Already it's the worst slump since The Great Depression.
21/10/2008

Since mid 2006 this website has been warning that "The Greater Depression" was on its way, starting with a housing bust. Some now think the worst is over. We don't . We think the troubles are just starting. Here's an extract from a good article in the London Daily Telegrapg...AF " WORST SLUMP SINCE GREAT DEPRESSION Edmund Conway, Economics Editor The economic crisis will cause Western nations to suffer their worst year of growth since the Great Depression, experts warned, amid signs that the financial turmoil has spread to previously untouched parts of the world. Major industrial economies will suffer the worst slump since the 1930s , according to new research from Deutsche Bank. The warning underlines the fact that policymakers have failed to prevent the financial crisis from turning into a full-blown economic slump. It comes as world leaders agreed to hold a summit in New York billed as the “Bretton Woods meeting for the 21st century”. In its major assessment of the global economy’s health, Deutsche Bank. also warned that Britain is even more vulnerable than the US or the Euro area, as it predicted that the powerhouses of India and China would fail to support the wider global economy through the downturn . The bank’s economists, Thomas Mayer and Peter Hooper, said “We now expect a major recession for the world economy over the year ahead, with growth in the industrial countries falling to its lowest level since the Great Depression and global growth falling to 1.2pc, its lowest level since the severe downturn of the early 1980s. According to the International Monetary Fund, global growth of anything less than 3pc constitutes a world recession. The warning was echoed by richard Berner, of Morgan Stanley, who said “A global recession is now under way and risks are still pointed to the downside for commodity prices and earnings."

 
 
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