Ben Bernanke: "Recession Likely Over"

In a sure sign of confidence in "Helicopter" Ben Bernanke, Marketwatch reports gold back above $1,000 after Bernanke speech. If there's anyone who can lift gold to new heights, it's Ben Bernanke- even when his speech centers around a mystical and non-existent recovery. Gold will continue to act as a warning signal of what's to come. Think about it: now that the recession is over, shouldn't gold be trading at $600? Well it's not, which should have inquiring minds asking questions. From Marketwatch, Bernanke declares "recession is very likely over"

"From a technical perspective, the recession is very likely over at this point," Bernanke told a conference at the Brookings Institution. But "it's still going to feel like a very weak economy for some time."

You got that right. It's going to feel like a Depression. Lets get over all this talk of a "technical recovery". The average unemployed person on the street subsidizing millionaire bankers doesn't care about "technical recoveries" funded by downright scary levels of government debt. It's clear that a day of reckoning is approaching.

Bernanke said global regulators acted swiftly in the wake of last September's financial crisis and succeeded in bringing the global economy back from the brink of collapse. There is no longer widespread fear of a financial collapse and economic activity is leveling out, he added.

Very interesting. The same regulators who didn't see the biggest economic implosion since the Great Depression (so far) coming are now declaring that the coast is clear. Sorry for being skeptical, but given Ben Bernanke's dubious track record, I would be very, very cautious at this point.

Now that pretty much everyone has declared the recession to be over, it's getting very lonely in the bear camp. The widespread bullishness I'm seeing now is not too different from the bullishess I saw in 2007, when anyone calling for a recession was mocked. Still, I want to be unequivocal here: further shocks to our economy are coming. As time allows, I will try to lay out the case for Depression further.