Crisis “more serious than the 1930′s”

Last August, the blog noted that politicians were beginning to wake up to the scale of the current crisis. There are still many politicians (and businessmen) who still hope we are facing just a ‘normal recession’. But last week, IMF head Dominique Strauss-Kahn told a Malaysian audience that “advanced economies are already in a depression”.

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Now a senior UK politician, Ed Balls, formerly an economic adviser to the Prime Minister, has warned that “the reality is that this is becoming the most serious global recession for, I’m sure, over 100 years as it will turn out.” He added that “we now are seeing the realities of globalisation, though at a speed, pace and ferocity which none of us have seen before”.

About Paul Hodges

Paul Hodges is Chairman of International eChem, trusted commercial advisers to the global chemical industry. The aim of this blog is to share ideas about the influences that may shape the chemical industry over the next 12 – 18 months. It will try to look behind today’s headlines, to understand what may happen next in important issues such oil prices, economic growth and the environment. We may also have some fun, investigating a few of the more offbeat events that take place from time to time. Please do join me and share your thoughts. Between us, we will hopefully develop useful insights into the key factors that will drive the industry's future performance.

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