The coming great depression version 2.0

Funny enough i was just sitting here checking out Digg and stumbled accross an article which indicated EXACTLY 
what I've been saying for a while.  We are about to experience a 2nd, worldwide, great depression.  

Depression 2.0 if you will

Here is the article

What is interesting is that the writer proposes that it will be a silent depression. ie. that those above and around us will try and disguise that it is occuring. I want to think on this a bit, but I think that yes, in fact on first blush I think that this is true.  I'm goin to look into it, but apparantly the Bush administration just tried to reclassify burger flipping as 
manufacturing.   I don't doubt it for a minute... it fits the pattern, if the data doesnt' present the desired result, attack the sources and manipulate at point of creation.

What is INTERESTING to me is that if you believe what the writer proposes, perhaps the depression has already begun.  While I think it's obvious it will begin in the US, the real question for me is will it spread worldwide? or will it be like the fall of Rome, where at the time it was happening, no one really understood and only centuries later can we put the pieces together. the cost of a house is prohibitive in the US, and growing more so, personal debt is skyrocketing, people spend more time working, yet disposable income as a REAL percentage of earning has declined.

One of the reasons we moved to EUROPE was a belief, or really a hope, that with the opening of eastern european markets and the leadership of the UK and Europe more generally on the world stage that perhaps the crash would be softer here. If it's not the case, at least I can get a good croissant and a decent cup of coffeee.