Some cheery news from George.
The economy went into freefall and is still falling and we don”™t know where the bottom will be until we get there and there”™s no sign that we are anywhere near a bottom.
The scale of the problem is more than in the Great Depression because of the leverage involved. The ratio of debt to gross domestic product has increased from 160 percent in the 1920s to 350 percent last year, and is set to rise to 500 percent.
We”™re in a crisis, I think, that”™s really the most serious since the 1930s and is different from all the other crises we have experienced in our lifetime.