The thing that is scary is that the term "depression" is for when the economy is in a car crash. It hits a few quarters in a row of negative GDP growth.
Of course sustaining that over time is a "depression".
What no one talks about is 'lower than inflationary growth' but 'higher than negative growth' for a very extended sustained period. This sort of economic 'cancer' is more what I think we are looking at but a lot of 'experts', especially those too close to the problem, are having trouble labeling.
As I have said with Japan before here, there is no reason that an economy cannot just flatline for decades and decades on end.
Once this mess is stablilized I think that is what we see -- not sure what it will be called.
Claeren.
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