PRLog (Press Release) – Mar 01, 2009 – According to the website GlobalEconomicCrisis.com, the latest economic data emerging from major economies is so bad, it suggests a turning point has been reached and that a global economic depression may be irreversible.
“The most recent macroeconomic data makes it clear that we are in a synchronized global recession," said Sheldon Filger, blog master for GlobalEconomicCrisis.com. “Unless well-conceived and coordinated action is taken by the political leaders of the world's major economies almost immediately, a protracted and devastating global depression will become inevitable and unavoidable."
According to Mr. Filger, the latest data from the two largest economies, the United States and Japan, clearly illustrates that both nations are in free fall economic collapse. The final quarter of 2008 showed that the U.S. GDP contracted at an annual rate of more than 6%, while Japan sunk at an even more alarming 12.7%.
The Global Economic Crisis website also has indicated in several recent posts that the banking sectors in the United States and the United Kingdom are insolvent. The website also stated that the banking system of the European Union holds $24 trillion in toxic assets, according to a leaked secret document issued by the European Commission.
“An economic catastrophe worse than the Great Depression of the 1930s appears to be on the verge of afflicting our world, turning the globalized economy into a negative feedback loop of financial doom and macroeconomic disintegration," Mr. Filger said. The blog master for the Global Economic Crisis website has recently reported on the implosion of the banking systems of several major economies.
March 1 (Reuters) - HSBC Holdings PLC: * Plans to halt U.S. personal loans, mortgages - wsj * Will continue to provide credit cards - wsj ((New York Equities Desk; tel: +1 646 223 6000)) (For more news about HSBC Holdings PLC click here:) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved.
View todays ( March 2nd) collapsed market in RED
I have no idea what that graph is representing.
ReplyDeleteit represents the melting rate of ice cream in extreme heat.
ReplyDeleteThe blogger changed the graph.
ReplyDeleteI figured this graph would be a little more recognizable...The last graph represented the DOW and its collapse
ReplyDeleteThere are leaks in the system which made fiscal policy ineffective. The leaks that I can think about are :
ReplyDelete1. international trade, money leak to other countries from this channel, maybe about 20%
2. currency swap, money leak from this channel... maybe 30-50%
If you don't plug these leaks, your stimulus package won't work.
I have no data of bank transaction / currency swap during that 3 times injection by Bush. But, I suspect some people are robbing USA.
There are some alike features between thailand crisis and USA crisis
- central bank had very less currency reserve
- banks lending too much
- housing bubbles
Maybe that person targeted at USD first then will buy stock at cheap price later. Same concept which george soros has done to thailand.
brother can you spare a dime
ReplyDeletemmmmmmmmm let's go back to S&H green stamps, the Fed has no control over that. lol
ReplyDeleteQuit being ridiculous! There is no coming depression! If you people would open your eyes and ears, you'd see recovery everywhere. Ben Bernake even said the recession will be over by the end of 2009! You doom and gloomers are a riot!
ReplyDeleteMac
MAC; You are living on some other planet and will believe any lie; if you think we are not in trouble! Wake up and see the reality of the disaster that is all around us.This is not a recession, but it is a major depression, heading for a total meltdown!!!
ReplyDeleteMac, Your Lord Ben Bernake even said a few months ago that we were not in a recession...go figure
ReplyDeleteI think Mac is just playing with your heads, I believe he knows we are going into an epic meltdown and a suicidal great depression of colossal proportions.
ReplyDeleteIt would be nice to see this graph on some sort of logarithmic scale. The graph is exaggerated on the left in much the same way that a long term graph of the Dow or S and P would be. I'm doing this in my head, but if you look at the 1900 to 1920 period, the dollar goes from 25 to maybe 9ish, followed by a short period of deflation and then a "great moderation," and then the great depression, and deflation. Between 1968 and 1988, it goes from 5ish to 1 and a quarterish. The extremer period of inflation actually looks like the milder.
ReplyDeleteI'm with Mac. Pay no attention to the man behind the curtain. Listen to the big floating head.
I'm gonna take MAC as being facetious...I see no other way of taking him, with those comments.
ReplyDeleteWe are going into an epic meltdown and a suicidal great depression of colossal proportions and MAC has gone crazy and delusional as a result.
ReplyDelete