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WEEKLY WORLD NEWS, FEB 26, 2002
WASHINGTON -
Forget those rosy predictions you've heard from pundits
that better times are just around the corner and America
is about to pull out of the recession. The truth is we're
just weeks away from a full-blown Second Great
Depression-far worse than the one that struck in 1929,
badly shaken Treasury Department insiders warn.
"President Bush has been trying not to talk the economy
down and to give people the idea that things are looking
up-but what he, his Cabinet and everyone who's crunched
the numbers know is that a total collapse of the US
economy is imminent", confirmeed a Treasury Department
insider who spoke on the condition of anonymity.
"What you saw happen to Enron and Kmart is just the tip of
the iceberg" he said."Huge corporations that have always
seemed rock solid are going to come tumbling down one
after another like dominos; pension funds are going to
suddenly evaporate, unemployment rates are expected to
soar as high as 85 percent and tens of millions of people
are going to find themselves out on the street, homeless
and hungry.
"The projections that we've looked at show a 50-year
depression that just gets deeper and deeper. Our economy
will be like a dinosaur sinking in quicksand." While
America bounced back from past cyclical recessions,"all
the conditions are ripe" for a catastrophic economic
implosion that will send most stocks plummeting in value
to the 5 to 7 cent range and leave the country in an
extended, almost Dark Ages paralysis, administration
analysts determine.
"The terrorist attacks on the World Trade Center
destabilized the world economy far more profoundly that
most people realize," said the Treasury source.
"The record surplusses we were forecasting are shot to
hell-every penny will be eaten up on Defense spending.
The country is again billions of dollars in the red,
draining every dime of available credit from the economy
and starving businesses."
What's more, as the Enron fiasco shows, the American
economy is no longer fundamentally sound, as it was back
in the 1950's and 1960's."In the past", he said,"most
American businesses actually manufactured something-now
there are thousands of companies that are essentially
empty shells. They look good on paper, but no one can tell
you what they honestly do" said the source."Its like a
house of cards, remove one card and it all comes tumbling
down".
The Bush Administration is holding secret meetings with
the Catholic Church one of the few institutions expected
to have money after the depression hits."They have been
asked to make soup kitchens available in every major city
and to set up orphanages to care for the kids of people
who get killed in the anticipated food riots"
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