Well, if you get most of your financial news from the tv or newspapers, you might not know what other experts have been saying.

As I wrote in February:

The International Monetary Fund (IMF) is the organization that audits the books of countries world-wide to determine their real financial health. The IMF is also responsible for bailing out countries in trouble, and stabilizing the world's economic systems.

The IMF has also performed a complete audit of the whole US financial system, and therefore has a clearer idea of American finances than just about any other organization.

So the fact that the head of the IMF is saying that the world's advanced economies are already in a depression carries great weight.

He is not alone. The following people have also said we are already in a depression:

Merrill Lynch's chief economist
The former chief economist at the U.S. International Trade Commission
Nobel economist Joseph Stiglitz The former Secretary of Labor The UK's prime minister Leading investment advisor Ray Dalio Well-known investment advisor Doug Casey
And many others.

What I am saying is that the government's actions to date have not fixed the underlying problems or helped stabilize the economy. The government has been doing all of the wrong things and made the situation worse by, among other things:

(1) Throwing trillions of dollars at the "too big to fails", instead of admitting that many of them are insolvent

(2) Undermining trust of nations all over the world in the American economy

(3) Failing to restore Glass-Steagall, reign in credit default swaps, or do anything else necessary to stabilize the financial system

(4) Attempting to restart high levels of leverage and securitization

(5) Failing to take real measures to decrease employment and increase manufacturing

(6) Creating an enormous debt overhang and trashing our currency

As Stephen Roach - Chairman of Morgan Stanley Asia and former chief Morgan Stanley economist for the U.S. - said a couple of days ago:

Those who are looking for a “V”-shaped recovery are in for “a rude awakening."

“The imbalances going into the crisis were large to begin with. Now, they are bigger than ever.”