UK Economic Recovery on The Verge of Collapse!

- What UK economic recovery? Did Quantitative Easing (QE), creating money out of thin air to buy their own debts (debt monetization) help the economy? If economic wealth can be generated by printing money, I will be the first to agree to it. Go the whole hog, abolish all debts by printing money, print millions for each man, woman, child and their dog! Abolish income taxes!
– - We are on the verge of a global economic collapse. It is touch and go this summer. Although, the Illuminists (probably) want to drag the system out to next year before allowing it to collapse, they are not God. Greece may just default and set off a chain reaction of collapsing dominoes. All the PIIGS will fall. Spain the fourth/fifth largest Eurozone economy will bring down France and Germany!
– - The Euro, UKP, JPY and USD are toast! These industrialized economies are burdened by unpayable debts. I do not believe that Asia or China will escape this coming collapse. When major fiat currencies fall, the minor fiat currencies will be drag down the toilet bowl. It will set the stage for the introduction of the One World Currency and Luciferian New World Order. Chaos and World War dead ahead !
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UK economic recovery on the verge of collapse
By David Prosser, http://www.independent.co.uk/
The prospect of Britain’s economy moving decisively into recovery mode were dealt another blow yesterday, with two new reports highlighting mounting difficulties.
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Markit, the analyst that compiles the closely watched monthly surveys of activity in the services, manufacturing and construction sectors, said its latest research suggested the UK economy was on target to record growth of just 0.3 per cent during the second quarter of the year, even more disappointing than the first quarter’s 0.5 per cent.
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Figures published by Markit yesterday showed that the services sector, which accounts for more than two-thirds of Britain’s economy, continued to grow last month, but at a much slower rate. The purchasing managers at services companies, who Markit surveys to compile a picture of activity in the sector, said their businesses expanded in May at their slowest rate for three months.
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The downbeat services survey follows the depressed picture Markit revealed of the manufacturing sector earlier this week, with economists warning that the extra bank holidays last month could not fully account for the setbacks.
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Chris Williamson, Markit’s chief economist, warned that the Bank of England’s most recent forecasts for economic performance this year, which had to be downgraded from its earlier estimates, might have to be cut once again. “There is an increased risk that growth in 2011 will fall below the 1.8 per cent expansion forecast in the latest Bank of England forecast,” he said.
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While Markit’s assessment of the construction sector’s performance in May, published on Thursday, wasslightly better, that industry is recovering from unprecedented lows – and only very slowly.
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The Office for National Statistics said yesterday that the number of new orders for construction work fell by 23 per cent during the first three months of the year, the steepest decline the industry has experienced since 1987. Construction companies believe the slow down reflects the beginning of public sector cuts and expect their output to be muted for the rest of the year.
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Vicky Redwood, an economist at the think tank Capital Economics, said the latest data “provided further evidence that the recovery is still struggling”.
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… for the full article click here!
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