What's coming is not Recession 2.0 , but The Greatest Depression n the first few years after the 2008 economic crisis, a great deal of political attention and energy was focused on continuing financial problems. The Obama stimulus was too small, and it was followed by tons of austerity after Republicans swept the 2010 midterms, so unemployment came down with grinding slowness. But as unemployment has finally reached something like normal levels — and as the ongoing catastrophe of the Trump presidency has consumed everyone's attention — possible economic under-performance has faded from view. But the problems are still there — indeed, in some ways things are actually getting worse. The Great Recession never fully ended. Welcome to The Atlantis Report. The deep economic flaws that caused the recession of 2008 were never really corrected. All recovery efforts since merely clouded our eyes to the problems growing more abundant around us, even making them worse, and now we are going back into the belly of the Great Recession. The recovery was all a prop, which is why I call it a fake recovery. In September, we entered the second part that would hit when the props were removed. The needed, challenging, and even painful correction of numerous economic flaws was repeatedly kicked further down the road all of those years by our cowardly politicians who did what an equally fearful electorate wanted. The Fed gave us this extension in time by breathing new life into the bubbles that had collapsed during the Great Recession. It did that via its own artificial respiration — the hot air it blew into the economy's dead lungs — trillions of dollars created out of thin air. But none of that solved anything. Instead, it avoided the solution. We are now stuck in a forever cycle of Fed expansion by evermore extraordinary means and debt monetization because everyone, every company, and even the U.S. government are now entirely dependent on it. Until it breaks, which is likely to play out over a prolonged period, not in a single big event. MMT should fit in perfectly with all of that. What's coming is not Recession 2.0 , but The Greatest Depression .
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