Former Canadian politician says Depression quite probable

No shortage of people who want to hear Garth Turner’s dark market forecast

Quietly, growing numbers of Canadians are snapping up home safes, hoarding cash, buying gold and installing generators, and a new book on the current financial mess predicts this is just the start of a rush to prepare for possible depression.

Garth Turner, whose 2008 best-seller “Greater Fool” correctly forecast the current residential real estate meltdown, now says “doing nothing is no longer an option” for families facing a collapsing economy. His latest book, “After the Crash” explains why the money contagion now sweeping the world will affect everyone, and could devastate those who fail to get ready.

* Big new drops in house prices.
* Neighbourhood food shortages.
* Firewood at $300 a cord.
* Electricity outages.
* Trouble for the Vancouver Olympics.
* A pension crisis.
* Cancellation of some credit cards.
* Empty Big Box stores.
* Desperation in the suburbs.
* Even a devastating run on a Canadian bank.

Turner says any of these – or all of them – are possible over the next two years or more, after the crash of the biggest bubble economy in history. Even a concerted effort by governments around the world, zero interest rates and trillions in new spending may be unable to prevent a deflationary spiral which will cost millions of jobs, drop real estate values in Albertan oil country by half, indebt governments and see more Boomers become Wal-Mart greeters, he says.
LINK