Is the U.S. Headed for another Great Depression?

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U.S., Europe Headed Towards Another Depression?


For some, warnings of a U.S. economic slowdown go beyond a recession. From the CNBC website this morning: The end result of the global economic slowdown may be the U.S. announcing national bankruptcy as the government cannot afford the bailouts that it promised and the market will not bail out the government, Martin Hennecke, senior manager of private clients at Hong Kong-based Tyche, told CNBC on Thursday. We expect a depression in the United States. We expect a depression, very possibly, also in Europe, Hennecke said on Worldwide Exchange.

Hennecke, who previously worked as an investment adviser at Hong Kongs Bridgewater Ltd. and is a frequent guest on CNBC and Bloomberg Television, explained: The estimated $300 billion cost of the Fannie/Freddie bailout will probably be considered as a loss that the government will have to take, therefore passing it on to taxpayers, he explained. We already have $3 trillion of debt, as far as the U.S. government is concerned. These debt figures across the U.S. economy are rising very sharply. When the government can no longer pass the United States immense debt on to taxpayers, it will turn to the holders of U.S. dollars, leading to the eventual downfall of the currency, Hennecke said. Definitely, it (the dollar) is not a safe place to be invested in, as real inflation is closer to 10 or 11 percent than the actual inflation numbers given by the U.S. government, Hennecke said on Worldwide Exchange.

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[EndCredulity]

You trust anything generated by CNBC? I laughed uproariously yesterday morning when they stupidly had their "correspondents" on the trading floor. One woman "journalist" was screeching her report in shrill and breathless hysterics (even at the height of the 9/11 attacks, I had not seen a reporter go so insane on-air).

Funny how whenever the dow rises +300 points, their correspondents don't bother starting their broadcast from the trading floor anymore.

[stockslearnonlinecom]

I truly don't trust any news network only because NONE can or will deliver the "News" with 100% accuracy and honesty.Keep in mind some things are best kept under wraps so that the ones who can't handle the truth will not start a revolt.

[Bobsbag]

I went to Wendy's last night and ordered a 5 piece chicken nugget. But I was told it is now the 4 piece chicken nugget. Same price 20% less nuggets. Damn.

[neroninferno]

if it does happen it will fuck up some stuff in Canada too, and we didn't do anything to deserve it.

[redhard2]

I knew that something like this will happen :D So i turned the sound off at the beginning :D

[chessonmyshirt]

HOLY FUCKING SHIT YOU GOT ME AT THE END

[Zebree1226]

hahahahhahah

[Zebree1226]

Very True Indeed

[EndCredulity]

(continued)

And why?

Because back then, we were still grown-ups. The economic news was reported BY grown-ups, FOR grown-ups. We didn't have our shelves stocked with Matrix DVDs and didn't get boners over the idea of "let's imagine" apocalypses.

[EndCredulity]

(continued)

Like I said in my comment a year ago, no difference from the shrill hysterical news gals on the trading floor who are conspicuously absent when there is a non-catastrophe.

Learn what "Depression" means. New York Times archives are availablel in any good library, on PDF files, and searchable.

Do a NYT text search of the early 80s when things were comparable. No one was talking "Great Depression" back then.

[EndCredulity]

Well, it's been over a year.

Still waiting for the Crack of Doom

Still waiting for Y2K.

Still waiting for bird flu.

I'm still waiting for the 1970 documentary called "1985" which said there'd be no clean drinkable water and an unsustainable population.

(but when 1985 came, no one said "hey remember those horse's asses predicting the end of the world)

Take heart. Maybe it'll happen next year. Or the year after that.

Either way, no one will hold you to account. No alarmist ever is.

[Paetaor]

It won't be great situation by any means but we're not in the position the US is in.

We have lower debt, better banking, less corruption, less military conflict and our economy isn't based on spending borrowed money.

China will still need oil, metals, food etc when they become the next superpower.

[PhilipineMan]

Then when there depressed do your stuff.