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David Rosenberg has outlined, in his latest letter, the 13 reasons with this so-called recovery is actually a depression.
Rosenberg sums it up like this:
This is what a depression is all about — an economy that 33 months after a recession begins, with zero policy rates, a stuffed central bank sheet, and a 10% deficit-to-GDP ratio, is still in need of government help for its sustenance.
Each one of these 13 reasons is more damning and highlights the true state of the economy: caught in a liquidity trap with little way out.
Source: St. Louis Fed
Industrial production data, from the Federal Reserve.
Civilian Employment St. Louis Fed
Retail sales, from the St. Louis Fed.
Manufacturing orders, from the St. Louis Fed.
Manufacturing shipments, from AccuVal.
U.S. exports, from Trading Economics.
Housing starts, from the St. Louis Fed.
New home sales, from the St. Louis Fed.
Existing home sales, from Realtor.
Non-residential construction, from biz570.
Note: From the St. Louis Fed charts, we can’t see the conclusion Rosenberg is coming to, as profits appear to have now drawn level.
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