Ireland's Reported Emergence From Recession An Optical Illusion

[cieldumort]

It is being widely reported today that Ireland pulled out of recession in the third quarter, with Irish GDP rising by a greater than expected 0.3% QoQ.

Since being the first more major EU country falling into recession, Ireland has fallen into what most economists could agree is a capital "D" Depression, along with other advanced nations like

Comments

[underlankers]

Well, fuck. >.<

Sounds like the European model of capitalism is hardly any more solid than our own is. And Japan's been in the shits for a good little bit. >.< We're doomed. >.<

[cieldumort]

Like I've been saying, we've all narrowly escaped a Greater Great Depression, but much of the advanced world is now mired in a "Moderated" Depression, even if most of the advanced countries have "technically" pulled out of recession, or not.

[sophiaserpentia]

That the depression will be shallower than it might otherwise have been is pretty hard comfort, unfortunately. But I suppose we should take what blessings we can get.

[cieldumort]

Considering that we were facing an abyss multiples worse than even the 1930s Great Depression, I count myself as damn lucky not to be living through that.

[underlankers]

As it is it looks like we face another Long Depression. And that is not a good thing, given the last one just barely got over the hill to end with World War I, which the West still financially suffers the effects of almost a century later.

[cieldumort]

I really hope not. But I think that effectively you could make a case that that is what happened to Japan after their bubble bust, more or less. It's still much better than the complete implosion of the global financial system we were facing. (You know that we were within about five days of the martial law being declared here in the US last fall, as it was).

[underlankers]

Well, yes, but that's obvious. And I do believe we came close to martial law, yes, but then Posse Comitatus is still suspended and we've had multiple Operation FALCONs around the last few years. Freedom here is in danger of becoming a pan-US version of the "freedom" that existed in the Jim Crow/Slave South.

[underlankers]

So effectively we're looking at another Long Depression, then? Oh joy. I didn't realize the sum total of progress in capitalism was to revert us right back to the economic sinkhole that preceded the brief pre-WWI boom.