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Britain's Seven Year Recession?
November 25, 2008 11:03 AM
By JIM SCIUTTO, Senior Foreign Correspondent, ABC News London
This is one of the most sobering predictions I’ve seen of how long and deep the economic pain will be. Martin Wolf of the Financial Times isn’t the panicky type but with budget deficits soaring in the United Kingdom, he lays out how Britain may be heading for seven lean years.
Could this be a model of where the United States is heading? Britain’s deficit is expected to reach 4.4 percent of gross domestic product next year. The U.S. deficit was 3.2 percent this year but with more bailouts on the way, we may not be far behind.
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November 25, 2008 in Jim Sciutto | Permalink | User Comments (4)
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The fact that economists can't accurately forecast what's going to happen next year, let alone seven years out, tells you this prediction is pure hype. The "seven lean years" conveniently recalls Joseph's prediction of the same in ancient Egypt.
Posted by: The_Mick | Dec 1, 2008 2:22:46 AM
I'm just really angry for a few stupid American bankers screwing up the whole wolrd economy. Can't you Americans do anything right? War, economic failure, rigid beliefs... I know not all Americans are responsible, but do have any idea how the rest of the world sees you? Try being a little less arogant. And say you're sorry from time to time if you screw up. Now my job is at risk and my house is wortth nothing. Because of some idiot Americans. Thnaks a lot!
Posted by: name | Dec 11, 2008 6:48:07 AM
name:
You're situation stinks because your government is following the same bankrupt fiat policies as the US. So quit your whining and indignant blame.
Were it not for some stupid American's you'd be in a German or Russian gulag.
Sack up you bloody piker and fix YOUR government policies first. Then feel free to come across the pond to help us get un-twisted. We'd welcome your help. It be nice to see a Brit carry his weight for a change.
Just say no to fiat money.
Posted by: Rick | Dec 12, 2008 8:20:31 PM
"Were it not for some stupid American's you'd be in a German or Russian gulag."
Spare us your ignorance as well as your arrogance. America saved the world for...itself.
Posted by: Jim | Dec 14, 2008 7:48:40 AM
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