The GFC began five years ago. Debt-deflation recessions take much longer to recover from than more “normal” recessions, as evidenced not just by the Great Depression of the 1930s, but by numerous examples from individual countries since then.  Japan since 1990 is a perfect example.  It has had zero nominal (i.e. before adjusting for inflation) … Continue reading 2012/13 Year in Review & Outlook