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Get ready, America: Great Depression 2.0


He cautions: "Many of the same individuals who did not see the crisis coming are now loudly assuring the public that the worst is already past, whereas those who correctly anticipated it tend to be somewhat less optimistic about the future."

The river is rising

In his detailed analysis, Day explains the U.S. economy has relied on a constant increase of the level of debt to fund its economic growth.

He points out the average annual expansion of commercial bank credit since 1973 is 8.4 percent, which has sustained an average of 3 percent yearly GDP growth.

1 Comments in Response to

Comment by Sharon Jarvis
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While watching CSpan today, I saw a discussion of the media claim that things were looking up.  Every single caller--got that? every single caller--from around the country, said things were terrible.  Businesses closing up, few job opportunities, etc.  In Ohio one woman said she'd been looking for work for two years.  The "help wanted" pages had shrunk from four pages to three columns.  Unless the sheeple wake up and get their bodies into the streets, nothing will change.

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