The US is indeed leading the way - back into a depression. Almost 4 years of near 0% rates, endless bailouts & QE and govt fiscal stimulus yet the US economy is still on life support.
The US is already in an invisible depression right now, but most people don't see it. One out of seven Americans are living on food stamps. If they weren't getting cards in the mail every month, you'd see long queues of people in soup lines (just like during the 1930s).
The crisis may be focused on Europe for now but it is becoming a truly global issue. And the burgeoning deflationary depression is beyond the capacity of regulators, central bankers or governments to stem.
