I was just getting used to the green shoots and now this!! What is going on? Who can you believe. Also Biden said that "we misread the economy". OK, guys, who is in charge here? Who has dozens of well paid economic advisors informing you what is going on?
I read a resignation or defeat in these remarks. The spin is coming that they "did everything to stop the rot, but nothing helped". And "It was not our fault, but the market's". It is only a matter of time.
We of course know better: they have been warned by thousands of people what the problem was. Just Google and you will find video's, web site, etc. But the message was not politically convenient so almost every message on the depression (not recession) received a cold shoulder.
So folks, prepare for the second downturn. It will be uglier this time. What is worse; people will start losing trust in their leaders. This in turn will create political and economic instability in many countries. With the decline in trust in leadership goes the trust in the system and currencies. Hyperinflation: here we come....
Do you have gold?
But wait...there is more in the article below: I cannot believe my eyes in what Sir John Mayor had to say:
"....Sir John Major, the former Conservative Prime Minister, said that government must “downsize”, suggesting that expanding the State further “is a route that ends in national bankruptcy”. He said that it should reduce its size by a third, including cutting the numbers of ministers and civil servants. The recession presented Britain with a “philosophical opportunity” to reassess the role of the State."
Sir John Mayor must have been doing some reading in the last year about Austrian economics.
Update: David Cameron says: "No, I have enough money. Just vote for me."
Recession may get worse, Gordon Brown warns world leaders