01/08/2009
Noble economist Joseph Stiglitz and former IMF chief economist Simon Johnson are among those who have begun to warn that the second leg of the economic crisis is on the horizon - and it will likely lead to a second Great Depression.
In “The Five Stages of Collapse” Russian engineer, Dmitry Orlov says,
“I watched the Soviet Union collapse, and, since I am also familiar with the details of the situation in the United States, I can make comparisons between these two failed superpowers.”
Orlov added, “I was born and grew up in Russia, and I traveled back to Russia repeatedly between the late 80s and mid-90s. This allowed me to gain a solid understanding of the dynamics of the collapse process as it unfolded there. By the mid-90s it was quite clear to me that the US was headed in the same general direction.”
“Commercial and political collapse, are driven by financial collapse, and will overlap each other. Right now, it is unclear which one is farther along.”
In addition the to abysmal numbers in unemployment and foreclosures, there are predictions that the collapse of the commercial real estate markets are destined to follow.
“Each stage involves the loss of faith, or trust in some key components of the status quo.”
Regardless of where you are on the economic ladder, there is no denying the United States is in trouble.
Comments
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