New Report Predicts Severe Global Economic Depression By 2012
A report just released by a major economics website predicts that the global economy will fall into a deep worldwide depression by 2012. The report, entitled "Global Economic Forecast 2010-2015: Recession Into Depression" was written by Sheldon Filger, the blogger for the popular website GlobalEconomicCrisis.com and contributor to the Huffington Post on economics and business affairs. A major finding of "Global Economic Forecast 2010-2015" is that the vast sums of public money poured into the global financial system since the collapse of Lehman Brothers in September 2008 has only brought about a brief and illusory recovery from the free fall collapse that occurred towards the end of 2008. According to Mr. Filger, the unprecedented growth in public debt affecting major advanced and developing economies, justified as the cost of rescuing the global financial system from the abyss, has actually set in motion a process that will ultimately lead to a massive sovereign debt crisis. "Public debt to GDP ratios have grown by staggering proportions, especially in the United States and United Kingdom, while the fundamental affliction of the banking systems in these countries and elsewhere remains unresolved: toxic assets corrupting their balance sheets. When the next stage of the banking crisis erupts, driven in large part by a projected collapse in the commercial real estate market, sovereign governments will have become utterly insolvent, rendering them incapable of borrowing the vast sums required for the next financial bailout," Sheldon Filger stated. The combination of government insolvency and banking systems collapsing under the weight of non-performing assets will lead to a critical aggravation of the global economic crisis by 2012, according to the report, which projects a synchronized global depression through at least 2015. "Global Economic Forecast 2010-2015: Recession Into Depression" is available at Sheldon Filger can be contacted at shel@mts.net and by phone at 204-786-5845; mobile 204-799-3655.
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