We are in what economists and analysts like to refer to as a recession similar to 2001 only deeper. I was pretty busy in 2001, but I don't recall some of the worlds largest banks and brokerage houses going bankrupt. I don't seem to remember the government authorizing $700 billion dollars to keep the financial system from collapsing. I don't remember the Federal Reserve offering $7.4 trillion dollars in funding to banks with frozen credit.
Maybe I blacked out for a few months, but I barely remember a recession back then. In fact, the only reason I knew we had one was because the press talked about it briefly several months after it happened.
I've been hearing some chatter, lately, about an ancient Myans prediction that the world is going to end in December of 2012. I find it hard to believe that the world is going to end, but I can buy into the theory that the world will end as we know it. That can mean a lot of things, but probably not that people will suddenly cease to exist.
Paul B. Farrell has an interesting perspective that makes people's hair stand on end. Most think he is just too far out in left field, but maybe there is some middle ground that helps explain what the Myans are trying to tell us.
He basically explains 7 nightmare scenarios and briefly justifies each one. His scenarios range from there is no exit and we will continue to experience never ending disasters to an endless 100 year bear market, warfare, too many people chasing too few resources, maybe it's just a dream and maybe there is a solution if we act correctly right now. Read his whole article here.