The Greater Great Depression

[darkbeaver]

Worse than the Great Depression.

By Dr. Krassimir Petrov

Global Research, February 1, 2009
GoldSeek.com



The mainstream media and Wall Street have reached the consensus that the current credit crisis is the worst since the post-war period. George Soros’ statement that ”the world faces the worst finance crisis since WWII” epitomizes the collective wisdom. The crisis is currently the ultimate scapegoat for all the economic evils that currently plague the global financial system and the global economy – from collapsing stock markets of the world to food shortages in third world counties. We are repeatedly assured that the ultimate fault lies with the Credit Crisis itself; if there were no Credit Crisis, all of these terrible things would never have happened in the economy and the financial markets.
The most extraordinary thing is that the mainstream media has never attempted to compare the current economic environment to the one preceding the Great Depression. In essence, it is assumed outright that the Great Depression can never possibly happen again, ever, thus obviating the need for such a comparison. I actually believe that the macroeconomic fundamentals today are much worse, so that we are in for a protracted period of economic depression – a depression much worse than the Great Depression, a depression that would likely be remembered in history as “The Second Great Depression” or The Greater Depression, as Doug Casey has called it so aptly. Here is why I believe that this is the case.
Duplicating Mistakes from the Great Depression
At its core, the environment of the 1

 

[Ron in Regina]

db....You've got me baited. Are you going to expand on this now? 8O

 

[darkbeaver]

db....You've got me baited. Are you going to expand on this now? 8O

Sorry for not replying sooner Ron. I thought some discussion about the looming catostrophic total economic collapse of the west and the ensuing global nuclear war would be of interest to survival minded people but it seems not. I find it a bit odd. Maybe the end of a civilization and our way of life dosen't affect the posters at CCC. I'm quite sure it will have great bearing on my remaining years but if everybody else has no worrys or thoughts on the matter maybe I should stuff my head in the sand as well. I can't afford bait Ron.:lol:

 

[Cliffy]

Why would anyone want to survive a global nuclear war?

People who are waiting for this economy to recover will die of starvation. This economy is in the toilet because it is unsustainable. What we need to be thinking of real serious like is moving to a local economy. Wherever you are there is everything you need to live: food, clothing, shelter, heat. Start to focus on supporting your neighbours and friends and abandon Wallie World and their ilk.

Redefine what it means to make a "living". Redefine what you need to live. Pare down you desires and think about what you need. Our love afair with excess and decadence is over. Time to start thinking more about the survival of the species and not about how much useless stuff you can accumulate. Gather together your family and friends and start living. Stop being a slave to a system that could care less if you live or die.

 

[Avro]

Despite the desire of beave to see people suffer this will all be over in 2010.

Sorry beave, I know you hate hard working people but they will always prevail over losers like you.

 

[Liberalman]

There are more people in the world today than in 1930s but if you look at the ratios it will be the same. I just hope the governments of the world fix this problem without resorting to war like the last great depression.

 

[Cliffy]

We are already in a state of war and much of the world is involved in one way or another.

 

[SirJosephPorter]

Why would anyone want to survive a global nuclear war?

Quite right, Cliffy, who wants to survive the nuclear war? I personally consider myself a product of the information age; I would be totally lost in a pre-industrial society. If there indeed is a nuclear war, I hope I am one of the first victims, one of the first casualties.

Darkbeaver, what you are saying (economic collapse leading to nuclear war) is nothing new. Add Anti-Christ to the mix and religious right has been prophesying this for many years now. According to religious right, 1/3rd of the world population will die in the coming holocaust, which would make it 2 billion dead by today’s count.

In my opinion it is futile, senseless to worry about these things, if it happens, it happens. There is nothing you or I can do to change it. I suggest your time may be better spent by worrying about more mundane matters, rather than upcoming possible holocaust.

 

[JLM]

Why would anyone want to survive a global nuclear war?

Quite right, Cliffy, who wants to survive the nuclear war? I personally consider myself a product of the information age; I would be totally lost in a pre-industrial society. If there indeed is a nuclear war, I hope I am one of the first victims, one of the first casualties.

Darkbeaver, what you are saying (economic collapse leading to nuclear war) is nothing new. Add Anti-Christ to the mix and religious right has been prophesying this for many years now. According to religious right, 1/3rd of the world population will die in the coming holocaust, which would make it 2 billion dead by today’s count.

In my opinion it is futile, senseless to worry about these things, if it happens, it happens. There is nothing you or I can do to change it. I suggest your time may be better spent by worrying about more mundane matters, rather than upcoming possible holocaust.

Yep, it's the kind of thing my Dad used to refer to as "borrowing trouble".

 

[#juan]

From the stories my Dad told me about the "dirty thirties", we aren't even close to anything like the great depression. There are people who profit from bad times and no doubt some are making money out of it this time as well but I think the world will shake this depression off over the next year and every thing will get back to whatever "normal" is.

 

[JLM]

From the stories my Dad told me about the "dirty thirties", we aren't even close to anything like the great depression. There are people who profit from bad times and no doubt some are making money out of it this time as well but I think the world will shake this depression off over the next year and every thing will get back to whatever "normal" is.

You got that right, statements like that just blow people's minds who have been there. Here we are living in houses with 2 or 3 T.V. sets, microwave ovens, CD players, computers, printers, blackberries, raspberries, cell phones, flat screens, large screens, R.V.s, boats, skidoos parked outside. WE are among hte wealthiest people in the world and most of us have NEVER suffered one day of hunger, spent one night in the cold, or lacked dry, clean clothes to wear every day. Yep, statements like that just make you wanna puke.

