by laflammaster
Are we in a recession yet?
It should be interesting to hear what the US Gov has to say on Sept 15th. Perhaps like that nasty inflation thingy, this too will be a “transitory” slip of the tongue based on the new term of “technical recession”.
Here in Canada, we KNOW that we are in a recession. Job numbers for August are a loss of 40,000 jobs while the interest rate has gone up another 75 BPS earlier this week. What we are also now learning, according to Credit Card stats & Equifax, is that many people are now using their credit cards to buy basic necessities to make it through another month and that payments on those cards, for too many people, are 90 days past due. Australia, NZ, the UK and much of Europe are also in the same boat.
I’m quite sure the US is about to join our party. No country is immuned to the impending global market turmoil driven by cheap money and the reckless stupity of successive Governments to rein in the criminal financial players who once again fucked us all down a path of no return.