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About Me

Missouri, United States
I consider myself the "black sheep" of the family. I moved away from home when I was 19 and a year ago I decided it was time I moved back home....so glad to be among family and friends. I grew up playing the piano but haven't played in years. I have always thought outside the box, wanting to move to Boquete Panama, I am a tea party participant. I am a reiki master and I have 2 good guard dogs....a dachshund and Jack Russell terrorist. I go to alternative news websites daily for news (don't trust MSM to tell the truth). Operation mockingbird is a CIA operation that began in the '40's to control the media both foreign and domestic. This is why I go to alternative news websites. For an excellent article to read on the subject I suggest http://www.prisonplanet.com/analysis_louise_01_03_03_mockingbird.html

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Friday, August 27, 2010

Rosenberg: Top economists: The second Great Depression has 'Officially' arrived !!

FROM RMN
Posted By: Susoni <Send E-Mail>
Date: Friday, 27-Aug-2010 15:57:49
David Rosenberg, market guru, has officially declared that the US economy is in a state of depression, and he sees the economic superpowers woes worsening.
On the heels of that bleak forecast, the statistics for existing home sales for July were released and the numbers were ugly. The weak housing market collapsed. Reflecting the worst slump in American history, existing housing sales had plummeted a stunning 27 percent and there's no sign on the horizon that sales will stabilize any time soon.
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Citing the period from 1929 to 1932 and the eerie similarities, Rosenberg said, "We may well be reliving history here. If you're keeping score, we have recorded four quarterly advances in real GDP, and the average is only 3 percent." The same happened during the early 1930s stock market rebound of 50 percent after the 1929 crash.
The Great Depression followed the brief economic upswing.
As long as two years ago, one of Britain's top economists predicted a decade-long depression, $45 trillion in debt defaults and unemployment in the US and UK approaching 25% or higher.
During October 2008, economist Fred Harrison told the Foreign Press Association in London,""The massive contraction in demand caused by this 'wealth effect' will condemn the western economy to a decade-long depression."
Like some economists who alerted the Clinton and Bush administrations about the approaching economic crisis, Harrison warned future Prime Minister Gordon Brown of the looming financial danger when Brown was appointed Chancellor of the Exchequer in 1997. Brown, like Presidents Clinton and Bush, ignored the warning.
"Brown blames America for the global crisis. But every country in the world permitted property speculation, which is at the heart of boom/busts. Brown now defends himself by claiming that he tried to get global agreement on a stabilization plan. But he failed to tell the other governments about the tax reforms that could have prevented the crisis," Harrison explained in his speech in London.
Two years later, more economists agree with Harrison. Such luminaries as Arthur Laffer and Paul Krugman are two. Although at the opposite ends of the political spectrum, both see dire times ahead for the United States: higher unemployment, a worsening of the credit crisis and housing slump, more loan defaults, more business failures and more foreclosures. Add to this economic witch's brew the possibility of simultaneous currency deflation and inflation and you have every ingredient necessary for another extended Great Depression.
In fact some economists have begun using the term, Great Depression II.
Harrison concurs and believes that the situation has become so serious that whole nations could fail and something unseen in the West for hundreds of years could appear again: wholesale starvation of peoples in some Western countries.
Loads more on link:
http://www.helium.com/items/1933168-us-in-economic-great-depression

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