America and much of the world has entered "The Greatest Depression"

beaujolais-nouveau

according to Gerald Celente.

http://yonkerstribune.typepad.com/yonkers_tribune/2009/03/the-greatest-depression-under-way-by-gerald-celente.html

If he's correct, then each of us has probably got less than six months left in which to implement our our survival plans. Just in time for winter.

I know that there are still some people who say this is "doom-mongering" but they grew fewer in number, day by day. I heard a commentator on Radio 4 yesterday use a phrase that grabbed my attention: we are all going to be scarred by this. The current recession already makes the last two look like a walk in the park.

Masomnia

http://forums.moneysavingexpert.com/showthread.html?t=1535635

In what way is this one worse than the last two? Genuinely curious, I don't remember them. As far as I can tell unemployment isn't much (any?) worse, the fall in GDP hasn't been worse and so on.

chucky

Masomnia wrote: »

http://forums.moneysavingexpert.com/showthread.html?t=1535635

In what way is this one worse than the last two? Genuinely curious, I don't remember them. As far as I can tell unemployment isn't much (any?) worse, the fall in GDP hasn't been worse and so on.

:rotfl: :rotfl: :rotfl:

quality - i don't know why you even entertain her with the response

Sword_OF_Damocles

The problem with the current situation is that people begin to spread rumours from "A guy I talked to down the street" or "A friend who works in a bank". This perpetuates into a self fulfilling prophecy.

It is going to be bad. However the scenario of "Buying tins and stocking up for survival" is a little alarmist.

slipthru

Sword_OF_Damocles wrote: »

The problem with the current situation is that people begin to spread rumours from "A guy I talked to down the street" or "A friend who works in a bank". This perpetuates into a self fulfilling prophecy.

It is going to be bad. However the scenario of "Buying tins and stocking up for survival" is a little alarmist.

Is that what caused the banks to lose stupid amounts of money, Rumour?

Were the banks in this bad a position in the last two recessions?

Rochdale_Pioneers

Its a self-fulfilling prophesy. "There will be bank runs, so pull cash out now!" How much do we need? How long a period would we need to cover with this cash reserve? Then imagine the effects if everyone started pulling thousands from their bank accounts all at the same time - the very bank run you were worried about!

Andrew64

According to my relative who is an economics lecturer, the 'good' news is that this recession should 'only' be as bad as that of the early 80s. BUT the 'bad' news is that it has a very good chance of being an L-shaped recession, rather that the U-shape of the early 80s!

amcluesent

>it has a very good chance of being an L-shaped recession, rather that the U-shape<

Surely all of Britain plc has gone pear-shaped?

sabretoothtigger

Sword_OF_Damocles wrote: »

The problem with the current situation is that people begin to spread rumours from "A guy I talked to down the street" or "A friend who works in a bank". This perpetuates into a self fulfilling prophecy.

It is going to be bad. However the scenario of "Buying tins and stocking up for survival" is a little alarmist.

They said this about a year ago. False rumours about hbos were leading people to make alot of money from short selling

Bear Stearns had just collapsed at least as far as share holders were concerned anyway and as it turns out hbos from june 08 onwards needed 300bn of loan renewals which it could not source in the free market

FSA investigated these short sellers and probably at the time thought, oh crap they were dead on

I understand the idea but sometimes the prophesy is well founded regardless of opinions

Buying tins if it doesnt cost you anything more and the food stores well is probably a good idea to delay rising food costs


I love the irony of your name :laugh:

bo_drinker

Masomnia wrote: »

http://forums.moneysavingexpert.com/showthread.html?t=1535635

In what way is this one worse than the last two? Genuinely curious, I don't remember them. As far as I can tell unemployment isn't much (any?) worse, the fall in GDP hasn't been worse and so on.

If you don't remember them they weren't that serious to you then

I doubt you will forget this one, it won't be over in a year or ten.

tomterm8

Andrew64 wrote: »

According to my relative who is an economics lecturer, the 'good' news is that this recession should 'only' be as bad as that of the early 80s. BUT the 'bad' news is that it has a very good chance of being an L-shaped recession, rather that the U-shape of the early 80s!

Well, lets hope it won't be a % shaped recession, because then we'll all be dooooomed, doooooomed I say.

This will be a nasty recession, but saying it will be worse than the long depression, or the great depression, well.... you're in the loony bin. The long depression lasted 65 months, and at the end there were large sections of the country with 25% unemployment. In the worst affected cities, there was unemployment of 75% and people couldn't afford to feed their babies.