UK's Cameron Sees 'Red Warning Lights' for World Economy

November 17, 2014 2:18 PM

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UK Prime Minister David Cameron is seeing red lights, and it’s not just Christmas lights. At the G-20 summit Cameron said “red warning lights are flashing on the dashboard of the global economy” and that the crisis that brought the world to its knees may happen again. He said that “the eurozone is teetering on the brink of a possible third recession, with high unemployment, falling growth and the real risk of falling prices too.” Maybe the Prime Minister looked at the oil pressure gauge, it has been flashing red warning signs for some time. The debate for oil was how much of the sell-off was caused by over production or by slowing demand. Cameron worries that the signs do not bode well as recession and deflation fears have knocked oil for a loop, not to mention desperate OPEC producers.

Yet it is not just European warning lights. What about Japan? Japan's GDP fell to an annualized 1.6%. Gross Domestic Product (GDP) from July to September, compared with expectations for 2.1% rise. Economist says that after a previous 7.1% drop Japan is still in a technical rescission. That came afte...

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