The next recession could put the 2008 financial crash to shame if two experts' predictions about the worldwide debt of $247trillion are correct.

Expected to hit the United States within the next two years, the impact has been compared to the severe worldwide economic crisis which started 1929 and last until 1939.

'We won't be able to call it a recession, it's going to be worse than the Great Depression,' economic commentator Peter Schiff, told the New York Post. 'The US economy is in so much worse shape than it was a decade ago.'