BS percentage needed on "the 25 year Great Depression"

[steve2470]

http://moneymorningtv.com/rickards/ocho.php?pub_id=454975&s1=gdnmmp3

Yes, it's obviously a profit-driven site, so that places its credibility in doubt immediately. Is this 100% BS, or is there any truth to it ? I keep seeing this all over the net. Thanks.

[unblock]

1. you seem to already know the answer ;)

[steve2470]

2. well, no, just my hunch

These sites get some former "expert" and then lead into their apocalyptic predictions. I always start at 100% BS and work my way downward

[unblock]

3. exactly. is it possible? sure, lots of things are possible.

it seems quite unlikely that we'll have protracted depression in the classical sense.

concentration of wealth and an emerging middle class in asia would seem to indicate continued economic growth for some time, albeit at a slow rate. i don't see that growth being shared by the discarded american middle class, but i don't see that stopping continued economic growth globally and for "american" companies.

[steve2470]

4. even back in the 19th century, depressions lasted no longer than 6 years

http://en.wikipedia.org/wiki/Long_Depression

The Great Depression lasted no longer than 12 years, depending on definitions.

So, 25 years to me is immediate BS. I always like to see this kind of profit-driven nonsense taken down and searchable on Google. Amazingly enough, I see nothing debunking this guy yet on Google. Maybe it's buried deep somewhere.

[steve2470]

5. snopes.com has nothing so far nt

[progree]

6. Most real economists think the coming 2016 depression will last no more than 15 or 20 years at most

Actually -- after listening to about 8 minutes of it, let's see, the national debt is huge, the Treasury has been creating trillions in new money ... I finally gave up -- I don't have 47 minutes to watch whacka-doodles sell me books or gold or whatever the pitch is about.

I suspect though from various indications that it's coming to Porter Stansberry's argument that FATCA ( Foreign Account Tax Compliance Act ) or something like that -- where foreign banks are supposed to begin some sort of onerous, difficult, and time-consuming (for the banks) reporting on American citizens or something like that -- is going to increase the momentum of a shift away from the U.S. dollar as the world's main currency for trade and ultimately its status as the world's only reserve currency... and this will mean we can't just print money anymore to finance our debts and all that and so on...

Who knows. This kind of stuff has been out there in one form or another for innumerable decades.

[BobbyBoring]

7. These things usually show up on RW sites!

Along with the survival meals, survival training, etc. I don't know how people can live when they fear so many things!
If we do have a total collapse, nothing you can buy from these clowns will help.

[Curmudgeoness]

8. I am in agreement with this ^^^^^^

There have always been people who have foretold the end of the world, or some such catastrophe. In the end, they are just selling you salvation, or survival techniques. But there is really little that can be done if, in fact, a major collapse is coming. You will not save yourself with whatever they are selling.

But if the right winger nutcases want to buy into it, go for it. Make someone else wealthy by buying all the hype.

[SheilaT]

9. Just another one of the very many

"Be scared, be very scared" things that are so popular.

Even here on DU there are often posts that talk about some coming apocalypse, and how you must be prepared with lots of guns, ammunition, and food supplies. Personally, I have huge skepticism about such things, as I've been reading them for a good fifty years at this point, and variations on that theme go back to before I was born.