In his blog today, Denninger writes:
"The only reason we have not recognized an economic Depression is because of utterly unsustainable government borrowing and spending of money it does not have and which it has no hope or intent to ever take in via taxes in the future.
"In other words, the Government has been lying to you.
"There has been no economic recovery and we are in an economic Depression right now and have been since 2008."
A drive I took yesterday east of Atlanta struck me as providing anecdotal evidence that recovery eludes us.
After changing some belts, hoses and an alternator (Yes, I had help. No, I didn't take it to a shop), I took a recently acquired 27-year-old RV on road test out I-20 to Morgan County. Dumped the waste tanks at a roadside rest area station - and headed back home by some back roads.
Lots of storefronts empty in small town Social Circle and in other places I passed.
I saw "ministry" now operates in what appears to be a of former commercial site in Monroe where mills once thrived. Other "ministries" and churches dot the landscape in buildings that formerly housed retail and other commercial enterprises.
I don't recall seeing ANY new construction underway on my 50 mile back roads trek home.
It looked like one of the pawn shops (I saw more pawn shops than I recalled being there) in Monroe has expanded since the last time I stopped there. They've added an indoor gun range. The parking lot only had one entrance, and was too small for me to turn the RV beast around, so I didn't stop.
With my mix of rural, suburban and Interstate highway driving, it appears I averaged about 10 mpg in the RV. I'm hoping a set of new spark plugs will bump things up a little bit. The plugs, like much of the stuff under the hood, appear be original.
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