Six months ago, I posted The Very Great Depression of 2008:
2008 is going to be rough. According to some, it’s going to be the kind of rough we’ll tell our grandkids about.
Bert Heilema, writing in Canada’s Belleville Intelligencer, cites a chilling report called the Global Europe Anticipation Bulletin. Its authors conclude that we’re about half a year away from total economic meltdown — what they call the forthcoming “Very Great U.S. Depression”.
Friday, half a year later almost to the day, Sen. Chris Dodd told Good Morning America “that we’re literally maybe days away from a complete meltdown of our financial system, with all the implications here at home and globally.”
It was easy enough to see this coming. Those blind to it were either altogether oblivious, too close to the trees to see the forest (like a couple of former traders I know), or people who believe government economic statistics — like the guy in the Czech Republic who took the officially reported 0.9% GDP growth in the first quarter of the as proof that I had a vacuum between my ears.
Believe me, I would rather have been wrong.