According to official statistics now published, the "double dip" for
both the Eurozone and the UK began in the last quarter of 2011.
As the UK's Telegraph published this week-
"Britain is suffering the longest peacetime slump in a century,
economists said on Wednesday as figures confirmed a double-dip
recession... According to Michael Saunders, a Citigroup economist,
Britain is now suffering "the worst recession recovery cycle of the
last 100 years" with the exception of the period of the Second World War."
If anything, the Eurozone is much worse off, with the situation in
Spain, Portugal, Greece, Italy, France and even Holland seemingly
descending further by the week. I expect the crisis in Europe to
go on and on for decades without end. Literally, we will not see
Europe actually "recover" in our lifetimes. That is the prospect
ahead for the Eurozone.
So what of the USA? There will be no "official" word on any 'double
dip' recession in the US for some months. The NBER is very slow
to announce such things.
But with China in a serious slowdown, Japan in recession, Europe
and the UK in recession, and Australia on the verge, we are looking
at a synchronized global slowdown of huge size and scope.
Already we have spoken of this coming for a number of years now.
I believe we are in a time of great spiritual "purging", and that this
crisis will - in the end - bring a cleansing to places like America,
which have years of crisis ahead of it yet. It will be painful, but
ultimately I believe it will be good for our nations, which have
become so selfish and materialistic. I do not expect America to
even begin to emerge from the worst of this until 2018 or so. (-Even
then, not fully).
The West has some very troubled times in store. But spiritually
I believe it will be for the best in the end.
Keep looking to Him - the author and finisher of our faith, my friends.
SI Moderator - Greg Gordon