>Read the latest from Charles Hugh Smith, which begins:
A “double-dip recession” makes no sense to the 76 percent of Americans who believe that the US economy remains in recession. And indeed, I argued in Suppressing the Cognitive Dissonance of a Bogus Recovery that the “growth” touted by the mainstream media and the Central State propaganda machine is a mirage.
To the 24% of the populace who believes the U.S. exited recession in fine fettle, I offer a “Two Scoop Special”: a Double-Dip recession is guaranteed for the following reasons:
1. The Eurozone is heading into deep recession, taking U.S. corporate profits with it. Three things are certain in the Eurozone: Austerity, higher taxes and more of each nation’s budget will be carved off to pay interest on their ballooning debt. All three mean less money in consumers’ pockets, and in local government pockets.
Please see Why the Eurozone Is Doomed for more on the Eurozone’s structural problems…Read the rest here.