Saturday, February 21, 2009
Former Fed Chairman Paul Volcker has said what many others in the know are saying: this crisis could be even worse than the Great Depression.
As quoted by CNBC:
The global economy may be deteriorating even faster than it did during the Great Depression, Paul Volcker, a top adviser to President Barack Obama, said on Friday.
Volcker noted that industrial production around the world was declining even more rapidly than in the United States, which is itself under severe strain.
"I don't remember any time, maybe even in the Great Depression, when things went down quite so fast, quite so uniformly around the world,'' Volcker told a luncheon of economists and investors at Columbia University.
And honest experts admit that we are already in a depression.