Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
As money to spin the wheels of the real economy remains scarce, it will slowly be stripped/scavenged/liquidated and the longer the crisis lasts the lower the attainable level of activity will be when it resumes.

considering how much of the 'real economy' consists of humiliating, underpaid makework creating stuff people don't need and persuading them they want it, perhaps there's a silver lining to this.

'The history of public debt is full of irony. It rarely follows our ideas of order and justice.' Thomas Piketty

by melo (melometa4(at)gmail.com) on Fri Jul 16th, 2010 at 05:28:51 PM EST
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There is definitely a debate there around the sense and content of real activity.
by afew (afew(a in a circle)eurotrib_dot_com) on Sat Jul 17th, 2010 at 01:39:40 AM EST
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Repeat after me: finance is the brain of the economy...

By laying out pros and cons we risk inducing people to join the debate, and losing control of a process that only we fully understand. - Alan Greenspan
by Carrie (migeru at eurotrib dot com) on Sat Jul 17th, 2010 at 03:55:23 AM EST
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"Those whom the Gods would destroy they first make mad."

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Sat Jul 17th, 2010 at 10:51:27 AM EST
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