It is risible, as Pax Americana collapses, that we look to our economists for a lead. With a handful of notable exceptions, were these not the very people that missed the Great Recession-cum-Global Financial Crisis altogether? Mainstream financial commentary has it that things can’t be all that bad, because economists still await the next technical definition of a recession–two quarters of negative growth–to eventuate.
Yes, much of the world has indeed moved in and out of recession–but this is a full-blown economic depression–and although most people seem to realise something is indeed radically awry, as economists can’t tell us we’re in a recession, much less an economic depression, we’re failing to get to grips with essential reform of tax systems which brought about this world financial collapse in the first instance.
As the US is more than $17.5 trillion in debt and Australia has shunted billions into keeping itself out of a recession, it is arguably beyond time we now saw the technical definitions of recession and depression as completely useless.
Aren’t we frogs beginning to feel much more than warm in this water-filled frying pan?
Oh, that’s all right then!