Thursday, March 10, 2011
21 Signs Of Impending Doom For The 2011 Economy
#1 The civil war in Libya now looks like it could drag on for an extended period of time, and that is likely to drive the global price of oil even higher.
#2 Barack Obama is publicly saying that NATO is now considering "potential military options" for solving the crisis in Libya.
#3 Kuwait exports more oil than Libya does, and it looks like the civil unrest that has been sweeping the rest of the Middle East is now starting to spread to that country.
#4 In Saudi Arabia, protest groups are planning a "Day of Rage" on March 11th. If a revolution breaks out in that nation the entire global economy is going to be thrown into turmoil.
#5 The average price of a gallon of gasoline in the United States increased by 33 cents during the two-week period that ended last Friday.
#6 According to the Oil Price Information Service, U.S. drivers spent an average of $347 on gasoline during the month of February, which was 30 percent more than a year earlier.
#7 It is being reported that the average price of a gallon of gasoline in Europe has hit an all-time record of $8.63 a gallon.
#8 Ivory Coast produces nearly 40 percent of all the cocoa in the world and protests against the government there are becoming increasingly violent. If this violence continues to escalate you will soon be paying a lot more for chocolate.
#10 The yield on 10-year Irish bonds has soared to 8.1%.
#11 The yield on 10-year Greek bonds has skyrocketed to a whopping 12.8%.
#12 Moody’s Investors Service has reduced the rating of Greek government debt three levels all the way down to B1.
#13 According to the United Nations, the global price of food set another brand new record high during the month of February. That was the 8th month in a row that global food prices have gone up.
#14 According to the World Bank, global food prices have soared 29% over the last 12 months.
#15 The United Nations is projecting that the global price of food will increase by another 30 percent by the end of 2011.
#16 23 percent of all residential properties with a mortgage in the U.S. were in negative equity as of the end of 2010.
#18 Two years ago, the average U.S. homeowner that was being foreclosed upon had not made a mortgage payment in 11 months. Today, the average U.S. homeowner that is being foreclosed upon has not made a mortgage payment in 17 months.
Nobody is quite sure what is going to happen next, but at this point just about anything is possible.