In an interview with Louis James, the inimitable Doug Casey throws cold water on those celebrating the economic recovery.
[Skype rings: It’s Doug Casey, calling from Cafayate, Argentina. He sounds tired, but pleased with himself.]
Doug: Lobo, get out your mower; it’s time to cut down some green shoots again, and debunk a bit of the so-called recovery.
Louis: Ah. I have to say, Doug, the so-called recovery is looking more than “so-called” to a lot of smart folks. Even our own Terry Coxon says the recovery is real, albeit weak.
Doug: Terry’s probably looking at it by the numbers, some of which are reported to be improving. But let’s come back to the numbers later and start with fundamentals. The first order of business, as usual, is a definition: a depression is a period of time in which the average standard of living declines significantly. I believe that’s what we’re seeing now, whatever the numbers produced by the politicians may seem to tell us.