Our Awful Situation
IMF says US crisis is ‘largest financial shock since Great Depression’
More “no kidding!” reporting from the Guardian:
America’s mortgage crisis has spiralled into “the largest financial shock since the Great Depression” and there is now a one-in-four chance of a full-blown global recession over the next 12 months, the International Monetary Fund warned today.
The US is already sliding into what the IMF predicts will be a “mild recession” but there is mounting pessimism about the ability of the rest of the world to escape unscathed, the IMF said in its twice-yearly World Economic Outlook. Britain is particularly vulnerable, it warned, as it slashed its growth targets for both the US and the UK.
The report made it clear that there will be no early resolution to the global financial crisis.
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