THE NOTION THAT THE CURRENT COLLAPSE IS 'NOT A DEPRESSION'...SIMPLY MISSES THE POINT.
IN THE 1930'S, UNEMPLOYMENT WAS MEASURED DIFFERENTLY...THERE WAS NO SAFETY NET...AND THE NATION WAS STILL INDUSTRIAL...
IN THE PAST DECADE, THE US HAS BEEN PROVIDING THE WORLD WITH EVER MORE CREATIVE PAPER ASSETS...
THESE FINANCIAL INSTRUMENTS HAVE NOW COLLAPSED...AND THEY LIKELY AREN'T COMING BACK ANY TIME SOON...
IN FACT WE ARE GOING BROKE TRYING TO BAIL THEM OUT...SO THE NOTION OF SELLING MORE OF THEM IS JUST NUTS!
AND ALL THE FACTORIES ARE ALREADY IN CHINA...
SO WHAT EXACTLY...DOES THE US ECONOMY SELL... BESIDES SCRAP PAPER AND METALS TO ASIA...?
ONCE THE EFFECT OF THE "FINANCIAL SERVICES PRODUCTS" COLLAPSE IS FACTORED IN...AFTER JULY 1ST...AND IN LATER QUARTERS THIS YEAR...
THE PLUNGE IN GDP WILL BE AT "DEPRESSION" LEVELS.
