As someone who has openly stated that the U.S. economy is already in a Greater Depression, I took particular note of Evans-Pritchard's comparison of the U.S. housing market between the Great Depression of the 1930's and the Greater Depression of today. In 1932, during the worst of the Great Depression, only 273,000 families suffered foreclosure during the entire year. Meanwhile, in April of this year (i.e. just one month) there were 342,000 foreclosures.
In my own commentaries, I have pointed out on numerous occasions that U.S. house prices have been falling more than three times as fast as during the Great Depression - based on data compiled by Robert Shiller. Sadly, Shiller himself has caved-in to Wall Street group-think – and just called a “bottom” in the U.S. housing market.
Such a “bottom” isn't even possible until the middle of next decade, with the stronger probability being that the U.S. housing market will remain depressed for an entire generation. Thus, in any and every respect, the current collapse in the U.S. housing market is several times as bad as what occurred during the Great Depression.
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