The Bank of International Settlements, probably a quiet, gray place on a back street that we wouldn't even glance at even if we were in Basle, has come up with some hard, hard news. The economy is in trouble globally leading us into a "'deeper and more protracted global downturn than the consensus view seems to expect."
With a significant risk of recession in the United States, compounded by sharply rising inflation in many countries, fears are building that the global economy might be at some kind of tipping point. These fears are not groundless,' it said.
