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March 8, 2008 | by  | in Online Only | [ssba]

Ive got that Sinking Feeling.

It seems that the discussion over whether the United States has finally hit a recession is all but finished. Latest statistics from the US government have shown that a recession is almost certainly imminent.

Job Losses were reported this week – and were much harsher than expected. 63,000 jobs were lost in February alone in the US – a sure sign of economic crisis. This was further exacerbated by the rate of home repossessions – which reached an all time high in February. The sting from the Sub prime mortgage crash is still being felt.

Thats not to mention that fact that oil peaked to its highest ever price per barrel last week – and as investors struggle to protect their loot, the price of gold has skyrocketed – harming floating currency rates, and putting pressure of those states still with adequate gold reserves.

Technically a recession is when an economy sees negative growth for two or more financial quarters – the US has yet to report negative growth in one – but the signs are all there, and consumer confidence has allready taken a big hit.

This has ramifications for New Zealand – John Key recently made a big song and dance about raising food costs, and basic goods. If the United States – the economic hegemony of the west, continues on its downward spiral – Mr Key might have more than just an election side issue on his hands… not to mention a budget deficit if he wins in September…


About the Author ()

Conrad is a very grumpy boy. When he was little he had a curl in the middle of his forehead. When he was good, he was moderately good, but when he was mean he was HORRID. He likes guns, bombs and shooting doves. He can often be found reading books about Mussolini and tank warfare. His greatest dream is to invent an eighteen foot high mechanical spider, which has an antimatter lazer attached to its back.

Comments (7)

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  1. Kieran Burns says:

    Hi Conrad!
    I attempted to read your article but I got distracted by some clever advertising. Do you think many people read your articles?
    Anywho, i’m off to buy some new shares in multinational arms corporations

  2. Im sorry, but I have no honest recollection of who you are…

  3. antiamericanbitch says:

    America is now declining rapidly, and her time is up.HA HA HA

  4. Kieran Burns says:

    Let me remind you
    Con Anima.
    That is enough

  5. Ben Bernanke says:

    Reyners, please stop spreading your odious brand of misinformation. We Feds have a plan, and this so called ‘recession’ you speak of is merely an artifice, a conniving ruse aimed at lulling those space-hungry Chinese into a mindset of arrogant overconfidence. From there, you’ll see pal. Home runs on every ball.

  6. Hot Dogs and Mustard to you too Ben.

    Oh, THAT Kieran, Keiran. (I know many, many Kierans, Kieran.) Now I feel awful and admonished. :(

    This blog post is now about delicious American Food.

  7. Tiger Woods says:

    Grit’s n’ gravy – the only meal I ever eat.

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