Canada and the United States are two of the few countries in the world that aren't presently experiencing a deep recession or out-right depression. The West's media have been very careful not to reveal the true state of the world's economic situation in it's daily financial news coverage. The motive lays in not wanting to thwart the public from their buying frenzy (at historical high levels of personal debt I may add). If you had actually seen news clips of previously affluent, middle-class Japanese people experiencing the hardships they have been experiencing for over five years now, you may have reconsidered and not purchased that new $35,000 car. Others would have made likewise decisions, eventually effect the West's economy into decline.

The situation in the West's economy will soon change mainly due to the default of West's heavily-financed debtors. Loans will go into default and have a domino effect across territorial boundaries.

The West's economy has relied on exports to sustain it's strength. Only often those exports have been paid for by the West's tax-payers in the form of grants and IMF loans. The West's federal government's debt load, (not the paper tiger 'deficits') are eventually going to enslave the future generations of the citizens into paying forever higher tax rates. In essence, paying for what Canada and the United States federal governments have spent or loaned out today.

The West's governments, with the assistance of the media, will be very careful not to call the recession\ depression for what it is. Expect words like 'temporary slump' or 'mild recession' for quite a while until the unemployment numbers cannot be hidden any longer. Those with a job will over the next few years will be convinced, through media tricks,that the good times are still rolling and to keep spending. This in spite of the knowledge that more and more of their friends and family are on the unemployment line.

Economies are not static. That is, they are in a constant up and down cycle. The West's stock market bubble and the mounting debt liabilities, from the national level all the way down to the consumer, are eventually going to burst. I expect that generally the West will be in deep recession bordering on depression by mid-2002. For those with jobs, it'll be a recession. For those unemployed, it'll be a depression.

The rest of the world will be in a deep depression lasting many years.

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