Sooner or later economists catch up to reality

We know that we're in a depression--the Great Depression of the 21st century--but until know conventional economists have doubted this; they're still calling this catastrophe a "recession."

But now, a pair of economists have studied the data and--surprise! surprise!--they've found that the dreadful economic performance of the last two years tracks the dreadful economic performance of the first years of the Great Depression that began in October, 1929. Yikes!

The conclusion of these guys: This is a Depression-sized event. The contemporary data are as bad or worse than comparable data from the 1930s. Shouldn't somebody in government be aware of this study and try to plan accordingly?

Read the Financial Times article here