Even China is reviewing its economic forecasts downwards.
In Europe, as Greece receives another bailout, hot on the tail of the second bailout being confirmed we are now receiving ominous warnings that yet another bailout will be needed to keep Greece afloat. Is there no end?
It begs the question, is Greece dragging the EU down or is the EU (France and Germany) taking the honorable way out of going down down with the ship and if so please could they invite all EU Commissioners aboard?
I wonder if the captain is Italian, he has a damned silly accent thats for sure and is all of that flotsam dodgy US Bearer Bonds?
And if Israel hits Iran will this be just one more excuse to raise fuel prices and what will that do to the global recovery?
And surely US has learnt the lesson that if they take care of north Korea's food bill, Chucky 2 will then have the cash to finance nuclear development to another level?
Do I digress? Well, one thing is increasingly apparent and that is the fall in disposable incomes globally.
We are all worse off and the forecast is for more of the same. Prices worldwide are collapsing (except Singapore property, according to Agent007
).
The banks are silent, not crying poverty, and why not? They get to keep all taxpayers subsidies and now have engineered a situation where they get to keep all of our money and the interest accrued and they also have full title to all properties which default from the unprecedented levels of interest repayment.
Its a win, win situation.
