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The feared recession in the US economy has already arrived, according to a report from Merrill Lynch.
It said that Friday's employment report, which sent shares tumbling worldwide, confirmed that the US is in the first month of a recession.
Merrill Lynch said that the figures showing the jobless rate hitting 5% in December were the final piece in that puzzle.
"According to our analysis, this isn't even a forecast any more but is a present day reality," the report said.
[The report] also objected to the use of euphemistic terms for the state of the economy.
"To say that the backdrop is 'recession like' is akin to an obstetrician telling a woman that she is 'sort of pregnant'," the report said.
Meryl Lynch forecasts a recession in the next 12 months with 100% probability. They were correct in predicting the 1991 and 2001 recessions by using this method. Former Fed Reserve Chair Alan Greenspan has raised his odds from 30% to 50%.
If we hit a recession and the Fed continues to lower interest rates (which will continue to lower the dollar), we have an even higher probability of a world wide economic crisis and possible collapse. Be advised.
It's an impossible position and this recession will tank the dollar. That much is obvious.