It seems the US economy isn’t the only one feeling the pain, several countries around the world have fallen into that nightmare known as RECESSION. Ireland was the first to go, followed closely by New Zealand. It is feared that Germany, Spain and Britain are next. So what actually is a recession ? Well Wiki reckons its “a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales.” Oh crap, that sounds bad! So, I thought the Loon should keep a recession score card so we can all follow the rapid decline of the world. I will update as the countries tumble . So, here goes …

Welcome newcomers UK and Iceland. Iceland is facing a rather bleak winter as it goes head on into an economic meltdown. Unlike the US which is on a fast track to a depression, Iceland looks as though it may end up bankrupt. Another fine mess for the trusted corporate high flyers. So what is a country like Iceland going to do about it? I think they might have to start selling ice to the eskimos (give Sarah Palin a buzz!). Welcome Aboard the Recession Express UK! Hello Singapore, grab a seat. What took you so long USA? Not like you to be so goddamn tardy, considering you started this whole mess! Bravo Italy! Mushi, mushi Japan, first recession in seven years (unlucky).

Gomenasai Japan, join the end of the line.

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