The depression in US is real. No one talks about it. The politicians knows it and are planning to provide a doze of $150 billion steroid to the economy. It will be significant for a quarter of positive growth. The fact is simple. Massive bad fiscal management that started in 1980 has brought the world financial systems to its knees. Europe is finally finding itself engulfed in deep recession and approaching a nasty depression.
The European central bank finally confessed the recession. The euro fell to a four-month low against the yen after European Central Bank council member Nout Wellink said economic growth may slow more than expected.
Wellink said the 15-nation region's expansion will be nearer 1.5 percent than 2.5 percent in the coming year because of a slowing U.S. economy.
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