Yes, as Obama noted, there have been structural changes that have unemployment stubbornly hovering around 9%, despite the fact that American manufacturing has picked up.

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Forget about big structural changes, such as granting the central bank formal autonomy or loosening the regulatory corset around the labour market.

ECONOMIST: Brazilian politics

We probably will see some kind of recession or depression like scenario in the next few years if governments around the world can not figure out how to get rid of excess in the system and make structural changes that need to be made.

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