Recession

So the UK is officially in a double-dip recession. GDP growth was -0.7% for Q3 2012. It's interesting that what we're hearing so far is not a decisive plan to deal with the ongoing stagnation of the economy, but excuses for why the figure is so bad.

If the government were a UK football team then Osborne would have been fired by now.

We're still seeing no sensible discussion of the problem of private debt, no inkling that it might have something to do with the problem. Osborne is still blaming government debt for the failure of the whole economy to perform -  when are people going to wake up to the idea that this is logically incorrect, let alone economically.

Europe is chanting the same mantra, and taking the same steps. We're all being drawn inexorable into a financial disaster.

Nouriel Roubini's perfect storm for 2013 looks more and more likely.