IMF says we are in a depression

[Truthmatters]

George Washington's Blog: It's More or Less Official: We're In a Global Depression

 

[del]

you can't fix stupid.

 

[Againsheila]

anybody surprised?

 

[Annie]

Thanks, Barack!

 

[Toro]

Actually, its not the IMF that said this. It is the head of the IMF in a speech opining on the state of the economy. The IMF publishes a yearly economic outlook every Spring. They have not published their "official" outlook yet.

 

[DiveCon]

Actually, its not the IMF that said this. It is the head of the IMF in a speech opining on the state of the economy. The IMF publishes a yearly economic outlook every Spring. They have not published their "official" outlook yet.

just more proof her name should be truthnevermatters

 

[Skeptik]

Why go to George Washington's Blog, when you can go to the source?

Here is a text of the actual speech.

We are meeting at a very grave time in the world economy. Last week the IMF released projections that show that global growth will be close to zero, the worst performance in most of our lifetimes. We are forecasting recessions in most of the advanced economies. There are some prospects of a recovery in 2010, but even this will depend on strong policy action

.

He doesn't actually use the word "depression", but certainly doesn't paint a rosy picture of the world economy.

Do you know the difference? Here it is:

When you hear that people are losing their jobs, that is an economic downturn.
When friends and family start losing jobs, that is a recession.

When you lose your job, that is a depression.

There, now you know the difference.

 

[editec]

The engine which drove the newly emerging industrial economies, the AMERICAN CONSUMER, is tapped out.

Gee, wonder why?

 

[Avatar4321]

The economy is growing... You do realize that we cant possibly be in a depression while the economy is growing dont you?

 

[Toro]

just more proof her name should be truthnevermatters

Nah, I just think she made a mistake. I've seen experts making the same mistake saying the same thing today.

The economy is growing... You do realize that we cant possibly be in a depression while the economy is growing dont you?

The US economy is declining.

Real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- decreased at an annual rate of 3.8 percent in the fourth quarter of 2008, (that is, from the third quarter to the fourth quarter), according to advance estimates released by the Bureau of Economic Analysis. In the third quarter, real GDP decreased 0.5 percent.

BEA: News Release: Gross Domestic Product

 

[Truthmatters]

Bloomberg.com: Worldwide

My mistake , I read it too fast.

It is the head of IMF who said,


Advanced economies are already in a "depression" and the financial crisis may deepen unless the banking system is fixed, International Monetary Fund Managing Director Dominique Strauss-Kahn said.

“The worst cannot be ruled out,” Strauss-Kahn said in Kuala Lumpur, where he was attending a gathering of central bankers from Southeast Asia. “There’s a lot of downside risk.”