New York, NY "The U.S. economy’s vital signs may not confirm a diagnosis of depression. The symptoms increasingly point to one" reports Bloomberg Business News.
As in the Great Depression, world trade is collapsing, wealth is evaporating and the banking system is broken. Deflation is a growing threat as companies slash production, pay and prices. And leaders worldwide are having difficulty making headway in halting the self-perpetuating decline.
“We are tracking 1929-1930,” says Barry Eichengreen, a professor of economics and political science at the University of California, Berkeley.
Gee. Isn't this exactly what I told you was coming way back in October 2006? My old radio shows are still archived online; go listen for yourselves!
Bloomberg Story Here