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The longest recession and slowest recovery
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A recession is when your neighbour loses his job, a depression is when you lose your job.0
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When does a recession become a depression?0
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Depressions were abolished after the last one, because they were thought to be too, well, depressing.When does a recession become a depression?"It will take, five, 10, 15 years to get back to where we need to be. But it's no longer the individual banks that are in the wrong, it's the banking industry as a whole." - Steven Cooper, head of personal and business banking at Barclays, talking to Martin Lewis0 -
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As I have said many times before, this is not an "ordinary" recession.
We are witnessing the initial stages of a major turning point in human history - on a par with the industrial revolution.
A zero-growth post industrial age is emerging and is being deliberately engineered by a crooked banking system aided and abetted by compliant and equally corrupt politicians of all persuasions and nationalities.
I think this could go on for years - we seem to have followed what the Japanese did with the banks in the mid 1990s and they only reached 1995 levels of GDP in 2010. There is another thread running on here about mortgage holder forebearance - it isn't zombie mortgage holders we need to worry about it's zombie banks.
I read an article in the Telegraph a couple of months ago and it was frightening (to me).
Royal Bank of Scotland "deliberately" doubled its loss for last year to £2bn in what Stephen Hester, the taxpayer-backed lender's chief executive, admitted was a sign of "Alice in Wonderland" accounting.
http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/9101879/RBS-deliberately-doubled-losses-to-2bn-in-Alice-in-Wonderland-accounting.html0 -
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I dont think there is an accountant alive that can properly understand a banks financial accounts
Most of it is just make it up as you go along.Faith, hope, charity, these three; but the greatest of these is charity.0 -
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