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JAPAN: “There has never been data this bad for any major economy – even in the great Depression”; “We are literally looking at the unimaginable”
Posted By admin On February 3, 2009 @ 11:50 am In Featured Stories | Comments Disabled
Tuesday, Feb 3, 2009
Via: Naked Capitalism: 
I have been writing about an Asian black hole for almost two months now. I have been crying from the rooftops about an emerging depression in Japan. It has been as though a neutron bomb had gone off in the world. There was no one who seemed to notice, no one who seemed to listen.
Every week it gets worse and worse and worse. Today it was Japan….
THERE HAS NEVER BEEN DATA THIS BAD FOR ANY MAJOR ECONOMY – EVEN IN THE GREAT DEPRESSION. December industrial production came in down 9.6%, worse than the METI forecast. It is now down almost 21% year over year. METI forecasts a further 4.7% decline in February. The inventory to production ratio soared again. Maybe METI will be correct.
(Article continues below)
If it is, Japan industrial production will have fallen 28% (non annualized) in four months. It will have fallen by a third in about a year. Nothing in the history of major nations compares. A 28% decline in four months would be more than half of the entire decline in U.S. industrial production over the 3 years and nine months of the U.S. Great Depression.
It would be a greater decline in four months than in any 12 month period in the Great Depression in the U.S. We are literally looking at the unimaginable. (I am attaching the U.S. industrial production index from the Great Depression for comparison).
IT’S A DEPRESSION IN JAPAN – ALREADY – PURE AND SIMPLE.
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URLs in this post:
 cryptogon.com: http://cryptogon.com/?p=6646
 Naked Capitalism:: http://www.nakedcapitalism.com/2009/02/japan-on-edge-of-abyss.html
 Image: http://www.prisonplanet.tv/subscribe.html
 “The Prevailing Debate Among Economists and Historians is Whether the World Economy Faces the ‘Great’ Depression of the 1930s or the ‘Long’ Depression of the 1870s”: http://www.prisonplanet.com/%e2%80%9cthe-prevailing-debate-among-economists-and-historians-is-whether-the-world-economy-faces-the-%e2%80%98great%e2%80%99-depression-of-the-1930s-or-the-%e2%80%98long%e2%80%99-depression-of-the-18.html
 Housing Slump Worse than the Great Depression: http://www.prisonplanet.com/housing-slump-worse-than-the-great-depression.html
 Home Foreclosure Rates are Comparable to the Great Depression: http://www.prisonplanet.com/home-foreclosure-rates-are-comparable-to-the-great-depression.html
 Even Bernanke Admits this Could be Worse than the Great Depression: http://www.prisonplanet.com/even-bernanke-admits-this-could-be-worse-than-the-great-depression.html
 22 Signs That The Collapsing Spanish Economy Is Heading Into A Great Depression: http://www.prisonplanet.com/22-signs-that-the-collapsing-spanish-economy-is-heading-into-a-great-depression.html
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