The mood of the mainstream media is really starting to shift dramatically. At one time they seemed determined to convince all of us that happy days were here again for the U.S. economy, but now some mainstream news outlets are openly warning that the next recession will be “worse than the Great Depression”. Do they really believe that this is true, or is there some other purpose behind their bold headlines? Of course it isn’t exactly difficult to predict that another recession is coming, because the U.S. economy has experienced recession after recession ever since the Federal Reserve was first established in 1913. But the phrase “worse than the Great Depression” implies that what we will soon be facing will be the worst economic downturn in all of U.S. history. That is a very bold statement to make, and it should not be done lightly.
That is why I have been absolutely astounded by some of the mainstream headlines that I have been seeing lately. For example, the following comes from a New York Post article entitled “Next crash will be ‘worse than the Great Depression’: experts”…
“We think the major economies are on the cusp of this turning into the worst recession we have seen in 10 years,”said Murray Gunn, head of global research at Elliott Wave International.
And in a note, he added: “Should the [US] economy start to shrink, and our analysis suggests that it will, the high nominal levels of debt will instantly become a very big issue.”
And here is an excerpt from an article posted on MSN entitled “Experts warn the next recession will be ‘worse than the Great Depression’ and predict it will hit US within two years as $247 trillion global debt outdoes 2008”…
…click on the above link to read the rest of the article…
