THE CATHOLIC KNIGHT: The downplaying and word games are finally over. The mainstream media is FINALLY admitting what many of us have known since October 2008. The United States of America has entered another Great Depression. Eighteen months later, July of 2010, there is still no end in sight....
(Telegraph) - Let us be honest. The US is still trapped in depression a full 18 months into zero interest rates, quantitative easing (QE), and fiscal stimulus that has pushed the budget deficit above 10pc of GDP.It gets worse than that. This Depression is just getting started. While conditions between now and 1930 are a bit different, the principles are the same. Welfare did not exist in 1930 and neither did food stamps. So we are left with the image of bread lines from the last Great Depression era. While we are not likely to see widespread images of a similar caliber in this era, a growing number of Americans will become destitute nonetheless as they grow ever more dependent on the assistance of the federal government and local charities...
The share of the US working-age population with jobs in June actually fell from 58.7pc to 58.5pc. This is the real stress indicator. The ratio was 63pc three years ago. Eight million jobs have been lost.
The average time needed to find a job has risen to a record 35.2 weeks. Nothing like this has been seen before in the post-war era. Jeff Weninger, of Harris Private Bank, said this compares with a peak of 21.2 weeks in the Volcker recession of the early 1980s.
"Legions of individuals have been left with stale skills, and little prospect of finding meaningful work, and benefits that are being exhausted. By our math the crop of people who are unemployed but not receiving a check amounts to 9.2m."
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(CNBC) - The Dow Jones Industrial Average is repeating a pattern that appeared just before markets fell during the Great Depression, Daryl Guppy, CEO at Guppytraders.com, told CNBC Monday.As bad as it is, the worst is yet to come. The Unites States WILL face something in this Depression it did not face in the last one. Due to increasing national debt, and the unrestrained printing of stimulus cash, Americans can look forward to runaway inflation to top it all off. As the value of the dollar declines, coupled with the fall of the markets, and the rise of unemployment, this Depression is poised to become one of the worst in American history, dwarfing the effects of the 1930's Great Depression. This will not only effect the United States, but world markets as well, putting the economic stability of the West in jeopardy.
“Those who don’t remember history are doomed to repeat it…there was a head and shoulders pattern that developed before the Depression in 1929, then with the recovery in 1930 we had another head and shoulders pattern that preceded a fall in the market, and in the current Dow situation we see an exact repeat of that environment,” Guppy said.
The Dow retreated 457.33 points, or 4.5 percent last week, to close at 9,686 Friday. Guppy said a Dow fall below 9,800 confirmed the head and shoulders pattern.
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