It’s More or Less Official: We’re In a Global Depression

It’s More or Less Official: We’re In a Global Depression


George Washington’s Blog
Sunday, Feb 7, 2009

The International Monetary Fund (IMF) is the organization that audits the books of countries world-wide to determine their real solvency and whether or not their books are accurate. The IMF is also responsible for bailing out countries in trouble, and stabilizing the world’s economic systems.

The IMF has also performed a complete audit of the whole US financial system, and therefore has a clearer idea of American finances than just about any other organization.

So the fact that the head of the IMF is saying that the world’s advanced economies are already in a depression carries great weight.

He is not alone. The following people have also said we are already in a depression:

* Merrill Lynch’s chief economist

* The former chief economist at the U.S. International Trade Commission

* Nobel economist Joseph Stiglitz

* The UK’s prime minister

* And many others.

Many economists actually believe that it will be even worse than the Great Depression. See this, this and this.

Of course, just like the American government refused to admit we were in a recession for an entire year - and then announced “oh yeah, we guess we’ve been in a recession for the last year” - officials are now doing everything they can to pretend we are not in a depression. But even government officials who studiously avoid the “D” word so they don’t ruffle people’s feathers still admit that conditions are “similar to” the depression.