20 March 2013/08 Jumada l-Ula 1434/30 Esfand 1391/09 Yi-Mao (2nd month) 4711

United Kingdom’s Chancellor of the Exchequer/Second Lord of the Treasury, George Osbourne, changed his earlier predictions on the British economy.  Now he says it’s going worse than they thought, despite his political party’s policies which include big tax cuts for corporations, and big spending cuts for social programs: “…this year their output forecast is reduced to 0.6% growth….while less than we would like our growth, this year and next year, is forecast by the IMF [International Monetary Fund] to be higher than France and Germany. It is a reminder that all western nations live in  challenging economic times…the OBR [Office for Budget Responsibility] then expects the recovery to pick up to 1.8% in 2014, 2.3% in 2015, 2.7% in 2016, and 2.8% in 2017….”

Note that none of the forecasts are at or above the important 3% mark.  Until a country’s economy hits 3% it is not considered to be growing.  Between 0% and 2.9% means stagnation.  So for at least the next four years the British (and other western countries) economy will be a rotting stagnating stinking mess.