Forget Recession: According To Caterpillar There Is A Full-Blown Global Depression

From Zero Hedge:

There has now been an unprecedented 31 consecutive months of CAT retail sales declines. This compares to "only" 19 during the near systemic collapse in 2008. In other words, if global demand for heavy industrial machinery, as opposed to unemployed millennials' demands for $0.99 Apple apps, is any indication of the true underlying economy, forget recession: the world is now in a second great depression which is getting worse by the month.

http://www.zerohedge.com/news/2015-07-22/forget-recession-according-caterpillar-there-full-blown-global-depression