Martin Wolf Describes The Global Economy As a "Managed Depression"

Central banks have been trying to manage their way out of economic slumps.  They have been variously successful in preventing an even worse outcome of a global recession and price deflation.  They have resorted to unconventional policies that might have produced inflation and other bad things in ordinary circumstances.  Emerging market economies that have been the engine for growth are now slowing down.  Their customers in rich countries are not spending as much as they had in the past, and they are purchasing fewer natural resources from resource rich nations.  Martin Wolf, writing in the Financial Times, describes this as a "managed depression". He argues that the slump in the EZ is the major problem in the global economy, and he is pessimistic about its ability to deal with the slump in aggregate demand that has been underway for several years.