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Oil Price Collapse Signals Global Economic Crisis of 2016 – – Recession Very Likely This Year

January 20th, 2016 Comments off

A floor in the price of oil commodities remains elusive, as Brent Crude  touches 28 dollars per barrel. With expectations of another half-million barrels per day soon to enter the already over-supplied oil market due to the lifting of sanctions on Iran, combined with a slowdown in China’s economy, forces exerting a downward price on oil are strengthening.

The oil price collapse with strangle a large part of America’s shale oil industry, while devastating debt-laden oil exporting countries, with Venezuela in particular  facing default. Inevitably, the implosion in oil prices will hit major financial institutions with exposure to loans connected with either oil exploration and extraction, or sovereigns dependent on oil export income for most of their governmental financing. This all points to the high likelihood of a global recession in 2016.

 

 

 

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Sheldon Filger's photo.

U.S. Economy Officially In Recession

December 3rd, 2008 Comments off

The U.S. economy has been in a recession since December 2007, according to the National Bureau of Economic Research. This means the economy has been in a recession for more than a year, with over one million jobs already lost.

The National Bureau of Economic Research is a private body that determines, based on its analysis of economic trends, when the onset of a recession has occurred. Their grim announcement suggests that the economy has been in a yearlong downturn. Many economists are already predicting that the American economy will experience the deepest recession since the Great Depression of the 1930s. With trillions of dollars already spent by the government to reverse the economic decline, it seems more trillions may have to be spent.