Most **serious economists see a 10-20 year global depression ahead. The debt levels are unprecedented and eclipse those that caused the Great Depression in the 1930's by a long way. **I'm talking about non-orthodox economists like Richard Koo ,Krugman and Steve Keen (who called a protracted housing slump lasting 10-20 years in Australia - similar to the 20 year slump being experienced in Japan which happens to be closer to China the so called power house than we are).
Steve Keen was deliberately misinterpreted as making a near term call when he was in fact talking about a 10-20 year phenomenon. Steve Keen also predicted the looming crisis in 2005.
We will only see this as a Great Depression looking back on it - we are in denial at the moment.
