The Depression: Past And Future

August 17, 2011 by John Myers


The greenback that was once revered around the world is now an asset that depreciates almost daily.America’s recovery has run out of steam.

Job growth is nonexistent. Stock indexes cling to highs set earlier this year. Barack Obama’s moneyfest has failed to right America’s listing ship. Yet no one from the Potomac to Wall Street has noticed the obvious — that the U.S. is facing a deflationary collapse worse than anything that has happened in 80 years.

I remember the Crash of 1987, Black Monday, Oct. 19. The only thing I had going for my family was that I held enough gold to somewhat offset the huge losses in my portfolio.

But I was lucky. The ensuing recovery meant that I never understood the hardship my parents and grandparents endured during the Great Depression. I worry that may change.

Bedtime Stories That Give Me Nightmares

Upon learning of the great stock market crash that swept away fortunes, my grandfather said to my dad, “Good riddance.â€