The US economy has experienced a unprecedented economic meltdown in the last two months and there is no doubt that the global economic collapse is finally here with us. Unlike the 2008 Great Recession , the current economic crisis looks uglier because it has been triggered by a global health problem. Millions of people have already lost their jobs and this is the most intense layoff since the great depression. Economists are predicting that the $2 trillion stimulus package will not hold the economic fallout for long. At the same time, experts are warning that if this economic crisis is not addressed promptly, it will culminate to the biggest depression in history. The US economy will soon slip to a deeper financial crisis and here are some of the top economists that are predicting that the US economy is headed to a depression.
In this video we will show you 5 well known economist who say that this recession will turn into the Next Great Depression:
1. Alan Blinder
Alan is one of the top economists in the US and he once served as the Federal Reserve’s vice chairman and he now works as a professor at Princeton. He has warned that the United States is already in a recession already begun in March. Generally, an economic recession is defined as two consecutive quarters of negative economic growth. However, there are sudden factors that can cause a recession like a dramatic increase in unemployment rate. In recent weeks the number of unemployed people in the United States has risen to 3.3 million as businesses suspend their operations. Alan has warned that this is the beginning of a historic economic collapse because things can only get worse from this point..
2. Maury Obstfeld
Maury is the former chief economists who worked with the International Monetary Fund (IMF) and he is warning that the US economy is headed to a depression. He is arguing that the economy is already in a recession and if this economic meltdown continues for the next two months, the US will be officially in a next great depression. Business activities globally have come to an halt and layoffs are surging to record highs and Maury is comparing this to the great depression. This level of business disruption has not been seen for many decades and this economic fallout can only be compared to the great depression. the US is already going through unprecedented economic contraction and disruption of business operations as millions of Americans stay at home. Analysts are predicting that the United States economy is headed towards the worst quarter since the great depression…
3. Nouriel Roubini
Roubini is warning that with the current health problem which is spiraling out of control, the best economic outcome that we can hope for is an economic collapse that will be deeper than the 2008 global financial crisis. The chances for even worst outcome are increasing every passing day as thousand of business suspends their operations all over. The shock to the global economy is more severe than what we had back in the 2008 economic meltdown. In recent weeks the markets have been plummeting and credits are freezing up and this is being followed by massive bankruptcies as companies fail to coup up with this economic crisis. Companies are going out of business and the annualized GDP is expected to contract with dire financial and microeconomic outcomes…
4. David A. Rosenberg
David is a global strategist and the chief economists at Gluskin Sheff &Associates. At one point he was also works with Merrill Lynch as the Chief North American Economists and he is predicting that the damage to the US and the global economy at large will be more than twice of the damage that happened in the 2008 Great Recession. David is warning that the global GDP will contract by up to 5 percent; a decline that has never been seen since the Second World War. All over the world, restaurants and airline businesses have crashed by more than 50 percent…
5. Peter Schiff
He is the chief global strategist and the CEO in the Euro Pacific Capital and he is predicting that a great depression in inevitable. He disagrees with most of the experts who expects the US economy to only suffer during the first quarter of the year. Schiff is warning that the real GDP will decline by 25 percent and he is also expecting the consumer prices to skyrocket in the near future. He is warning that the coming economic collapse will be greater than the great depression. According to Schiff, the US economy is a big bubble that has already begun bursting….