So Mervyn King has decided we are all living in a 1930's depression.
My history is a bit rusty but I recall 25% unemployment in the USA and deflation. That is not what we are seeing at the moment. Thanks to his and Bernanke's printing press, inflation is looking healthy and unemployment around 10%.
During the 30's, Keynes was in vogue and public spending and deficits and low taxes were the norm.
Today, in the west austerity and high taxes are the norm.
So what is he going on about?
Answers on a postcard please.
Keep calm and starve (telegraph)
BBC to close down (telegraph)
Bank of England to be turned into a workhouse.