From Bloomberg:
IMF Says Advanced Economies Already in Depression
“Advanced economies are already in a “depression” and the financial crisis may deepen unless the banking system is fixed, International Monetary Fund Managing Director Dominique Strauss-Kahn said.
“The worst cannot be ruled out,” Strauss-Kahn said in Kuala Lumpur, where he was attending a gathering of central bankers from Southeast Asia. “There’s a lot of downside risk.”
Ten days ago, the IMF cut its world-growth estimate for this year to 0.5 percent, the weakest pace since World War II. Stimulus packages alone won’t succeed in dragging the global economy out of recession unless confidence is restored in the banking system, Strauss-Kahn said today.”
But the IMF isn’t the only one saying this. George Washington’s Blog has a post listing several other big wigs saying the same thing.
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Often I try to make little jokes to offset the scary news. But this time I’ve got nothing. If you haven’t stocked up on rice, beans, guns and bullets you better start now. Seriously.
Posted by Vixen as News at 11:33 AM CST