The Wall Street Journal reports that, "International Monetary Fund chief Dominique Strauss-Kahn said the world's advanced economies -- the U.S., Western Europe and Japan -- are 'already in depression,' and that the IMF could slash its global growth forecasts further. The 'worst cannot be ruled out,' he said."
BRITISH PM SAYS GLOBAL ECONOMY IN DEPRESSION "Last week, when British Prime Minister Gordon Brown used the word 'depression' to describe the global economy, his aides quickly said it was a slip of the tongue."
WHAT IS AN ECONOMIC DEPRESSION?
"Political figures generally avoid using the word depression because of the association with the Great Depression of the 1930s, when unemployment hit 25% in the U.S. and economic output fell even more steeply...Former IMF Chief Economist Simon Johnson, a professor at MIT's Sloan School of Management, said the term refers to a significant contraction that lasts around five years."
598,000 AMERICAN JOBS LOST
In January alone, the American workforce lost 598,000 jobs.