We have been watching, with disbelief and bemusement, how the “recovery-narrative” has been touted in the financial media and among some economists and analysts. Categorically, an economic recovery is a period of expansion, where we eventually exceed the previous peak in employment and output. There’s no such thing coming (anytime soon). It is very human to avoid acknowledging disturbing possibilities, such as the looming economic abyss the world economy is about to sink into, but now we absolutely need to perceive coldly the economic realities as they are. Otherwise, the effects of the approaching turmoil will be unbearable. mehr hier