by James Rickards
Remember all those “green shoots?”
That was the ubiquitous phrase used by White House officials and TV talking heads in 2009 to describe how the U.S. economy was coming back to life after the 2008 global financial crisis.
The problem was we did not get green shoots; what we got was more like brown weeds.
The economy did recover, yes, but it was the slowest recovery in U.S. history.
After the green shoots theory had been discredited, Treasury Secretary Tim Geithner promised a “recovery summer” in 2010.