No Economic Recovery Until 2018, IMF Chief Warns. US Government Planning for Mass Fatalities

The International Monetary Fund's chief economist has warned that the global economy will take a decade to recover from the financial crisis as the latest snapshot of the UK economy suggested that growth in the third quarter will be at best anaemic.

Olivier Blanchard said he feared the eurozone crisis, debt problems in Japan and the US, and a slowdown in China meant that the world economy would not be in good shape until at least 2018. "It's not yet a lost decade," he said. "But it will surely take at least a decade from the beginning of the crisis for the world economy to get back to decent shape.

Blanchard made his comments on a Hungarian website Portfolio.hu ahead of the IMF meeting next week in Tokyo. Germany is expected to defend its handling of Europe's debt problems at the meeting, but Blanchard said there was more that Europe's largest economy could do to support Spain and other struggling eurozone nations. In particular, he urged Berlin to accept a rise in inflation and wages that would make it less competitive with its trading partners.

[link to hereisthecity.com]

That is overly optimistic. It is going to take a couple of decades to recover fully, but to begin recovery we need to bottom out and the global economic mess has not hit bottom yet.

Great video. Does he have a radio show?

You can find his web site on his YouTube page

[link to www.youtube.com]

Last Edited by DoorBert on 10/08/2012 05:13 AM