Let me give that some background. In the “great” depression 7 million people died of hunger in the US alone. The “Great” depression led to WWII and the abject world wide poeverty that some of the oldies still remember and which prevents them from spening even the smallest amount of money on themselves. I’m sure you all know of such a person. They had every reason.
At he time of the great depression 90% of the US population grew their own food and had their own small family farms. Now perhaps 15% of the US population has access to homegrown food and the rest of the population works in the service industry or the financial industry and only some 12% work in factories actually producing something that can be sold.
More than 600.000 people a month for the last four months have lost their jobs in the US alone. The expectation is that more than 8 million houses will be foreclosed on in the next two years with millions already having been foreclosed on.
So let me set you straight on this littel issue. The IMF says it will be the deepeset depression since the “Great” depression? No, It will be a depression that will dwarf the “great” depression.
Let’s start calling it the “Mega” or the “4 trillion and more lost in the financial world through irresponsible gambling” depression.
WASHINGTON – The global economy is likely to shrink this year for the first time since World War II.
The International Monetary Fund projected the 1.3 per cent drop in a dour forecast released overnight. That could leave at least 10 million more people around the world jobless, some private economists said.
“By any measure, this downturn represents by far the deepest global recession since the Great Depression,” the IMF said in its latest World Economic Outlook. “All corners of the globe are being affected.”