While going over the 12 post for 12 months I was struck by how many posts talked about/touched upon economic issues. With the holiday season wrapping up the reality we face can set in once gain. 2009 was, without a doubt, a bad year economically. No job creation, poor retail sales, continued credit contraction and no sustainable recovery in the real estate market all point to what you needed to know: the “economic recovery” underway is a joke.
Regardless of what the government keeps saying the truth is the United States faces hard time in the coming year (or years). John Williams of ShadowStats.com sums up our current problems:
(Right Now) In terms of the GDP, we are about halfway to depression level. If you look at retail sales, industrial production, we are already well into depressionary. If you look at things such as the housing industry, the new orders for durable goods we are in Great Depression territory. If we have hyperinflation, which I see coming not too far down the road, that would be so disruptive to our system that it would result in the cessation of many levels of normal economic commerce, and that would throw us into a great depression, and one worse than was seen in the 1930s…
I am talking something like you saw with the Weimar Republic of the 1930s. There the currency became worthless enough that people used it actually as toilet paper or wallpaper.
The problems you faced yesterday are still here today. Welcome to 2010.
Related posts:
- IT vendors to offer 0% financing… Could IT be next in the economic hit parade?
- The economic reality we live in
- Look beyond our borders for economic data
- President Obama saying the Economic Crisis is “not as bad as we think” is like saying Ted Kaczynski (the Unibomer) only had poor social skills
- Jim Rogers, of Rogers Holdings, isn’t buying the economic news either