Global Economic Crisis Worsens, Threatens World With Global Depression; U.S. Economy In Free Fall
One of the leading websites on the Global Economic Crisis issues a stark warning that a global economic depression may be irreversible
Press Release (PressBurner) Mar 01, 2009 - According to the website GlobalEconomicCrisis.com, the latest economic data emerging from major economies is so bad, it suggests a turning point has been reached and that a global economic depression may be irreversible.
“The most recent macroeconomic data makes it clear that we are in a synchronized global recession," said Sheldon Filger, blog master for GlobalEconomicCrisis.com. “Unless well-conceived and coordinated action is taken by the political leaders of the world's major economies almost immediately, a protracted and devastating global depression will become inevitable and unavoidable."
According to Mr. Filger, the latest data from the two largest economies, the United States and Japan, clearly illustrates that both nations are in free fall economic collapse. The final quarter of 2008 showed that the U.S. GDP contracted at an annual rate of more than 6%, while Japan sunk at an even more alarming 12.7%.
The Global Economic Crisis website also has indicated in several recent posts that the banking sectors in the United States and the United Kingdom are insolvent. The website also stated that the banking system of the European Union holds $24 trillion in toxic assets, according to a leaked secret document issued by the European Commission.
“An economic catastrophe worse than the Great Depression of the 1930s appears to be on the verge of afflicting our world, turning the globalized economy into a negative feedback loop of financial doom and macroeconomic disintegration," Mr. Filger said. The blog master for the Global Economic Crisis website has recently reported on the implosion of the banking systems of several major economies. The link to the global economic crisis website is http://www.GlobalEconomicCrisis.com
