The Greatest Depression Has Only Begun
Global Research
June 2, 2011
The greatest depression in human history is still in its starting stages. What the media and many officials often refer to as the “hangover” from the global financial crisis is in fact the end of the beginning. Originating in 2008, the global economic crisis took the world by storm: banks collapsed, the “too big to fail” became bigger by consolidating the rest, governments bailed out their financial industries, masses of people lost their jobs, the ‘developing’ world was plunged into a deep systemic crisis, food prices rose, which in time spurred social unrest; and the Western nations that took on the bad debts of the big banks are on the precipice of a great global debt crisis, originating in Europe, hitting Greece and Spain, but destined to consume the industrialized world itself. Though many claim that we are in a “recovery,” things could not be further from the truth.
As the mainstream media is finally catching on to the reality of the mirage of the so-called “recovery”, reports are surfacing about a dire global economic situation:
“Evidence of a deterioration of global manufacturing growth and renewed weakness in job creation in the United States emerged Wednesday, two reversals that have markets bracing for an economic pause, or worse… Add to that a daunting list of aggravating factors: the continued implosion of the U.S. housing market, an outbreak of worldwide risk aversion, high crude-oil and gas prices pinching consumer demand, further tightening in China and other emerging-market economies, stock market losses, lack of credit growth, the looming end to the Fed’s monetary stimulus, weak business capital spending, and the still-unfolding sovereign debt crisis in Europe.”
And now top financial experts are warning of a new financial crisis altogether, since the monstrous derivatives market that played such a nefarious role in the preceding crisis has not been altered, nor have its systemic risks been addressed. The derivatives market – essentially a fictional electronic market of high-stakes gambling – has a value ten times that of the entire global gross national product of the world’s countries combined. This market is dominated by hedge funds and the “too big to fail” banks, who in fact created the derivatives trading schemes. As one leading hedge fund manager recently stated, “There is definitely going to be another financial crisis around the corner… because we haven’t solved any of the things that caused the previous crisis.” The market for derivatives is somewhere in the realm of $600 trillion.
The Rest…HERE
It is a depression for sure. And today the President says these things will take a while. A while? Really? Ya, and by then people will be in a serious finanicial trouble. If the government would step aside and let small buisness be, you would see stocks rally. My current situation is like millions of other americans. My employer has lowered my hours down to four a week. Luckily, I don’t have to run to foodstamp lines, but my life is still hard. Shopping smart, with little money. Can’t pay the house phone. Sacrifices are starting to trickle down. Thank god I had the brains to fix my car in the fall, to get it ready for a 120 degree summer, now in the midst of a Great Depression. But I also bought a bicycle. You never know what the hell you may need. I encourge all, to please have a plan, an emergency plan. Be prepared to have something, extra water, food, healthy types food, vitamins. You have to take care of yourselves and your loved ones and be mentally strong. Don’t be sheep. Don’t be dependent, call your mother, before you run to government assistance. It’s hard people but you have to be strong. Be leaders. Take the bad news and be a step ahead. Do your research. Be brave. Your life is your life. Live it the best you can, by making the best you can. Alter what you have to. Chin up. Warn those that listen what is coming. Godspeed.