I started this blog in June 2007 asking these questions: Are we in a massive asset bubble that will blow up in our faces ??? - ANSWERED YES ! Is western and particularly British society on the verge of social collapse??? What are the best common sense long term investment strategies to keep you rich? When will consumption/debt bubble economics end and a real savings/production economy begin ???
Monday, 6 October 2008
The latest data, covering activity in August and September, make it all but certain that the academic economists will eventually declare that the economy is in a recession.
The big economic forecasting firms are in the process of updating their forecasts following the release of key data on consumer spending. While the final numbers aren't available yet, forecasters say it doesn't look good.
The economy seems to be on the "edge of the abyss," said Joel Prakken, chairman of Macroeconomic Advisers
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