Congressman Jerry Nadler told Democracy Now today:
The economy is on the brink of an absolute catastrophe. I’ve been saying for six or seven months now that we’re in 1931. In 1931, a recession that started with the Crash of 1929 tipped into a fifteen-year depression. We are on the precipice of that. If we are very lucky and if we do everything very right from now, we will probably have a two- or three-year very bad recession. If we’re not very lucky or if we don’t do everything right, we could easily have a ten- or fifteen-year depression, a repeat of the 1930s.
While many other people have warned of a depression, including the IMF, the National Bureau of Economic Research, Spain's central bank, and some of the economists who predicted the financial crisis, the length of a depression discussed by Nadler is stunning.
The government is obviously not doing "everything right", so Nadler's warning doesn't really contain much wiggle room.
Wise guy with wise prophecies...
ReplyDeleteEasy enough for the IMF and other affiliates to predict a depression or a boom. All they need do is increase or decrease money flow rate and, wala, there you have it. Why do you think the money changers were thrown out of the temple- this congressman would have us believe depressions are caused by economic forces which are perplexing and difficult to understand. It's really quite simple, we gave away our economic freedom when we placed our monetary system in the hands of a private, for profit bank which continues to decieve called the "Federal Reserve"- whoever controls the money, controls the ebb and flow of the economy, The money changers do whatever is to their benefit not ours.
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