“Little by little every arrow in the bullish quiver is taken away. The only thing remaining, is the last recourse of the Keynesian radioactive fall out: more money borrowed from the future. Alas, as John Taylor pointed out earlier, there is no growth. The global death spiral is complete. We disagree with Edwards – the next recession is not coming by the end of 2010 – we never left it in the first place. We would agree with Rosenberg, however, that the second coming of the Second Great Depression is now upon us, after the brief Fed-moderated extension, which merely allowed Wall Street to extract yet another record round of bonuses on the backs of the middle class.”
