I maintain that viewpoint even today.
The chain of events set into motion in 2008 still has a long way to play out. A massive amount of private and public debt has accumulated and the system needs to allow this debt to unwind, no matter how painful this process will be (and it will be painful).
We cannot have meaningful recovery until this happens.
But Western governments have not allowed this to happen. They have intervened to prevent the pain.
The banking system has enabled the creation of an unsustainable mountain of debt.
Click 'comments' below to contribute to this post.