Technically and Ethically, we already ARE in a recession.
The numbers would be much much worse if the FED and Treasury were not creating money out of thin air and pumping it into the markets. (QE-1&2) Interest rates should have started rising in late 2007, to stave of inflation. Instead, they have been pumping Keynesian based money into all the wrong places. (Banks & “Green” Corps.)
They have also kept interest rates at .25% and made up for inflation by Monetizing their own Treasury with bogus/worthless money that they created out of thin air.
This will not end well.........Especially after the World drops the Dollar as it’s Reserve Currency. There is a sure certainty that this year alone, the Dollar will be lowered in status and be forced to share 50% of the market with another form of currency. (One that will be backed by Gold and Silver.)
When that happens, get ready for hyper inflation and even worse, Stagflation/Deflation.
When do you think this will happen... Later this year or sometime in 2012?