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Tuesday, August 10, 2010

There they finally said it

American Scofflaw

We've known it for the last two years. Now, they admit it.

The world is currently experiencing the modern day equivalent of the Great Depression, according to a prominent economist who has added his voice to scores of others now forecasting ongoing economic doom on a scale not seen since the 1930s.

Robin Griffiths, a technical strategist at Cazenove Capital, told CNBC Monday that he sees the stock market bottoming out in October as the world has entered significant financial depression.

Other economists are beginning to pin the blame for the continuing spiral into depression at the feet of the central bankers:

"The major problem is that quantitative easing has been counter-productive." Brendan Brown, head of research at Mitsubishi UFJ Securities tells CNBC.

"The central banks have stopped prices from falling. When prices fall, people buy but by shoring up asset prices the central bankers have stood in the way of recovery," he added.

"The big risk is that the Fed reacts to its own depression. The Fed could over-react and would be better off going on holiday rather than announcing yet more QE," Brown said on the eve of a Fed meeting to discuss more QE.

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