The Disease Of Central Banking

Rich nations need to support growth ... The US and rich nations in Europe need to take action to shore up confidence in their economies as their recoveries are set to stagnate or go into reverse, the Organisation for Economic Co-operation and Development says. The Paris-based watchdog for the world's most developed economies slashed its forecast for growth in the US and the eurozone this year due to government belt-tightening and falling consumer and business confidence. The agency's head economist said governments needed to take urgent steps to restore confidence and break the vicious circle in which they are trapped. The combined economies of Germany, France and Italy, the three largest members of the eurozone, will grow by under 1 per cent this year, less than half the OECD's May forecast of 2 per cent growth ... In its update to the twice-yearly economic outlook report, the OECD forecast the US economy will grow at only a 0.4 per cent annualised rate in the fourth quarter, while in Europe, the three largest economies in the eurozone will contract by 0.4 per cent in that period. – AFP

More