Seems that some in authority are reaching the conclusion that things are really, really serious, and that we are not just facing a recession, but a depression:
"Mr Balls, a former economic adviser to Gordon Brown, said the global recession would be the most serious for "over 100 years", the Yorkshire Post reported.
He told a Labour conference that these were "seismic events that are going to change the political landscape"… Mr Balls, MP for Normanton, added: "We now are seeing the realities of globalisation, though at a speed, pace and ferocity which none of us have seen before.
"The reality is that this is becoming the most serious global recession for, I'm sure, over 100 years as it will turn out." … A spokesman for Mr Balls insisted that the prime minister and Chancellor Alistair Darling had highlighted the "unprecedented speed and ferocity" of the crisis "time and time again".
He said: "The unprecedented global nature of this crisis and its impact on the global financial sector is affecting every single economy in the world.
"The Bank of England agrees with this analysis. As the deputy governor of the Bank of England, Charlie Bean, said in October: 'This is a once in a lifetime crisis, and possibly the largest financial crisis of its kind in human history."'
Ah, any comments, Mr. Harper? Mr. Ignatieff?