 

[Tyr]

You got that right, statements like that just blow people's minds who have been there. Here we are living in houses with 2 or 3 T.V. sets, microwave ovens, CD players, computers, printers, blackberries, raspberries, cell phones, flat screens, large screens, R.V.s, boats, skidoos parked outside. WE are among hte wealthiest people in the world and most of us have NEVER suffered one day of hunger, spent one night in the cold, or lacked dry, clean clothes to wear every day. Yep, statements like that just make you wanna puke.

The difference being is that when people become destitute today they will have fallen alot further and alot farther. People in the original "Great Depression" had a much simpler lifestyle and smaller expectations, hence when the crunch came they were able to adapt. Much easier then today's population

I look on our current economic dilema as a correction. It is basically bringing us back to reality and hopefully what comes out in the end is a much healthier society (morally, ethically, etc)

Our current societal value system has grvitated toward radicalism and is greed based.

 

[Liberalman]

Is it a Depression or correction?
Do you think it is time to devalue the Canadian currency before the depression does?

 

[Ron in Regina]

The CAD is sitting under $0.82USD today. Haw far are you talking about???

 

[Tyr]

Is it a Depression or correction?
Do you think it is time to devalue the Canadian currency before the depression does?

It's time to re-evaluate (re-design?) the entire economic model. One keeps hearing of a bailout and the need to pump money into the economy in order for it to survive.

Would you buy fire insurance for your house after it's burned down?

The basic premise of the "economy" is the problem, yet we are determined to "save it from itself"

 

[SirJosephPorter]

Is it a Depression or correction?
Do you think it is time to devalue the Canadian currency before the depression does?

Depression does not devalue a currency. There is no inflation during a depression, if anything; we may get deflation (which is what happened during the last depression).

The only time there is danger of a massive devaluation of a currency, a run on the currency is if government borrows much more than it takes in, and starts printing money to make up the difference (when it does not have good enough credit rating to borrow the money).

In fact, some in USA are worried about a run on US dollar. They fear that government may be forced to print the money to finance the stimulus package, and it will devalue US $ substantially. In my opinion the fear is unfounded, but it is there.

So there is no need to worry about devaluation of Canadian $, there are much bigger things to worry about.

 

[darkbeaver]

Why would anyone want to survive a global nuclear war?

Quite right, Cliffy, who wants to survive the nuclear war? I personally consider myself a product of the information age; I would be totally lost in a pre-industrial society. If there indeed is a nuclear war, I hope I am one of the first victims, one of the first casualties.

Darkbeaver, what you are saying (economic collapse leading to nuclear war) is nothing new. Add Anti-Christ to the mix and religious right has been prophesying this for many years now. According to religious right, 1/3rd of the world population will die in the coming holocaust, which would make it 2 billion dead by today’s count.

In my opinion it is futile, senseless to worry about these things, if it happens, it happens. There is nothing you or I can do to change it. I suggest your time may be better spent by worrying about more mundane matters, rather than upcoming possible holocaust.

I'm not too worried about myself Sir Joe, in the last six or seven years I have been working on provision of the mundane necessities, food, shelter, fuel, power etc;. So it's the rest of you that I'm worried about.

 

[darkbeaver]

From the stories my Dad told me about the "dirty thirties", we aren't even close to anything like the great depression. There are people who profit from bad times and no doubt some are making money out of it this time as well but I think the world will shake this depression off over the next year and every thing will get back to whatever "normal" is.

You can't shake off not having an intact industrial manufacturing base. Ten years to rebuild it at a minimum and that requires maximum emergency effort and assets which have been inconveniently sucked up by the financial criminals, we are bailing the wealthy out while the infrastructure of the continent crumbles to worthless dust. There will be an obvious and undeniable new "normal" forcast for no later than June of this years. It will be a miracle if things can limp along till then.

 

[SirJosephPorter]

I'm not too worried about myself Sir Joe, in the last six or seven years I have been working on provision of the mundane necessities, food, shelter, fuel, power etc;. So it's the rest of you that I'm worried about.

You mean like the religious right nuts made provision for Y2K? I remember, it was quite a fervor among religious right at that time, they were convinced that Y2K was the apocalypse foretold in the Bible.

Religious right leaders were recommending to their followers to stock up on food, electric generators, guns etc., to last them up to two years. A lot of religious right followers spent a lot of money getting ready for Y2K.

And of course, a lot of people made money selling stuff to the Y2K nuts (gourmet dehydrated food etc.). I remember there were quite a few Canadian companies which made a lot of money selling Y2K stuff to the Bible Belt nuts.

 

[Tyr]

You mean like the religious right nuts made provision for Y2K? I remember, it was quite a fervor among religious right at that time, they were convinced that Y2K was the apocalypse foretold in the Bible.

Religious right leaders were recommending to their followers to stock up on food, electric generators, guns etc., to last them up to two years. A lot of religious right followers spent a lot of money getting ready for Y2K.

And of course, a lot of people made money selling stuff to the Y2K nuts (gourmet dehydrated food etc.). I remember there were quite a few Canadian companies which made a lot of money selling Y2K stuff to the Bible Belt nuts.

They are predicting that Obama is the anti-christ and the beginning of the end is upon us. Any and all portents that are not in line with the far right fringes perception of the world is propogated as one more step to Armageddon