The worst nightmare forecast by economic specialists over the previous years has come true: new research by economic gurus in the United States of America has revealed a bleak scenario: the United States’ economy is in a state of depression. Yes, it is the Double Dip, a roller-coaster ride to economic catastrophe and it has arrived. To come: massive debt default, the failure of entire nations and widespread starvation in the western world.
The research referring to the works of a number of leading economists (David Rosenberg, Fred Harrison, Arthur Laffer, Nobel Prizewinner Paul Krugman, Robin Griffiths) is revealed in the article by US based analyst and writer, Terrence Aym*. And it makes terrifying reading.
While these leading economists represent different views from opposite ends of the political spectrums both in the USA and the UK, on one thing they agree: the decade ahead is going to get worse.
David Rosenberg states categorically that the United States’ economy has entered another Great Depression, the beginning of the double dip much referred to in recent years, following the shocking revelation in July that the US real estate market has collapsed 27% compared with July 2009.
British economist Fred Harrison explains that property speculation around the globe was responsible for the boom and bust waves ripping through the world economy and claims that tax reforms could have avoided the crisis. What he predicts now is a decade-long depression fueled by “a massive contraction in demand” resulting in a 45 trillion-dollar debt default and unemployment rates of 25% in the USA and UK. Worse still, Harrison predicts the failure of entire nations and “something unseen for hundreds of years could appear again: wholesale starvation of peoples in some Western countries”.More Here..