The world economy remains locked into a Long Depression. The Great Recession was not the product of a collapse in consumer demand as the Keynesians argue, but a collapse in capitalist investment. Personal consumption remains near its historic high at around 70% of GDP, while private investment fell from a peak of 18% of GDP to 11% and is still no higher than 14% now. Investment in the major economies remains under previous peaks in real terms and by as much as 15% for the UK, the Eurozone and Japan.
http://thenextrecession.wordpress.com/2012/10/05/the-long-and-winding-road/
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