Marek Belka, head of the Washington-based IMF’s European department said “We do not see deflation as imminent. But we shouldn’t completely exclude this possibility.”
Belka’s statement is silly. Deflation is not imminent, it is right here, right now, by any reasonable measure, and even some unreasonable measures such as falling prices in Europe, Japan, and the US, the likes of which we have not seen since the great depression.
And given we have been in deflation for at least 15 months and possibly much longer (on a credit basis), the debate is not whether deflation arrives. At this point, the only question is how long it lasts.
Increasingly, it seems, there’s two stories being told in this world: The tales governments tell, and the tales some bloggers tell that become the eventual owning up to reality that governments tell.
The .gov has gotten it pretty much 100% wrong on all it’s predictions about the future since this crash has started. It’s shocking. And yet the media is just repeating endless their quotes without ANY critical thinking applied. TV news and it’s simplisting 
and 
coverage of new factulets frustrates me to no end. And the fact that some people take this as verbatim reality scares the FUCK out of me.
Espcially when those people accept the new data without any questioning of why the information was so wrong last time. Without a flicker of awareness to the wool being pulled over their eyes, or not even caring because they got that pimpalicious new Hummer. They’re gonna take some mean onramps this afternoon.
I’ve said it before and I’ll say it again, this is Depression 2.0 – it’s not going to be the same, nothing ever is, but it was caused by many of the same types of reasons as the original Great Depression. We’re just now starting to see people dropping off the unemployment rolls – unfortunately, it’s people whose benefits have expired, not gotten jobs. This number is expected (by top rated economics bloggers) to grow the way unemployment did at the start of the spike. It should in fact be nearly a mirror image because unemployment will run out for people in the order they got it, and our economy is patently not creating the jobs to take care of these people.
The rich were bailed out (failed out) in their times of “need.” Why do they ignore the poor in our times?
And if you don’t believe me that news organizations lie to you and censor the news, think again.
Tags: depression 2.0, failout, lies lies lies, LIES!!, no really we're really fucking fucked this time, we're fucked