Friday, September 18, 2009

OECD - Global Unemployment Continues To Hit New Highs

After the biggest global stimulus package in the history of the world, we still are experiencing rising unemployment globally. Conclusion? No amount of additional profligacy will save the global economy. The OECD is projecting member countries could see unemployment hit 10% next year.

I wrote last year that a 30-50% drop in China's GDP is possible. I remain extremely confident of this dynamic. We'll more than likely look back on such rosy projections of 10% unemployment as wishful thinking before this crisis has passed.

But never fear. 80% of economists, Ben Bernanke and Wall Street have all recently told us the "recession" is over. Recession huh?
posted by TimingLogic at 7:30 AM