George Washington has written an important piece on how we are on the verge of another Great Depression. This is a must read, especially for doubters.
Back in 2010 I predicted that 2011 would be the year when the term “depression” would break out of its residency in the world of no-no words. Washington’s article has probably made it go viral. Frankly, I am surprised that it took almost until mid-year for it to once again be permissible to use the word in polite and serious conversations.
The use of the word is a good thing. It means that government propaganda regarding the economy has been rejected as absurd. Recognition is the first step in problem-solving. Now it is time to address the problems, although that likely will not be done until after the 2012 elections. Hopefully the economy does not collapse before then, which is not at all out of the question.
I wonder how well Bernanke and Geithner are sleeping these days! They say weak-minded people have no trouble with sleep. If so, Geithner is probably sleeping fine.
