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We Are Witnessing The First Great Depression Of The 21th Century: 2013 Will Be A Year of Serious Global Crisis. Austerity, High Tax Rates, Near-Zero Growth Will Last At Least A Decade, Natural Resources Are Running Out At An Alarming Rate, & Many Wont Survive.

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GRANTHAM: Here Are The Basic Forces That Will Send Growth To Near-Zero For Decades

from Jeremy Grantham:

“Someday, when the debt is repaid and housing is normal and Europe has settled down, most business people seem to expect a recovery back to America’s old 3.4% a year growth trend, or at least something close,” he wrote. “They should not hold their breath.

“A declining growth trend is inevitable and permanent and is caused by some pretty basic forces.”

Those basic forces include unfavorable demographic trends, decelerating productivity growth, tightening resource constraints, and rising environmental costs.

Tax hikes are inevitable: 2013 Looks a Lot Like 1937 in Four Fearsome Ways

from Bloomberg:

Will 2013 be 1937? This is the question many analysts are posing as the stock market has dropped after the U.S. election. On Nov. 16, they noted that industrial production, a crucial figure, dropped as well.

In this case, “1937” means a market drop similar to the one after the re-election of another Democratic president, Franklin D. Roosevelt, in 1936.

The drop wasn’t immediate in that case; it came in the first full year after the election. Industrial productionplummeted by 34.5 percent. The Dow Jones Industrial Average dropped by half, from almost 200 in early 1937 to less than 100 at the end of March 1938.

– Bath of cold water afterward. After this year’s election, President Barack Obama made it clear that budgeting was his priority: “I’m ready and willing to make big commitments to make sure that we’re locking in the kind of deficit reductions that stabilize our deficit, start bringing it down, start bringing down our debt. I’m confident we can do it.”

Roosevelt too opened his second term on a sober budget- cutting note. The president, wrote journalist Anne O’Hare McCormick in 1937, was like “the Dutch householder who carefully totes up his accounts every month and who is really annoyed now that he is bent on balancing the budget, that Congress can’t stop spending.”

Read more at http://investmentwatchblog.com/we-are-witnessing-the-first-great-depression-of-the-21th-century-2013-will-be-a-year-of-serious-global-crisis-austerity-high-tax-rates-near-zero-growth-will-last-at-least-a-decade-natural-resourc/#uRdbf2FzDRPuEzcE.99

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    Total 6 comments
    • Usefuleater

      Why doesn’t the United States write off the debt owed to the illegal Central Bankers for printing our currency to the point of Fiat? Let’s end the Rothschild private bank, The Federal Reserve…dissolve it with our debt and begin printing non-debt based currency by order of the Government of the People’s Treasury Department. The Fed = Fiat Currency = National Debt = The Rothschilds = No longer acceptable by the American people who want their taxes to pay for infrastructure improvement, not to line pockets of the Globalist Elites. They are the richest people in the world and we own them nothing as a result of their fractioal banking pyramid scheme. The wealthiest do no need anymore money…the gap is already too great. Besides they have abanoned our country by divesting in America and transferring our once healthy manufacturing economy to sweatshops in the East and their assets to foreign tax havens in the Caribbean. The U.S. no longer has a tax base, industrial base, and soon, the basics.

    • DaveB

      “Natural Resources Are Running Out At An Alarming Rate”

      That means that zero growth will permanent, not for 10 years, but for the foreseeable future.

      Zero resources means zero growth.

    • Anonymous

      Sorry but global natural disasters trump any other major disaster. Won’t it be great when government is essentially gone and our main concern is staying alive? Universe has such effective solutions.

    • Anonymous

      Shale gas and oil must not be natural resource ?

    • Old Harry

      My dad picked strawberries all day for “$.50″ a day in the 1930′s. The average worker worked 10 hour days six days a week. The poor were helped with food and clothing by the community and the local churches, no welfare, and no food stamps, just generosity. I never received my first bike until I was 14, and I got wear all my brothers hand me downs. I got one pair of tennis shoes once a year. There was no TV so we read books, played outside or the park in a pick up game, or played games inside the house. Checkers, cards, and tag. I was in charge of the chickens in the back yard, and had to help in the garden. We canned fruit from our apricot tree, our plum trees, and our peach trees because money was tight. Postage stamps were one cents. My family bought a four bedroom house for $2,000, made from river rocks. There were lots of exchanges such as pigs for bread and credit, with no money exchanged. Our telephone had a crank on the side and we had to crank it three times for the operator. I want to talk to Bill, OK, I’ll put you through. I chopped lots of wood for the winter fire place. The fridge would last for twenty years. The dog ate scraps. The cat ate mice. Think about it.

      • Fred C Dobbs

        A good life Harry.

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