UK full recession
Alistair Darling resigns
Spain exits Euro area
China stock bubble bursts
Not much surprise that we think there will be a full recession, very hard to see now how it can be avoided, but with corporate activity holding up we may just scrape by with 0% growth.
I have a nasty feeling that 3 out of the 4 come true. My vote was for Spain to exit the euro area, you read it here first. Wait to you see their sub-prime write down's on Spanish banks, whom the government bet the house on in tax and investment terms....