For those of you on ET who are into building true wealth and not just banging on a key board.... The current housing numbers should be an eye opener. While the Pundits stand around and yell BULL MARKET, and Morgan Stanley clowns call for 5% GDP heading into next year, Home values have now fallen 26%, since their high back in June 2006. Depression Erra level was around 25.9%....between 1928-1933. End of 07 was close to the first of the crash. We are now into 2011, first month. The Depression back in 1928 did not happen until 2 years after the 28 crash in markets. IMHO, we are heading into the Second Depression. However, this Depression is not going to look like the first. It is a stealthly one. The News Media, Fianancial Fools and the rest will beat their drums and say we are not in a Depression, there will be major spin. The buying power of Americans will be destoryed but as long as you purchase goods in the US...you will not feel the effect much, other than in Food and Energy. Second, the Depression will de distributed through out the EMU. So, the pressure will slightly be even across the board. In other words, it will bring the EMU, THE US and Parts of LATIN AMERICA down to low levels of GDP, Consumption combined with inflated cost in Education, Energy, Food, and Super high unemployment. This is just an observation I have as I deal world wide. IMHO, there will be either a basket of currency to compete with the dollar or there will be a "choice" of how to conduct transations globally, with the dollar being the last choice. It has already started.