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VIDEO: CNN Warns Americans A New Great Depression Is Coming
Published on 2008-03-05 00:00:00
Source: Darryl Mason
The American economy is propped up on faith and credit, and Wall Street is now in a short supply of both of these essentials. The video below from CNN Money contains the sort of talk that can start runs on banks to withdraw savings and shatter stock markets. That doesn't mean, however, these commentators are not telling the truth.
History will likely record that the "$3-8 Trillion" Iraq War was a key reason why the American economy shuddered to a stop and a new Great Depression began, if the financial genocide continues :
The spending on Iraq was a hidden cause of the current credit crunch because the US central bank responded to the massive financial drain of the war by flooding the American economy with cheap credit.
"The regulators were looking the other way and money was being lent to anybody this side of a life-support system..."
That led to a housing bubble and a consumption boom, and the fallout was plunging the US economy into recession...
