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Posted on 09/13/2002 5:29:40 PM PDT by RCW2001
| Massive world recession to occur if Iraq attacked: Economist |
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Robin Bew, the chief economist of the EIU, told Xinhua in a written commentary Thursday, "Our forecasts assume that the United States does attack Iraq, and that the Middle East oil producers oppose the US action and team up to cut oil production, and thereby, pushing the oil price to, say, 70 US dollars a barrel or more, that would deliver a massive supply-side shock to the global economy and probably trigger a massive recession, similar to the oil shocks in the 1970s," Bew said. Turning to the US economy, Christopher Nailer, the Singapore- based regional economist of the EIU, also told Xinhua in the commentary that the current imbalance in the US economy is severe, saying that sluggish growth is forecast for both 2002 and 2003. "We expect the US economy to grow only 2.4 percent in 2002 and accelerate to only 2.8 percent in 2003. This is better than 2001 when the US economy grew only 0.3 percent, but still very weak. "However, the imbalance in the US economy is severe, and we rate the possibility of a major recession - worse than the 2001 one - within the next two years as a 30 percent probability," Nailer said.
Copyright 2002 XINHUA NEWS AGENCY. |
A few nukes blowing up major metropolitan areas? The TAX REVENUE, man! The TAX REVENUE! Think of all those poor desk jockeys who would get laid off if we got nuked? Have you no sympathy for our army of poorly fed, poorly paid beaurocrats?
They've lost any credibility they once may have had, at least from me...
Yep, if there's a "brutal Iraqi winter," it'll be of the nuclear variety.
If, If, If.
If parakeets were Eagles, housecats would be in a lot of trouble.
Last week at the OPEC Oil Ministers meeting, Kuwait and Iran anounced that they woul see that suplies and prices reamained constant during any US war with Iraq.
So9
Xinhua, the official mouthpiece of the Chinese Communists.
Waiting for War in Iraq is what is depressing the market because of its uncertainty - remove the uncertainty, with the added benefit of blowing away terrorist Saddam, would be a major upside for the markets.
Eurotrash Liberal One-World A$$holes run the Economist, or did you forget?
Aren't second opinions wonderful?
5.56mm
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