Mike ‘Mish’ Shedlock joined us today for an unvarnished look at the US and World Economies. And it ain’t pretty. European banks are in a world of pain, with non-performing loans out of control and getting worse, especially in Italy. Employment numbers are weakening as we speak. We might very well be in a recession now, but we probably won’t know for another year, when the powers that be tell us what we already know.
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