Beginning Now: The Panic Phase of the Economic Collapse “The panic phase is an acceleration in the economic decline … a chain reaction of debt explosions … a free-fall in the financial markets … and a series of rude awakenings that will accelerate the decline even further…Already, as explained by the New York Times on Saturday , “The fortunes of the American economy have grown so alarming and the pace of the decline so swift that economists are now straining to describe where events are headed, dusting off a word that has not been indulged since the 1940s: depression.” The Market Oracle 3/3/09
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