The economic data today from a number of different corners has been poor. In Asia, Europe and the US, manufacturing data point to continued slowdown. In the US, weak jobs numbers do as well. It has been clear for some time that growth was decelerating globally. However, at this juncture, the slowdown has accelerated to where I am forced to warn of the likelihood of global recession.
We have been here before. When the United States slowed in 2007 due to the collapse of the subprime housing market, the impact widened to the entire US housing market, which had overheated. The US economy decelerated at an alarming rate and eventually entered recession at the end of 2007. But the problems in the US reverberated globally with many parts of Europe experiencing similar housing busts and emergin...
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Edward Harrison is the founder of Credit Writedowns and a former career diplomat, investment banker and technology executive with over twenty five years of business experience. He has also been a regular economic and financial commentator in print and on television for the past decade. He speaks six languages and reads another five, skills he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College.