Not according to a Wiki definition relating to any economic downturn where real GDP declines by more than 10% or a recession that lasts longer than two years. There is an argument that when the Fed buys $600 billion worth of US Treasuries (QE2) it is effectively sending investors into riskier assets like stocks and commodities. "Is there an element of class warfare in the policy?" "You bet there is. It's a direct subsidy to the investment class while workers face higher prices on everything from gasoline to corn flakes." "While rising headline inflation (gas and food) is painful for workers and people on fixed income, it actually intensifies the downturn by diverting money from other areas of consumption. So, discretionary spending falls and the economy begins to contract. "It's more proof that we're in a Depression." Author Mike Whitney makes the claim the US economy is essentially comatose, and the Fed has been QE-ing strings around its hands and feet to produce marionette movements; however, with no props or support system, "the economy would drop to its knees, gasp for air, and exipire. Dead." Mike Whitney: Hyperinflation? No Way How would things change if the US dollar loses its status as the global reserve currency?