I HAVE WONDERED WHEN WE START TO CALL THE CURRENT ECONOMIC DECLINE A "DEPRESSION" AND NOT A "GREAT RECESSION"....
I HAVE CALLED THE RECENT DECLINE A DEPRESSION FOR SOME TIME....
BUT IT TAKES THE MSM A WHILE TO CATCH ON...
A DEPRESSION IS STRUCTURAL...A RECESSION IS CYCLICAL...
THIS DEPRESSION IS VERY STRUCTURAL...AND WILL TAKE A LONG TIME TO CURE...AND EVEN THAT WILL REQUIRE A MAJOR CHANGE IN THE WAY BUSINESS IS DONE...
SIMPLY PUT...WE NEED TO DEFINE THE NEW ECONOMY WHEREIN CHEAP LABOR MAKES THE WORLD GO ROUND...
WE NEED ANOTHER KEYNES TO EXPLAIN THIS TO US... HOW DOES A CHEAP LABOR GLOBAL ECONOMY WORK OUT IN THE END...?
