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November 27, 2009

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Letter: Major economic depression likely

Wednesday, Oct. 26, 2005 | 7:58 a.m.

With trillions of dollars of deficit facing this nation today, it may not be long before we are pushed into an economic depression, the likes of which we will have never seen. It may be an economic calamity from which we may never be able to extract ourselves.

The anarchy that occurred in New Orleans after Hurricane Katrina may very well be a future view of what could and would happen nationwide should we be hit by a major economic depression. Looting, arson, vandalism, murder and all the other horrors of a society in anarchy are likely to occur on a scale never before seen in this country.

A major economic depression surpassing that of the 1930s is a serious possibility that few are willing to think about. We borrow billions of dollars daily from China and other nations with the prospect that trillions of dollars of this growing national debt will fall due at some unknown period of time in the future.

What will be our ability to repay this deficit, created by irresponsible politicians, when our industries and jobs are being outsourced at a frightening rate?

Where will we find another FDR who would have the initiative and creative leadership to lead us out of another Great Depression?

Virgil A. Sestini Las Vegas

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