Opinion: (David Rosenberg, chief economist at Gluskin Sheff): “Rosenberg says the US economy is in a modern day depression similar to what Japan has suffered from for the last 20 years.
“Rosenberg says that we’re just 4 years into a depression that will likely last 7-10 years. He says the economy is likely to begin contracting again in 2012 and that the employment situation is going to deteriorate further.”
My Comment: It is an incorrect comparison. If Japan was going through an individual depression, we are experiencing a global one. It’s global not only in scope, breadth, and depth, but also because it affects all aspects of our life, which requires a restructuring of social relations, that is, a transition to a different social system. It is unrealistic to expect that we will come out of the crisis, and it is unreasonable to think that we will return to the former way of life and governance.