The reprecussions for our debt laden consumer driven economies are quickly becoming evident. Cities in America are officially going bankrupt as unemployment soars and spending collapses. The farcical statistics behind Chinese manufacturing and real estate have been exposed. And European countries, one by one, are starting to fall.
As Greece was the proverbial “first domino” to fall, it’s fitting that their Prime Minister be the first leader of a western industrialized first-world nation to admit what many contrarians have been screaming for years, that the world is rapidly spiraling into a global depression.
Greece is in a “Great Depression” similar to the American one in the 1930s, the country’s Prime Minister Antonis Samaras told former US President Bill Clinton on Sunday.
“You had the Great Depression in the United States,” Samaras told Clinton, who was visiting Greece as part of a delegation of Greek-American businessmen. “This is exactly what we’re going through in Greece – it’s our version of the Great Depression.”
Recently, U.S. Vice President Joe Biden shared a similar sentiment when, in a speech in Iowa, he declared, “it’s a depression for millions and millions of Americans.”
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