"Is the crisis over?"

"Is the economy recovering?"

These are questions I'm often asked. People who ask such questions are praying for a "V-shaped" recovery, hoping that the worst is over and that we're on our way to economic recovery.

Some experts say that we're in a "U-shaped" recovery, meaning the recovery will take longer, maybe another two to three years. Others fear a "W-shaped recovery," a double dip, which could result in another crash before full recovery. Some experts are calling for a zombie recovery similar to the Japanese economy's 20-year stagnation.

There's also a growing chorus of experts who are warning of our greatest fear, a depression either in the form of hyperinflation like the German Weimar Republic experienced in the 1920s, or a deflationary depression like the Great Depression.
A depression would be devastating, but could there be something worse than a depression?

The answer is, "Yes." There could be an economic collapse.