From Prison Planet:
Chief Economist: It’s A Depression
“Professor Peter Morici, a former chief economist at the U.S. International Trade Commission, has become one of the first senior economists to admit that the U.S. is facing a 1930’s style depression.
Noting that 2.6 million payroll jobs have been lost since December 2007, Morici told financial publication Kiplinger that a 5 per cent contraction in the fourth quarter made the crisis “worse than a recession”.
“The economy will not recover without fundamental changes in banking and trade policy,” said Morici, an economics professor at Maryland University, “A large stimulus package, though necessary, will only give the economy a temporary lift,” he added. “The economy is in a depression, not a recession.””
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Interesting how in the Bush years the term depression word was hardly used; instead people insisted it was only a recession. Who wants to bet once Obama’s in the term will be used more?
Either way, if you’re not prepared for “end times” as I like to jokingly call it then you should start now. The statistics are all over-grocery stores only have enough food stocked for three days, average American families are only one major health incident away from being financially destitute, etc. At the very least stock up on rice and beans, get basic camping equipment, a shotgun and bullets. (bird shot is good for hunting both birds and vermin)
I’ll stop here so I don’t sound like too much of a paranoid freak. But if you’re a long time reader you already know I am don’t you?
Posted by Vixen as News at 10:37 PM CST