The following are 22 signs that we are on the verge of a devastating global recession….
#1 On Thursday it was announced that U.S. jobless claims had soared to a six-week high.
#2 Hostess Brands, the maker of Twinkies and Wonder Bread, has filed for bankruptcy protection.
#3 Sears (NASDAQ:SHLD) recently announced that somewhere between 100 and 120 Sears and Kmart stores will be closing, and Sears stock has fallen nearly 60% in just the past year.
#4 Over the past 12 months, dozens of prominent retailers have closed stores all over America, and one consulting firm is projecting that there will be more than 5,000 more store closings in 2012.
#5 Richard Bove, an analyst at Rochdale Securities, is projecting that the global financial (NYSEARCA:XLF) industry will lose approximately 150,000 jobs over the next 12 to 18 months.
#6 Investors are pulling money out of the stock market at a rapid pace right now. ...
#7 There are signs that the Chinese (NYSEARCA:FXI) economy is seriously slowing down. The following comes from a recent article in the Guardian….
Growth had slowed to an annual rate of 1.5% in the second and third quarters of 2011, below the “stall speed” that historically led to recession.
#8 The Bank of Japan (NYSEARCA:FXY) says that the economic recovery in that country “has paused“.
#9 Manufacturing activity in the euro zone (NYSEARCA:FXE) has fallen for five months in a row.
#10 Germany’s economy actually contracted during the 4th quarter of 2011. At this point many economists believe that Germany (NYSEARCA:EWG) is already experiencing a recession.
#11 According to a recent article by Bloomberg, it is being projected that the French (NSYEARCA:EWQ) economy is heading into a recession….
The French economy will shrink this quarter and next, suggesting the nation is in a recession as investment and consumer spending stagnate, national statistics office Insee said.
#12 There are a multitude of statistics that indicate that the UK (NYSEARCA:EWU) economy is definitely slowing down.
#13 In the UK, the average price of a gallon of gasoline has risen to an astounding $9.67.
#14 It is being reported that the Spanish (NSYEARCA:EWP) economy contracted during the 4th quarter of 2011.
#15 Bad loans in Spain (NYSEARCA:EWP) recently hit a 17-year high and the unemployment rate is at a 15-year high.
#16 According to a recent article in the Telegraph, the Italian government is forecasting that there will be a recession for the Italian economy in 2012…. The Italian government predicts GDP will contract 0.4pc next year, but many economists fear the figure is optimistic. "We can say without mincing words that we have already slipped into recession,” said Intesa Sanpaolo analyst Paolo Mameli. “We expect GDP to keep contracting for the next 3-4 quarters.”
#17 Italy’s (NYSEARCA:EWI) youth unemployment rate has hit the highest level ever.
#18 The unemployment rate in Greece for those under the age of 24 is now at 39 percent.
#19 Greece is already experiencing a full-blown economic depression. About a third of the country is now living in poverty and extreme medicine shortages are being reported. ...
#20 In Greece, large numbers of people are simply giving up on life. Sadly, the number of suicides in Greece has increased by 40 percent in just the past year.
#21 In many European countries, the money supply continues to contract rapidly. ...
#22 The major industrialized nations of the world must roll over trillions upon trillions of dollars in debt during 2012.