This economic depression has been a long time coming, but it’s now finally here and it’s probably going to be deeper and nastier than most of us ever expected.

Here, Ron Paul, a Republican congressman who narrowly missed out to John McCain in the Presidential election nominations, gives his views on the current state of the economy.

The American government is taking drastic action to try and prevent a prolonged depression such as the one that was experienced in the 1920s and 1930s. This means $700 billion of taxpayers money will be used to try and bailout the faltering economy.

Personally speaking, I think economic growth and slumps are an unavoidable fact of life, with what goes up having to come down. I just hope I can ride this one out until the world economy rises once again.