Everything is a matter of degree. Do you have a deep recession and get one additional dollar of debt which suddenly makes an economy enter a depression? The nuance and nomenclature are matters for the overpaid economists i alluded to earlier. For those of us who have to live in the real world then the evidence around you should be enough for us to draw our own conclusions. I would like to see the government setting up some state owned industries (while it is on a spending binge) and bring back some manufacturing into this country. We could dam the north west eg Ord river and go super high tech farm production. We could feed the world. Produce our own steel and send it overseas rather than buying steel made from our own iron ore. Then the government could sell their interests via public offerings in every company it has set up and recoup its investment and gain windfall profits. There is so much we could do. It only takes vision, will and determination.
