Brad Delong, economist, seems to be indicating that the USA is at or near a depression.
There is serious talk and moves toward a $3 trillion stimulus package that would allow everyone in the USA to refinance a mortgage at 4.5%.
The Fed and the Treasury appear ready to start buying up large quantities of securities -- government debt, mortgages, commercial loans, even stocks -- from banks' balance sheets, giving them plenty of new money to lend. This quantitative easing is a tool used by Japan earlier this decade to combat deflation and stimulate the economy.
The Fed will use its balance sheet to stimulate the US economy
China is planning to increase its money supply by 17% in 2009 to stimulate its economy
The situation with steel shows a sharp slowdown.