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Wait, So We're Not In A Recession?

Apparently, the economic turmoil we've been experiencing for the last couple of years is not a recession after all.

Apparently, the economic turmoil we've been experiencing for the last couple of years is not a recession after all.

Tuesday, April 20, 2010 17:27 GMT

AUSTIN, Texas (Wireless Flash - FlashNews) – Times may be tough, but what we’re experiencing isn’t a recession after all.

That’s the word from Paul JJ Payack of the Global Language Monitor, a company that tracks word usage trends around the world.

According to the word nerds, we’re not technically in a recession, it’s just hard to describe the economic crisis any other way.

Though many have called the downturn “The Great Recession,” Payack insists it’s “not a recession, neither great nor small.”

Instead, he believes the current situation is really a “global transference of wealth, power, and prestige on an unprecedented level” carried out by means we haven’t seen before.

It doesn’t resemble any crisis of the past, so therefore it shouldn’t be referred to as a recession.

Payack, however, is at a loss for words on this one.

He admits that even the GLM is finding it difficult to officially name today’s economic crisis.

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