There's more where that came from. The UK is (officially) predicting a short, hard recession and while I'd like to believe it, I don't see it. The UK has been bubbling over with even more personal debt than the US and the City has been as nutty as Wall Street, but adds up to around 1/3 of the UK economy. I hope that I'm wrong, but I see this dragging on for longer than one year. From Germany:
New government data show that the German economy is officially in recession.
Europe's biggest economy recorded negative growth for a second consecutive quarter in the third quarter.
The Federal Statistical Office said today that gross domestic product contracted by 0.5% in the July-September period compared with the previous quarter.
The economy contracted by 0.4% in the second quarter - its first decline since late 2004.
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