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Time to get to work, Mr. President

Greece will most likely default on its debts soon.  With the resulting hit its creditor banks in Europe will take, a European financial crisis will break out, triggering a global economic slowdown just a few notches lower in intensity than the 2008 global financial crisis.

A slowdown is no longer a forecast but is already a reality. As a Citi Private Bank regular economic briefing dated 29 Sept. 2011 put it:  “Global growth is slowing and systemic risk is rising… Parts of the global economy are probably already in recession; the question for us is how much will it spread and how bad will it get.”


Continue ReadingTime to get to work, Mr. President