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Most Australian's wouldn't even pass that test

I think we may as well call this The Great Depression II... With the exception of Australia and a couple of others, you can't really see any country that is escaping without serious economic effects at the moment. It won't play out with the exact same scenario, or imagery, but the overall scope of it seems similar.

We're now on the brink of nationalisation of many (more) overseas banks, and despite all the bailouts, many are about to fall over again (Citigroup for instance). Unemployment is soaring in all major countries. GDP is falling by several percent a quarter. Housing is falling several percent in all major countries. Trade is collapsing. Spending is collapsing.

It took about 4 years for the very worst to bottom in the 1930's Depression, bottoming in about 1933. I think we could be on a similar timescale. This time the US started in about 07, so would expect the economic bottom may be somewhere between late 2010-2011.

I think with the more rapid spread of information in today's world, and greater awareness of economic matters, the trip down seems to be playing out quicker, which may mean the recovery may be a bit closer than last time.

<blockquote data-quote="gfresh" data-source="post: 400943" data-attributes="member: 9662">Most Australian&#039;s wouldn&#039;t even pass that test <img src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" class="smilie smilie--sprite smilie--sprite1" alt=":)" title="Smile&nbsp; &nbsp; :)" loading="lazy" data-shortname=":)" /> I think we may as well call this The Great Depression II... With the exception of Australia and a couple of others, you can&#039;t really see any country that is escaping without serious economic effects at the moment. It won&#039;t play out with the exact same scenario, or imagery, but the overall scope of it seems similar. We&#039;re now on the brink of nationalisation of many (more) overseas banks, and despite all the bailouts, many are about to fall over again (Citigroup for instance). Unemployment is soaring in all major countries. GDP is falling by several percent a quarter. Housing is falling several percent in all major countries. Trade is collapsing. Spending is collapsing. It took about 4 years for the very worst to bottom in the 1930&#039;s Depression, bottoming in about 1933. I think we could be on a similar timescale. This time the US started in about 07, so would expect the economic bottom may be somewhere between late 2010-2011.I think with the more rapid spread of information in today&#039;s world, and greater awareness of economic matters, the trip down seems to be playing out quicker, which may mean the recovery may be a bit closer than last time.</blockquote>

[QUOTE="gfresh, post: 400943, member: 9662"] Most Australian's wouldn't even pass that test :) I think we may as well call this The Great Depression II... With the exception of Australia and a couple of others, you can't really see any country that is escaping without serious economic effects at the moment. It won't play out with the exact same scenario, or imagery, but the overall scope of it seems similar. We're now on the brink of nationalisation of many (more) overseas banks, and despite all the bailouts, many are about to fall over again (Citigroup for instance). Unemployment is soaring in all major countries. GDP is falling by several percent a quarter. Housing is falling several percent in all major countries. Trade is collapsing. Spending is collapsing. It took about 4 years for the very worst to bottom in the 1930's Depression, bottoming in about 1933. I think we could be on a similar timescale. This time the US started in about 07, so would expect the economic bottom may be somewhere between late 2010-2011. I think with the more rapid spread of information in today's world, and greater awareness of economic matters, the trip down seems to be playing out quicker, which may mean the recovery may be a bit closer than last time. [/QUOTE]

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