Imf Warns Of Great Depression

[Mr Lee]

IMF warns of Great Depression US economy shrinksThe IMF's top economist, Olivier Blanchard, warned governments around the world should boost domestic demand in order to avoid a Great Depression similar to the downturn that shook the world in the 1930s."Consumer and business confidence indexes have never fallen so far since they began. The coming months will be very bad," Blanchard said in an interview with the French newspaper Le Monde."It is imperative to stifle this loss of confidence, to restart household consumption, if we want to prevent this recession developing into a Great Depression," he added.Read the whole story at the link belowhttp://business.inquirer.net/money/breakin...reat-DepressionEveryone should be sure to do their share to increase demand of household items, and buy and drink more beer. :whistling: :th_closed:

[tom_shor]

And Chicharones.

[retired]

And Chicharones.

I hearby volunteer to increase domestic consumption by increasing my daily /weekly/monthly purchase of SM .

[Mik]

If they want to restart househould consumption then why did they give the bailout money to banks at the top? Maybe they want people at the bottom to borrow more money and go even deeper in debt. The government should have done nothing or else given the bailout money to the people. But that won't happen. The wealthy elite (David Rockefeller types) who control the banks and the Federal Reserve (and the Treasury secretary) want to create chaos. It's all part of their plan toward global government. I expect things will get much worse.

Edited December 26, 2008 by M.Morey

[twostrokes]

If they want to restart househould consumption then why did they give the bailout money to banks at the top? Maybe they want people at the bottom to borrow more money and go even deeper in debt. The government should have done nothing or else given the bailout money to the people. But that won't happen. The wealthy elite (David Rockefeller types) who control the banks and the Federal Reserve (and the Treasury secretary) want to create chaos. It's all part of their plan toward global government. I expect things will get much worse.

I couldn't agree more. The major failures back in 81/82 of the S&L's was all created by the larger banks for one purpose. That was to get rid of a bunch of banking regulations, one main one was to allow banks to cross state lines. When everyone started failing, the big boys, said, gee, we would gladly take over that bank, but we can't cross state lines to do it. So, FDIC, it is your problem, or ah, you could change the regulations...I saw banks with their new signs up covered with canvas waiting for the regulations to change, and the day they did, bingo, the canvas came off and all the failures were now part of one of the big boys...I too expect things to get much worse. In a lot of ways, it might even be better in the long run if there was a great depression. Everyone could delcare bankruptcy, get rid of all their debt, then when things started turning around, everyone could start fresh. We could then go on another spending spree with money we didn't have and probably make another 50 year run or so before it all fell apart again. Seems to be how things work anyway. But this time, only the big boys are getting the benefit of clearing out all their debt and starting fresh. But keeping all the regular folks with their 5-20k worth of credit card debt in place and just keep paying. Jim

[johnrxx99]

I agree two strokes - nationalize the banks, put the bosses in prison (their successors need to know what happens) and start again. Problem is, most of Obama's team would be in prsion as well but no big loss.This is what the press thinks in Ireland. Bet you wont read this in the US or UK:-http://www.independent.ie/opinion/columnis...er-1582376.html