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Certainly the recession of 2008-09 was much shallower than that of the early 1980s or 1990s, but, importantly for us now, it is having an extremely long tail.
Can anybody please help, and tell me what it means having an extremely long tail in this case?
Harping on about economic growth makes politicians seem out of touch
-Greg Jericho
Thank you!
Every use of unbacked paper money in history has led to a collapse within forty years. The USA is now in the 45th year since Nixon abolished gold backing in 1971, and in the 9th year of a slow, noisy collapse counting from the double top in S&P500 in 2007. Calling this a "long tail" is like driving off a cliff and saying "so far, so good" because you haven't actually hit the bottom yet.
