I believe that just as the political and financial authorities were incorrect about the imminent end of the depression in 1930, their successors are incorrect about the imminent end of the depression today. Last Friday, British economists were shocked when the GDP numbers from the Office of National Statistics indicated further economic contraction instead of the growth that had been uniformly forecast, and I expect this to be the first of many such surprises to the downside.
Priscilla says:
January 21, 2010 at 10:31 pm
What can we (my family) do to be prepared in case the worse does happen?
One worse case, would be the dollar being worth nothing. Currently, we only have our home debit. We pay extra each month on our mortgage.