.., I got the feeling we’re coasting onto a Depression that might end up being worse than the last.

At least, we can’t deny that History appears to be repeating itself (something History likes to do). On one side, Eastern European countries that were doing well a few years ago, are now totally broke, but Europe doesn’t want to bail them out, and won’t , as reported in the New York Times yesterday.

Also, Japan is contracting at 13 percent Last quarter and the United Ststes contracted at 6 percent last quarter.

What’s ahead? If history is any guide, nothing much good. I don’t want to say it, but it started with hyperinflation in the late 1920’s.