It is essentially a severe economic depression characterised by a sharp increase in bankruptcy and unemployment.
A full or near-full economic collapse is often quickly followed by months, years, or even decades of economic depression, social chaos, and civil unrest.
Such crises have both been seen to afflict capitalist market economies and state controlled economies. However, in either case the causes and cures are quite different.
The economic forecasting community is of two minds on the likely outcome of the financial crisis that erupted in 2007.
Some commentators consider it to herald an international economic collapse, while the majority, including governments and international organisations, predict a sluggish economy or a recessionary trend.
Economic collapse can cause the following:
Loss of jobs
Loss of property
May also cause:
Societal breakdowns, food shortages, transportation issues, power issues, looting and riots, societal collapse
During an economic collapse you will be faced with the rule of 3's basic survival skills
Learn about the problem as soon as possible.
Get out of debt
Store food,water and other supplies
Prepare for disruption of services
Store cash, precious metal and other barter products
Have valuable skills
Grow your own food
Help to stabilize your local community
The Great Depression was a severe worldwide economic depression in the decade preceding World War II. The timing of the Great Depression varied across nations, but in most countries it started in about 1929 and lasted until the late 1930s or early 1940s. It was the longest, most widespread, and deepest depression of the 20th century. In the 21st century, the Great Depression is commonly used as an example of how far the world's economy can decline. The depression originated in the U.S., starting with the fall in stock prices that began around September 4, 1929 and became worldwide news with the stock market crash of October 29, 1929 (known as Black Tuesday). From there, it quickly spread to almost every country in the world.
The United States public debt is the sum of all securities issued by the United States Treasury and is also referred to as the national debt.