subject: Current state of the economy 2010 [print this page] Current state of the economy 2010 Current state of the economy 2010
This global recession wehave entered 3 years ago is by far the worst since the great depression What we don't know is this will be a much bigger recession than the great depression. All analysts are saying the worst is over but there is no greater indicator that when everyone agrees on something, the opposite is usually true. What is the current state of the economy 2010? This may me the most important article you ever read because it reveals the truth about what is really going on with our economy. So put on your seat belt because this may be a rocky ride.
What happened in Greece is absolutely horrible. Riots and people are rebelling against the decisions made by its country. You may not know why. The economy obviously is in bad shape just like anywhere in the world and with an unemployment almost at 10%. The people of Greece need help. Greece agreed to a 144 billion bailout loan from other countries but in exchange, Greece agreed to raise taxes to 24% and other things that will affect directly the people of Greece. Worst, this bailout loan is only expected to help Greece for only 1 year and they will be back to square one then.
What is causing this major breakdown in Greece are many things. Each country as a central bank and each central bank as a license to print money without having anything to back it up, no assets to guarantee the value. This particular problem started in 1971 when the law was removed where each country had to have assets i.e. gold or silver as collateral. So now each country in a sense as a license to print money for free which is beginning to show its affect with the Euro dollar; The euro dollar is in such bad shape that it is causing major issues for not only Greece but for every country in Europe.
This is not it. Many countries will be affected in similar ways in the upcoming months As long as all countries are deeply in debt like they are and printing cash for free, this economy disaster will continue. Portugal, Italy and Ireland will be next. It will be follow by UK, Japan, China, US and every other country. Not each country will experience this economy crisis like Greece is but it will at different levels but none the less things will get worst, a lot worse before it gets better. The Real Estate Market will keep dropping; the stock market will get hit again drastically. If you think your banks are safe, think again. If you have a large sum of money in the bank, try to make a large withdrawal and see what happens. Your bank will make all kinds of excuses as to why they will need a few days to get your money. Banks in Europe are already not lending anymore. Here in the U.S. over 100 banks closed in the last 2 years when before that 100 banks had not closed in decades.
Here is the U.S. the unemployment is near 10% according to the official statistics but what they fail to tell you is that these stats are not counting the people that are not eligible for unemployment anymore and the people that are working part time. 17% would be more of an accurate number. The same is true for every country. Now, because of all of these break downs in the economy, the unemployment rate is expected to increase to almost 25% in the U.S. It will rise in your country as well.
At least now you know what is the reality. It won't be a shock when this major economy crisis hits your country. You can now prepare yourself and take your future in your own hand. Don't take on a new debt unless it is pure assets. Reduce your exposure to the stock market; keep your cash in a safe place. The best thing you could do is inform others of what really is upcoming. Letting friends and relatives, especially your children know will help them drastically dealing with these events.
To your success,
Ghyslain
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