U.S. ECONOMICS
The current U.S. economic depression (as measured by industrial production) is the longest since the Great Depression of the 1930’s. And unemployment numbers are moving closer to depression levels each day.
Yet while the economic reality is clear, there is an unwritten convention not to call it a depression. Perhaps this is to avoid unsettling people and creating fear. But calling it by its proper name would at least be more truthful. And in these times when truth is sorely lacking in pronouncements by public figures it would be just what the market ordered.
We estimate that . . .
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