{"id":13373,"date":"2015-10-14T06:33:40","date_gmt":"2015-10-14T11:33:40","guid":{"rendered":"http:\/\/olduvai.ca\/?p=13373"},"modified":"2015-10-14T06:33:40","modified_gmt":"2015-10-14T11:33:40","slug":"the-numbers-say-that-a-major-global-recession-has-already-begun","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=13373","title":{"rendered":"The Numbers Say That A Major Global Recession Has Already Begun"},"content":{"rendered":"

The Numbers Say That A Major Global Recession Has Already Begun<\/a><\/h3>\n

\"Global<\/a>The biggest bank in the western world has just come out and declared that the global economy is \u201calready in a recession\u201d.\u00a0 According to British banking giant HSBC, global trade is down\u00a08.4 percent<\/a>\u00a0so far this year, and global GDP expressed in U.S. dollars is down\u00a03.4 percent<\/a>.\u00a0\u00a0So those that are waiting for the next worldwide economic recession to begin can stop waiting.\u00a0 It is officially here<\/strong>.\u00a0 As you will see below, money is fleeing emerging markets at a blistering pace, major global banks are stuck with huge loans that will never be repaid, and it looks like a very significant worldwide credit crunch has begun.\u00a0 Just a few days ago, I explained that the IMF, the UN, the BIS And Citibank were all warning\u00a0that a major economic crisis could be imminent<\/a>.\u00a0 They aren\u2019t just making this stuff up out of thin air, but most Americans still seem to believe that everything is going to be just fine.\u00a0 The level of blind faith in the system that most people are demonstrating right now is absolutely astounding.<\/p>\n

The numbers say that the global economy has not been in this bad shape since the devastating recession that shook the world in 2008 and 2009.\u00a0 According to\u00a0HSBC<\/a>, \u201cwe are already in a dollar recession\u201d\u2026<\/p>\n

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Global trade is also declining at an alarming pace. According to the latest data available in June the year on year change is -8.4%. To find periods of equivalent declines we only really find recessionary periods.<\/strong>\u00a0This is an interesting point. On one metric we are already in a recession. As can be seen in Chart 3 on the following page, global GDP expressed in US dollars is already negative to the tune of USD 1,37trn or -3.4%. That is, we are already in a dollar recession.\u00a0<\/em><\/div>\n<\/blockquote>\n

…click on the above link to read the rest of the article…<\/p>\n","protected":false},"excerpt":{"rendered":"

The Numbers Say That A Major Global Recession Has Already Begun The biggest bank in the western world has just come out and declared that the global economy is \u201calready in a recession\u201d.\u00a0 According to British banking giant HSBC, global trade is down\u00a08.4 percent\u00a0so far this year, and global GDP expressed in U.S. dollars is […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[1733,1269,7431,195,5983,353,9602,4129,3372,418,434,4901,1264,822,826],"class_list":["post-13373","post","type-post","status-publish","format-standard","hentry","category-economics","tag-bank-for-international-settlements","tag-bis","tag-credit-crunch","tag-debt","tag-economiccollapseblog","tag-gdp","tag-global-banks","tag-global-recession","tag-hsbc","tag-imf","tag-international-monetary-fund","tag-michael-snyder","tag-recession","tag-un","tag-united-nations"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/13373","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=13373"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/13373\/revisions"}],"predecessor-version":[{"id":13374,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/13373\/revisions\/13374"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=13373"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=13373"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=13373"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}