Wol

This economic crisis is a wake-up call, saying that growth cannot continue without wrecking itself and the planet at the same time.

But it will be ignored by *all* governments either because they are ignorant or scared of the logical result of curbing economic activity.

Anyone who imagines that we are going to return to business as usual is living in lala land, IMO.

The world population is growing at around three per second, night and day. Until the necessity of cutting it back to a negative figure is accepted the result is going to be catastrophe - and not in a hundred or two years, either.

NKSK version 2

Did anyone catch this from JP Morgan today?

Recession looms

Despite the spike, the outlook for economic growth and profits over the longer term continues to grow more dire.

Economists at JP Morgan said Australia's economy is likely to start shrinking by the end of the year - and downgraded their growth expectations for the second time in two weeks.

Growth forecasts for 2009 have been moved down to 0.7%, from 1.4%, after being downgraded last week from 1.8%.

For 2008, the Australian gross domestic product growth is now seen at 2.1%, down from 2.5%.

Gross domestic product growth is expected to be -.3% in December quarter of 2008 and -.4% in the first quarter of 2009, bringing growth forecasts for 2009 down to 0.7%, from 1.4%.

For 2008, the Australian gross domestic product growth is now seen at 2.1%, down from 2.5%.

"These new forecasts include expected falls in Australia's GDP in Q4 2008 and Q1 2009 - if realised, the coming quarters will define the first technical recession in Australia since 1990-91," JP Morgan economist Stephen Walters wrote in a note to clients.

"The contours of Australia's coming recession have become clearer in recent weeks.

"The outlook for Australia's export volumes and commodity prices has been darkening in line with global growth prospects.

"We also have become even more down-beat on the outlook for the consumer - we anticipate virtually no growth in household spending in 2009."

jimbo_d

Without wanting to sound callous and I do hope the above poster is one of the lucky few who still retain their jobs on the project, unlike quite a few I know, but going back only 3 weeks you posted this. FMG have ended up in a right mess and having to delay their expansions. The momentum of this crash especially in WA is gaining daily and becoming quite scary. It's a case of who's next with BHP expecting to announce downgrades of sales.

TheSubMainMan

Here is an alternate reason why things are going T**s Up.

Must warn you thou, there over three hours long! Worth every second...

part one:

http://video.google.com.au/videoplay...04832383&hl=en

and part two:

http://video.google.com.au/videoplay...12239683&hl=en


Spread the knowlege..

MTPockets

That will either blow up my cr@ppy internet connection or I'll get a huge bill , but thanks - I'll look for a transcript.

http://www.debtdeflation.com/blogs/

This is also an interesting read - just one perspective but refreshing alternative to the mostly self and mutually-congratulating government/media perspective on the oz economy.