It's a Long Hard Road Ahead - Brian Pretti

``Never in modern history have we faced the type of domestic labor market circumstances we face today. As I've tried to describe, monetary policy is powerless to change this. If Mr. Bernanke was the true student of history he would fully realize exactly the circumstances of the moment. Because it's not that we don't have precedent. The US in the 1930's and Japan over the last two decades are the model. Looking at the Depression years and claiming the issue was that the Fed was not loose enough misses the key fingerprint character points of a generational deleveraging cycle completely. '' -- GREAT article; long, but worth it.