We are not in a recession. We are in a depression, and have been since the turn of the century.
“If one dates the beginning of a depression from the beginning of the unsustainable expansion of debt that preceded it, then the current depression began in 1987.”
“Governments and central banks turn recessions into depressions, which are preceded by unsustainable expansions of debt untethered from the real economy.”
“Economic depressions unfold slowly, which obscures their analysis, although they are simple to understand.