Gordon Brown confirms we're in a "DEPRESSION"

The assertion that we are already in a DEPRESSION was made by Britain's Prime Minister at Prime Minister's Questions in Parliament this afternoon. The exact quote will be placed here when the Hansard report appears. Here is the Prime Minister's full reply from Hansard, linked here. Clear as can be! The Prime Minister: I have made it clear throughout the past few months that the biggest danger that the world faces is a retreat into protectionism. I have also made it clear that, as a result of the withdrawal of foreign banking capacity in large numbers of countries, we face a downward spiral whereby these countries cannot borrow from anybody because foreign banks have left. That is all the more reason why, first, we should sign the Doha agreement—that will feature on the G20 agenda—and secondly, we should ensure that every country is analysed by the World Trade Organisation on what it is doing to prevent protectionism. It is also absolutely clear that we should agree, as a world, on a monetary and fiscal stimulus that will take the world out of depression. The BBC is reporting that Brown is claiming the DEPRESSION description of the present situation was a slip of the tongue, read here....Deeper and Deeper!