Can we perform a recovery without a recovery?
Western economies are concerned. Growth is the main question mark since 2008 in this area.
We have at best performed 0% in Southern Europe and disappointment is widely shared about the North America economy.
The few countries that were expected to rise (Germany, UK) are hardly exceeding 1% of annual growth.
The apostles of economic cycles may lose their Latin unless they are considering that the worst is on the verge of materializing in the form of a further downward phase of the cycle succeeding five years of stagnation.
One should better leave all hope of becoming a “Nobel Price” in Economy and dare say that the accumulation of debt (public and private) may act as snuffer.
The situation in the UK real estate gives that impression.
Soaring prices of homes in the south east do not seem manageable.
Common idea is that they are powered by “fugitives” from France and from Russia seeking “refuge” in London.
But most of such evolution seems to be attributable to credit availability from banks that easily tap the Central Bank to refinance their needs .
We could at least hope that the wealth so added would stimulate the building industry.
Nothing of that kind.
Despairing situation!
Dominique F. Pasquier