We're heading for a long, deep depression

It's clear that we are not in just a common-or-garden recession; we're headed for a full-blown depression. Time will be the only healer - and it could take anything from three to seven years.

Despite the sense that financial market conditions are easing from the fraught levels of the past six months, Gordon Brown's assertion that the UK bank sector was just three hours from collapse at the time of the £37bn bail-out last autumn, coupled with the daily litany of awful news on the employment front, indicates that in the real world conditions remain dire.

But how dire?

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