Evans-Pritchard: In Europe, Depression Now
Friday, February 20, 2009 10:32 AM
By: Julie Crawshaw
Ambrose Evans-Pritchard, international business editor for the Daily Telegraph in London, says debating the risk of a full-blown depression is pointless.
Theres no risk, Evans-Pritchard told Moneynews.com in a wide-ranging interview. Were in it. Its begun.
Evans-Pritchard has covered world politics and economics for 25 years. His reporting in the Telegraph about the global liquidity crisis and now banking crisis was way ahead of the curve.
In an exclusive interview, Evans-Pritchard compared the present economic environment to the beginning of the Great Depression, just before the European banking crisis of 1931 that took down the German and central European banking systems.
He pointed out that, during the past six months, the worlds major economies contracted at rates more severe than those of the 1930s.
source:
http://moneynews.newsmax.com/street...2009/02/20/183719.html?s=al&promo_code=7AAB-1
Volcker: Crisis May Be Worse Than Depression
Friday, February 20, 2009 3:22 PM
The global economy may be deteriorating even faster than it did during the Great Depression, Paul Volcker, a top adviser to President Barack Obama, said on Friday.
Volcker noted that industrial production around the world was declining even more rapidly than in the United States, which is itself under severe strain.
"I don't remember any time, maybe even in the Great Depression, when things went down quite so fast, quite so uniformly around the world," Volcker told a luncheon of economists and investors at Columbia University.
remainder of the article here:
http://moneynews.newsmax.com/streettalk/recession/2009/02/20/183784.html