According to the WSJ, the head of the International Monetary Fund has stated that the US, EU, and Japan are “already in a depression” and the “worst cannot be ruled out”. The IMF is calling for much more stimulus spending by all developed nations.
I was impressed with President Obama’s speech this evening. I find it exceptionally refreshing to listen to a chief executive who seems to have the intellectual capacity to understand the problem. (He even gave a decent, brief overview of the Japan Scenario.) Let’s hope he can parlay this into effective action.