Prepare for a Global Depression

[icytailmark (Mark)]

well with the news that italy would have to pay 150 Billion a year i think Italy has no choice but to default. This would kill the european market and the rest of the world will follow.

[jjjnettie (Jeanette)]

the writing has been on the wall for a while now.

[Kevnool (Kev)]

I see they cant manage money like me.

[avandonk]

Let us be fair, if he cannot run the country into the ground while controlling all of the media what is the point of all the bunga bunga parties.

Bert

[GrahamL]

I have complete faith in the good people of the worlds finacial institutions not to bugger things up ..again .


http://www.guardian.co.uk/commentisf...lth-destroyers

[Octane (Humayun)]

Thanks for the link, Graham. Excellent reading.

H

[Stardrifter_WA]

I am in denial, I'm waiting on a better reality. When a new and improved reality appears, then I will, once again, take notice.

Until then, I have my fingers in my ears....lalalalalalala

[Stardrifter_WA]

As long as the Stars come out each night, all is ok Maybe the world will become so broke that they won't be able to pay their light bill.....and all the lights go out......wooohooo

[Paul Haese]

This has been the inevitable correction blowing in the wind for the last 3 years. Pumping all that money into every economy just delayed the correction. Europe needs to get its house in order. However, I doubt that a heavy recession will be avoided. Let's face it infinite growth in a finite system is impossible.

[icytailmark (Mark)]

i feel sorry for the greeks and italians. They have hard road ahead of them. I still cant believe how these countries got into so much debt. Why did the IMF let them get into so much debt? I thought the IMF is suppose to monitor world money?

[Octane (Humayun)]

The IMF is only interested in lining its own pockets.

H

[Merlin66 (Ken)]

Guys,
You want to be over here....
We're currently living in Belgium, and when you see the amount of civil unrest in most of the European countries and understand the depth of the problems....inevitably something's got to go...
A global depression will be bad enough but I think there are underlying currents of something even more dramatic....

[casstony]

Originally Posted by icytailmark

i feel sorry for the greeks and italians. They have hard road ahead of them. I still cant believe how these countries got into so much debt. ?

Greedy bankers and foolish consumers aren't exclusive to the northern hemisphere - when the world economy collapses our enormous housing debt will see us not much better off than the rest of the world.

[casstony]

Originally Posted by Merlin66

Guys,
A global depression will be bad enough but I think there are underlying currents of something even more dramatic....

A glance at history outlines the likely possibilities - world leaders have chosen to stick their head in the sand and risk world war rather than rather than suffer the short term pain involved in reducing debt.

[AndrewJ]

I still cant believe how these countries got into so much debt.

One word.... Traders
I reckon the real problems started when the international monetary system was changed to remove any requirement for solid backing of currency with assets ( ie gold ). Having to back everything with gold etc meant people couldnt trade as freely and as recklessly as they could when it was just bits in a computer.
Just think what will happen when the traders get their hands on something as diaphanous as carbon.
Wonder how much you can get for a burning country??
Is it worth burning a country for profit???

Andrew

[supernova1965 (Warren)]

Originally Posted by Octane

The IMF is only interested in lining its own pockets.

H

Right but I believe they are also trying to prop up a failing system (Feudalism/Capitalism) we need a hybrid of Capitalism and Democracy this is the next step in our evolution.

[overlord (Charles)]

Not to sound callous but i Hope so. Then i'll be able to buy a good business really cheap. There is another reason.... IT's been 20 years since the last recession lol. U know what that means? It means the longer the growth goes.... the deeper the depression. Next depression in Australia, house price will finally collapse.... OVER 60 years.... just like between 1890 and 1960, and we're gonna see great depression and war. Bet on it.

[Paul Haese]

One of capitalisms major problems is it requires large corrections to reset itself.

It must happen and should have happened 3 years ago. It was stupid to pour so much money into each economy, because now many countries are so far in debt they will not be able to feed their poor when a depression or recession does arrive. This country is not exempt either.

If we get out of this without a major war we will be lucky. Examination of the last two world wars had very similar economic conditions prior to those events. Perhaps it is inevitable that we repeat the same mistakes time and time again.

[casstony]

Whether it's the stock market, housing market, commodities or anything else the bankers can get their grubby little fingers into, as soon as you hear "it's different this time" you know we're in trouble.

[AstralTraveller (David)]

Originally Posted by Kevnool

I see they cant manage money like me.

Nah, the trouble is mate, they manage it like me.

Originally Posted by Paul Haese

.....Let's face it infinite growth in a finite system is impossible.

Certainly is. And capitalism must have growth, hence it is unstable.

Originally Posted by supernova1965

Right but I believe they are also trying to prop up a failing system (Feudalism/Capitalism) we need a hybrid of Capitalism and Democracy this is the next step in our evolution.

Sorry Warren but that is like mixing oil and water. While parliament was a step ahead of absolute monarchy it was never intended as democracy for all. Universal suffrage was eventually won - previously people were excluded on the basis of religion, race, nationality, wealth, knowledge (ie education) and of course gender - but with the tremendous and structural disparity in wealth (=power) simply having the right to vote does not give us all an equal say in the running of the world. In my view, so long as the productive capacity of the world is in private hands we can never have true democracy. How to move towards a truly democratic system while avoiding the mistakes of the past is the really big question of our time.