The illusion of recovery

Americans are deeper into personal debt than ever, which creates only an illusion of economic recovery.

“There is no means of avoiding a final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as the result of voluntary abandonment of further credit expansion, or later as the final and total catastrophe of the currency involved.” – Ludwig von Mises

For which evidence is before us:

ATHENS—Greece's economy contracted at an annual rate of 7% in the fourth quarter, versus a decline of 5% in the previous quarter, official data showed Tuesday.