Just a few figures that underline reality.
US rent indexes declined in September. Last time this happened was 1992.
US Consumer Price Index fell 1.3%, year on year, in September 2009. Note that it bottomed at -2.1% y/y in July 2009, making it the largest annual contraction since 1949.
September’s US food prices fell (-0.2%) in September, the first annual decline in over 40 years.
US industrial production, as of August, was down (-10.7%) compared to August 2008.
Just a US problem?
Japanese industrial production, as of August, was down (-22.7%) compared to August 2008.
Britain’s industrial production, as of August, was down (-9.3%) compared to August 2008.
Eurozone area industrial production, as of August, was down (-15.9%) compared to August 2008.
Meanwhile the banks steam ahead reporting huge profits ……
Crazy world!
By Paul Handover
Learning from Dogs 