Looking Back on the Greatest Depression ~ GERALD CELENTE

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Looking Back on the Greatest Depression

By Gerald Celente

Excerpts:

THE ABNORMAL HAD BEEN RENAMED THE NORMAL

Borrow to the limit now, and pay sooner or later was “normal.”

Normal, prior to “The Greatest Depression,” meant unchecked over consumption and over development made possible by the availability of cheap money and easy credit.

On the consumer end, “normal” was a death wish, “shop ‘til you drop” – an obsessive compulsion by the profligate many to spend money they didn’t have but had to borrow.

5/06/09 Kingston, New York On average, world trade fell 31 percent in January 2009. To varying degrees, recession and depression gripped globally.

“The outlook for global consumption remains bleak. Exports are likely to remain lackluster until global consumers regain their appetite for consumption,” wrote Jing Ulrich, managing director at JPMorgan in Hong Kong, in response to the dire data.

Article continues: http://dailyreckoning.com/looking-ba...st-depression/