Ten predictions for the coming year
by Bruce O’Hara
November 1, 2023
The slaughter in Gaza continues. (I refuse to call it a ‘war’ when one side has all the tanks, artillery, and fighter jets.) It seems possible the Arab world will abandon the Palestinians, but I wouldn’t count on it.
Even if the carnage in Gaza doesn’t spiral out of control, there are some serious storm clouds on the horizon. Here’s my predictions for ten things that I’m reasonably sure will happen over the next twelve months:
- A Global Recession is Coming
Europe’s economy shrank just a little over the past three months. It seems almost certain it will shrink some more by the end of the year, which will put Europe officially in recession.
With US consumers spending down the last of their savings, maxing out their credit cards, and resuming payments on their student loans, it seems highly probable the US economy will join Europe in recession very soon.
I know the media talking heads are saying the US economy is ‘incredibly resilient,’ but the US Government juiced the US economy with 1,000 billion dollars of borrowed money over the past three months and economic output only increased by a paltry 417 billion dollars. Call it ‘surprising strength’ if you like – but I think ‘an economy on life-support’ would be more accurate.
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