Banking collapse has already happened; Crisis is worst ever; Financial system has effectively disintegrated; Mass social insurrection likely
Monday, Feb 23rd, 2009
A wave of economists, investors and other financial experts issued a series of dire warnings concerning the global financial crisis over the weekend, stating that a new era of chaos has taken hold all over the globe.
Some asserted that a total banking collapse has already occurred, while others said that the downturn is now the worst on record, far outstripping the great depression.
Hedge fund manager and billionaire philanthropist George Soros said the financial system has effectively disintegrated, with the turbulence more severe than during the Great Depression and with the decline comparable to the fall of the Soviet Union.
Former chairman of the Federal Reserve Paul Volcker said he could not remember any time, even in the Great Depression, when things went down so fast and quite so uniformly around the world.
Financial market analyst Martin D. Weiss has stated that the banking collapse has already occurred and a major Wall Street meltdown is now imminent.
Leading forecasters, The National Association for Business Economics, have warned that the recession is projected to worsen and unemployment could hit 9% this year, 10% percent next year and continue to rise into 2011. In 2008, the jobless rate averaged 5.8 percent, the highest since 2003.