Canadian Prime Minister admits this DEPRESSION could be equal to 1929!

LIMA–Prime Minister Stephen Harper said the current economic crisis could be as dangerous as the financial collapse that began in 1929 and the world must avoid repeating history by recognizing the Great Depression was caused by bad government policies.

Harper's remarks came as leaders at the Asia-Pacific Economic Co-operation summit in Peru pledged Saturday to invoke a 12-month moratorium on new trade barriers in an effort to stabilize the present tumultuous global economy.

"The financial crisis has become an economic crisis, and the world is entering an economic period unlike, and potentially as dangerous, as anything we have faced since 1929," Harper said in an address.

The prime minister said policymakers back then erred in allowing their banking sector to contract. They let deflation take hold, attempted to balance government budgets when fiscal stimulus was needed, and closed doors to trade in an effort to protect jobs within their own boundaries, he said.

"Notwithstanding our current difficulties, the prosperity generated around the world in the last part of 20th century, and the beginning of the 21st century, has been unprecedented in history," Harper said.
Earlier in the day, Harper met U.S. President George W. Bush in a bilateral session.

The prime minister said there were many things the two men had agreed on and a few they hadn't, but Bush was always willing to listen.

Harper offered a warm goodbye to the U.S. president in the event he doesn't see him before Jan. 20, when president-elect Barack Obama takes office – which Bush called his "forced retirement."

Comments: Just recently the Canadian Prime Minister stated everything will be fine, the economy is great, Canada is the immune to the world financial crisis. Now admitting there could be a GREAT DEPRESSION. Scary! "Bush on his forced retirement? What does that mean?