by Michael Gray, NY Post:
“We don’t have to worry about a recession — we are in a depression,” says James Rickards.
“If you take the classic definition of a sustained, long-term downturn with economic growth below trend, then we are in the midst of a depression,” says the senior managing director of Tangent Capital and author of “Currency Wars.”
Rickards doesn’t see Fed Chairman Ben Bernanke as having the solution to the economic malaise gripping the county.
“Bernanke’s not a trader, so doesn’t think like a trader; he has no exit plan,” Rickards points out.
With quantitative easing, Bernanke has put on a $3 trillion trade, and while some governors on the Federal Reserve believe he should pare back the $85 billion monthly injections, no one is saying the Fed should reverse course.
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