Forget the “double-dip”. Now we’re expected to believe that a “triple-dip” recession is nigh:
Economists believe the chances of such a scenario are high, given
that there has been no let up in the pressure on consumers and
businesses and snow disruption threatens to cost the economy an
estimated £500 million a day.There is no official definition of a
triple dip, but it is widely accepted to mean that the economy has
fallen into recession three times without returning to a period of
robust growth in between. The UK plunged into a double dip
recession last year, contracting for three quarters in a row before
bouncing back with growth of 0.9% in the three months to September.According
to the Office for National Statistics, there has not been a triple dip
recession since its records began in 1955, with Britain last suffering
such economic gloom in the Great Depression.
There is no triple-dip recession. There was no double-dip recession. This is, as I have been saying since 2008, the Great Depression 2.0. It is larger in scope than its predecessor and it is gradually revealing the concrete shortcomings of the reported economics statistics.
It is also interesting how we don’t hear much about the ongoing “economic recovery” in the USA anymore even though the GDP numbers are still nominally positive.