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Um, Just So You Know: World Growth Grinds to Virtual Halt

January 28, 2009 RSS Feed Print

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A few pretty awful highlights culled from the IMF's latest World Economic Outlook:

World growth is projected to fall to just half of one percent in 2009, its lowest rate in 60 years.
Potential losses in U.S. originated credit assets held by banks and others are estimate at $2.2 trillion, up from $1.4 trillion last October.
In India, growth is expected to slow to 5 percent, while China is expected to slow to 6.75 percent.
Deflation is now a risk.
The IMF's answer for worsening economic woes? More stimulus, pretty much everywhere.

For a more on China today see Floyd Norris, and for an even worse prediction on banking troubles there is (as always) NYU's Nouriel Roubini, who puts banking losses at $3.6 trillion.

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I just wanted to point out that every nation in history that has had its economy fail went into a period of what we now term "deflationary recession". This by course led to the governments of those nations to pump more fiat currency into their monetary systems leading them to hyper-inflation and a worthless money. Now that every one is globally connected, it will be interesting to see who points the finger at whom.
Ron Paul is right! The nuts are now running the nuthouse and the sheeple have put them in power.

Jeff of WI 5:18AM January 29, 2009