Tags: global | Depression | 2030 | mit

MIT Researchers: Massive Global Depression to Hit in 2030

Friday, 06 April 2012 07:48 AM

Massive global economic collapse will strike in 2030 as resources run dry, and the downturn could be so bad that human population could decline, an Australian physicist and his team concludes.

Such doomsday scenarios aren't new.

In the early 1970s, such a bleak outlook published in a study entitled "The Limits to Growth" conducted by MIT researchers.

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Industrial output, food, services and even pollution will continue to climb until plunging around 2030 as all resources go scarce and the economy collapse, bringing human population down with them for decades.

Australian physicist Graham Turner revisited the thesis, plugging in its assumptions into more modern economic forecasting models.

The world still remains on track for disaster.

"There is a very clear warning bell being rung here," says Turner, according to the Smithsonian magazine.

"We are not on a sustainable trajectory."

On the flip side, better preservation of resources could ensure unlimited growth going forward.

Today the country continues to recover from the so-called Great Recession, and the Fed has said it is less inclined to stimulate the economy via monetary policy.

Since the downturn, the Fed has pumped trillions of dollars into the economy to spur investment and hiring, and while most Fed policymakers want to stand down, some worry that more Fed intervention may be needed.

"The Fed has acted vigorously to boost the economy," says San Francisco Fed President John Williams, according to Reuters.

"It's critical that we keep doing so in order to achieve our statutory mandate."

Editor's Note: Google Banned This Video But You Can Watch it Here

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