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the great recession recession to depression the great recession the second great depression a wild expansion in government and personal borrowing has fuelled credit growth in the period 1995 2005 setting many english speaking and other western economies for a serious downturn the great recession starting 2005 2010 friday december 05 2008 recession to depression peter schiff seems to have reached a degree of cult status with the circulation of the peter schiff was right video on youtube in fact peter was more precient that even that video shows i recall an interview he gave in 2002 warning of the upcoming financial implosion there are also some critics jealous ones i assume claiming that because peter didn t pick exactly when the world economy would implode that somehow he was wrong it is a laughable notion indeed driven by the same get rich quick day trader mentality which has proven the scourge of this generation just as the irresponsible monetary expansion of the early part of this decade would ultimately lead to our current financial disaster so to will the attempted remedies and bailouts that the us is currently in the midst of turn a severe recession into a us and global depression i suspect it will be more intense in the us but certainly not confined to its shores let me quote a comment from the above linked article it s not just u s stocks and real estate that are going to lose value but u s bonds this is the last bubble yet to burst i think we re going to see a collapse of the bond market sometime during obama s first term and interest rates are going to spiral out of control and the dollar is going to just be destroyed read again interest rates are going to spiral out of control a us dollar collapse followed by global currency instability and sharply higher interest rates will make 2008 look like party compared to 2010 11 unfortunately we are just at the beginning of the downward slope of a multi generational economic downturn of broadly equivalent length and intensity to the great depression so if you are out telling people how this recession will become a depression ask how the economy would look if overnight everyones mortage interest rate doubled posted by peter at 12 35 pm 2 comments anonymous said i d like to post a comment the recession really isn t that bad if you know where to look the bailout money is spilling over to us believe it or not i ve done research and found that there is more money than what you think bailout spillover 5 38 pm peter said http www businessspectator com au bs nsf article gottie link pd20081209 m5sqn opendocument src kgb this article from business spectator is so good it could have been written here it covers the key points that this post tries to address namely how things will go from bad to horrendous and why 2010 will be far worse than 2008 1 the us dollar will collapse in value the bailout is accelerating this process a collapse in the us dollar is a de facto default on us debt 2 china s social stability is built on a narrowly constructed social compact of ever improving economic conditions this compact is now broken 3 a collapse in the us dollar combined with social instability in china will be key drivers behind the d word 4 additionally not covered the end sting in the tail is sharply higher interest rates in the midst of severely depressed demand leading to deadflation 3 33 pm post a comment home about me name peter location canberra act australia back in government recently relocated to canberra view my complete profile previous posts pallative care the day after the modern lemming so what s next mainstream total meltdown end of deflation exported capital and labour more of the d word downward