So says Roger Nightingale, quoted here:
"We have done everything to monetary policy that we could do and this slowdown is going to be uncontrollable," Roger Nightingale, RDN Associates, told CNBC.
"We have a serious recession coming, possibly even a depression."
Excuse me, but negative GDP back to back in 2008 and 2009 shows that we were indeed in a depression. One might even be tempted to argue that the regime's gymnastics merely bought us a subsequent recession in 2010. But it was very expensive.
With GDP now running at less than half the rate in 2011 than in 2010, it is clear that monetary easing combined with extravagant government spending has failed to address the real problem dragging down the economy, which is bad debt.
Until we accept the cure for this prescribed by capitalism, we're going to drag this out indefinitely.
Orderly bankruptcy is the pressing need of the day.
Excuse me, but negative GDP back to back in 2008 and 2009 shows that we were indeed in a depression. One might even be tempted to argue that the regime's gymnastics merely bought us a subsequent recession in 2010. But it was very expensive.
With GDP now running at less than half the rate in 2011 than in 2010, it is clear that monetary easing combined with extravagant government spending has failed to address the real problem dragging down the economy, which is bad debt.
Until we accept the cure for this prescribed by capitalism, we're going to drag this out indefinitely.
Orderly bankruptcy is the pressing need of the day.
