Piotr Kuczyński, head analyst with Bankier pl, has warned that the USA is on the edge of a recession similar to that of the 1930s as a result of the recent collapse of the stock market which has lost some twelve percent in the past five weeks, it could pull down with it.
The stock market, he says, is one of the foundations of the entire American economy. It is clear that more and more Americans have lost faith in it and may be turning to other investments.
At the same time he warns of another risk, that of the property market which has also been the subject of over speculation in the past few years. He considers that another terrorist attack, like that of 11 September, could ignite a depression the likes of which have not been seen ever.