Back on July 1, I wrote the following:
At the risk of sounding all gloom and doom, everything I've been reading the last few months about the global economy has me wondering if this is how the world felt in June, 1930. The Great Depression didn't happen overnight after the stock market crash in 1929, and a lot of the issues facing the US and global economies are issues that are not going to be easily handled in a short period of time....
I sincerely hope I'm wrong, but I see little at this time to be optimistic about.
Today, the New York Times published the following from Nobel Prize-winning economist Paul Krugman:
The fact is that recent economic numbers have been terrifying, not just in the United States but around the world. Manufacturing, in particular, is plunging everywhere. Banks aren’t lending; businesses and consumers aren’t spending. Let’s not mince words: This looks an awful lot like the beginning of a second Great Depression.
Here's my plan: first, I'm going to soil myself. Then I plan to regroup and come up with a new plan.