I started seeing one of my friends share a lot of links from "The Economic Collapse Blog" on Twitter.. so I had to check them out.
One particular article that really got me scared was their article called "19 Reasons Why It Is Time To Start Freaking Out About the Global Economy".
This is one of the better economy articles that I’d seen. They list out the reason in clear succint English and provide authoritative non-partisan links for each. Here is a snippet from that article.
Under Barack Obama, the United States has been indulging in a debt binge unlike anything ever seen in U.S. history. The following is from a recent Forbes article….
After just one year of the Obama spending binge, federal spending had already rocketed to 25.2% of GDP, the highest in American history except for World War II. That compares to … an average of 19.6% during Bush’s two terms. The average during President Clinton’s two terms was 19.8%, and during the 60-plus years from World War II until 2008 — 19.7%.
Moreover, before Obama there had never been a deficit anywhere near $1 trillion. The highest previously was $458 billion, or less than half a trillion, in 2008.
If Barack Obama had a master plan to fix things he would have implemented it by now.
The yield on 10 year Italian bonds has now risen to more than 6 percent. The yield on 10 year Spanish bonds has now risen to more than 7 percent. This is considered to be an unsustainable level. Citigroup Chief Economist Willem Buiter says that both Italy and Spain are going to need major bailouts. Unemployment in Spain is sitting at a record high of over 24 percent with no hope in sight. Unemployment in the eurozone as a whole has hit a brand new all-time record high.
The entire house of cards is starting to come down and things are going to get really messy.
A lot of people both in the United States and in Europe are going to lose their jobs and their homes over the next few years.
It is likely that the next recession will be even more painful than the last one was.