12 December, 2008



He is an author, an economic consultant to the Government of Canada and the United Nations Economic Commission, and a Thought Leader on Global Economics. He is DR. RUBEN JAMES, the publisher of a global economics column – THE RUBEN JAMES REPORT ( and the author of 2011: THE GLOBAL DEPRESSION which is a refreshingly earthy “straight-no-chaser-take-no-prisoners” discussion of the current and future state of affairs of the global economy.

The United States Stock market’s 400 point tumble on 6 June 2008 which was followed on 14 September 2008 with Lehman Brothers announcing its intention to file for bankruptcy which led to J.P. Morgan jumping in with US$138 billion to help Lehman Brothers settle securities transactions with its customers and clearance parties; dramatically drastic drops in market value rocking the global markets on 15 September 2008 and 17 September 2008; the revelation on 16 September 2008 that American International Group (“AIG”) was in dire financial straits; the placement on 7 September 2008 into a Federal Housing Finance Agency-run conservatorship of the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Association (“Freddie Mac”); and rising unemployment worldwide are just a few examples of the traumatic economic events that are the cause of sleepless nights for many of us.

Silently, we are all asking ourselves: “Is this a recession? Or is it a depression? How did we get to this point? When will things get better? How can I protect myself and my family?”

Dr. James provides soberingly honest answers to these questions in 2011: THE GLOBAL DEPRESSION.

So, what exactly is this economic abyss that we have all fallen into? Is it a recession? Or is it a depression?

On page 3 of 2011: THE GLOBAL DEPRESSION, Dr. Ruben defines the terms “recession” and “depression” for us. Dr. Ruben defines an economic recession as “a fall in total output that lasts for a significant time interval.” He goes on to say:

“In the U.S., a recession is usually recognized when the gross domestic product, the total output of legally produced goods, falls during two consecutive quarters, i.e., for six months.”

And what is a depression? Dr. Ruben offers the following:

“ . . . A economy is depressed when output falls below the long-run trend. Therefore, a depression begins when Gross Domestic Product (“GDP”) falls below the long-run trend and ends in the recovery when the GDP rises above that trend.”

Ruben points out to the reader that the key “piece of the puzzle” to understanding the economy is understanding the real estate cycle. Why? He explains that the real estate cycle affects the entire economy. It affects everything – including our jobs! Now that should explain a few things about the current global economic state of affairs!

In 2011: THE GLOBAL DEPRESSION, Dr. Ruben tells us what we need to hear and not what we want to hear about the current and future state of affairs of our global economy. While Dr. James delivers “straight talk” about the duration of the current recession and what lies ahead, 2011: THE GLOBAL DEPRESSION is not a “gloom and doom” treatise on the global economy. 2011: THE GLOBAL DEPRESSION provides us with key “pieces of the puzzle” to understanding the global economy through the exploration of a myriad of topics which include Money, Real Estate and Business Cycles; The Generic Business Cycle; Capital Goods And Interest Rates; Land And The Business Cycle; and The Indirect Ownership Of Real Estate. He goes even further by alerting us to the “financial signals of a coming recession” and offering suggestions on what we can do to protect ourselves from a recession.

2011: THE GLOBAL DEPRESSION is a powerfully instructive literary work on global economics which Dr. Ruben has masterfully crafted. 2011: THE GLOBAL DEPRESSION provides us with essential tools which we can utilize to create key “pieces of the puzzle” to staying afloat in today’s and tomorrow’s troubled and turbulent economic waters.

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