Fears of double-dip recession as credit shrinks at Depression rate

(Ambrose Evans-Pritchard, London Telegraph) "There has been nothing like this in the USA since the 1930s," he said. "The rapid destruction of money balances is madness" ... Both bank credit and the M3 money supply in the United States have been contracting at rates comparable to the onset of the Great Depression since early summer, raising fears of a double-dip recession in 2010 and a slide into debt-deflation. .... the Federal Reserve and other central banks will be forced to engage in outright monetisation of government debt by next year, whatever they say now. (Analyst's note: This is very troubling)