explain himself. During Paulson’s first appearance on Capitol Hill since he left office yesterday, the former CEO […]

IMF predicts worst recession since Great Depression

Let me give that some background. In the “great” depression 7 million people died of hunger in the US alone. The “Great” depression led to WWII and the abject world wide poeverty that some of the oldies still remember and which prevents them from spening even the smallest amount of money on themselves. I’m sure […]

Wall St closes out worst year since Depression

By Chuck Mikolajczak and Chris Sanders NEW YORK (Reuters) – Wall Street closed out its worst year since the Great Depression on Wednesday after an unstoppable credit crisis and a dreadful economic outlook left investors questioning their faith in stock markets. A string of financial disasters culminating in the collapse of Lehman Brothers in the […]

Average home price $18,513 – Unemployment rate 21%

Imagine empty houses, malls, factories, schools. Mad Max homelessness, famine and crime (when it is really about that last piece of bread) and this is only just the beginning. The Great Depression has reached Detroit. The average price of a home is now $18,513 and unemployment has reached 21%, and it’s expected to get worse. […]

NZ halfway through downturn, say economists

Never in my wildest dreams did I think that I would end up predicting a nuclear meltdown of the global economy but how can you not see it happening? The level of ignorance here in New Zealand is simply staggering. If I go to the nearest city and observe the rampant consumerism I see dead […]

Drought parches much of the U.S., may get worse

Funny how during the Great depression water shortage was also one of the reasons the economy collapsed. (CNN) — Marjorye Heeney knew something was wrong when she saw a bulging cloud of black dust darken the sky. Drought-like conditions dried this Kern River bed last year near Bakersfield, California. 1 of 3 She then heard […]