The coronavirus pandemic inflicted a “swift and massive shock” that has caused the broadest collapse of the global economy since 1870 despite unprecedented government support, the World Bank said.… “This is a deeply sobering outlook, with the crisis likely to leave long-lasting scars and pose major global challenges,” said World Bank Group Vice President for […]
In a dynamite interview, Richard Fisher, former president and CEO of the Federal Reserve Bank of Dallas, gave what may be the biggest confession you’ll ever see and hear from a Federal Reserve insider: the Federal Reserve knowingly “front ran” the US stock market recovery (i.e., manipulated the market) and created a huge asset bubble. Fisher […]
About a year ago, I said the Chinese economy would not crash, but that it would come in for a controlled landing as Beijing sought to lower it to a target of 7% growth — still excellent growth. So, there’s one I appear to have gotten wrong, given that China is starting to look like a train wreck. At […]
The number of illegal immigrants in the United States totaled 11.3 million in 2014, outnumbering the 9.6 million Americans who were unemployed in the same year, according to data from Pew Research Center and the Bureau of Labor Statistics (BLS). “The new unauthorized immigrant total includes people who cross the border illegally as well as […]
The deal force-fed to Greece by the Germans guarantees Grexit 2015. Look at all that this deal has embedded into its terms, and you’ll see how a Grexit is now assured. This new eurodeal creates all the chemistry necessary for an explosion. Yet, the stock markets rose today because people are excited that, at last, a deal is […]
![By Photo credited to the firm Levy & fils by this site. (It is credited to a photographer "Kuhn" by another publisher [1].) (the source was not disclosed by its uploader.) [Public domain], via Wikimedia Commons](https://thegreatrecession.info/blog/wp-content/uploads/500px-Train_wreck_at_Montparnasse_1895-125x150.jpg)
Granted, global economic collapse can’t be declared as a fact yet, but train wrecks take time. A train doesn’t just crash like a car; it keeps crashing, piling car upon car, banging, tearing out trees, bending steel, plowing up rails, smashing buildings … until all the momentum is finally exhausted to the last squeak. It didn’t take […]
![By Vmenkov (Own work) [CC BY-SA 3.0 (https://creativecommons.org/licenses/by-sa/3.0) or GFDL (https://www.gnu.org/copyleft/fdl.html)], via Wikimedia Commons](https://thegreatrecession.info/blog/wp-content/uploads/Burning-money-and-yuanbao-at-the-cemetery-3249-150x113.jpg)
Half a century ago I remember my mother, as she rolled dough on the kitchen table, listening to radio preachers who predicted that the entire would become a cashless society based on a biblical prophecy in the Book of Revelation. Those preachers are now dead, as is my mother, but their predictions are coming to […]
A cold reality has been blowing into the U.S. since last winter, and it has nothing to do with snow. During a balmy spring one year ago when people were feeling cozy about economic recovery, I said that economic headwinds would build over the summer until they dominated the economy by fall, ending all hopes of recovery. […]
Granted, I bet my blog that the U.S. stock market would crash in the fall of 2014. So, on what basis can I say the crash of 2014 is happening right on schedule in 2015? And why am I still writing? The great stock market crash of 2014 that didn’t happen … yet […]
The stock market plunged. Then it seemed to recovery as if the good times would keep rolling, but look at what’s around the corner. Just a few headlines here showing where the economic news is starting to drift: Orders for Business Equipment Unexpectedly Fall Orders for U.S. business equipment such as machinery and electrical gear […]
As Franklin Roosevelt said, “All we have to fear is fear itself.” The stock market hangs in such peril that it is the fear of fear that is now driving its surges. The market is afraid that Ebola fear will cause a panicked change in people’s economic activities. The market fears the fear. When the stock market […]
CBS reports that the World Bank has just issued a dire warning that the economic impact of Ebola could be enormous. An institution usually known for carefully weighed economic statements says that the economic impact of Ebola could be “catastrophic” even if the epidemic doesn’t spread beyond Africa. By the end of 2015, the economic impact of […]
When you look at numerous key sectors of the economy, they hang together like the bones of a rickety skeleton. Here is a list in bullet points of some economic bones to pick over. When viewed altogether, they indicate the next dip of the Great Recession is likely near and severe: “There are more obvious light switches today or […]
The Central Bank of Ireland is launching a €1 million campaign to create a cashless society in Ireland. The Central Bank on Dublin’s Dame Street is hoping to persuade all of the Irish to surrender their cash forever, and they’re using the current Irish economic troubles as a ripe opportunity to turn that corner on cash. […]
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