SLOWING US CONSUMPTION MEANS EUROPE MAY GO INTO A RECESSION

BBC:

The UK, Germany and Spain will fall into recession in 2008, the European Commission has predicted.

Brussels said the three countries would see two negative quarters of economic growth in a row, which is the technical definition of a recession.

In its latest economic forecast, the commission also downgraded its outlook for eurozone growth again.

It said the 15-nation euro bloc would now grow by 1.3% this year, against previous projections of 1.7%.

Earlier this month, data showed the region's economy shrank by 0.2% between April and June - the bloc's first decline since its creation in 1999.

The contraction was driven by a slowdown in exports and consumer spending.

• ALL THOSE LEFTIES WHO DERIDE US CONSUMPTION ARE WRONG: THE ENTIRE WORLD DEPENDS ON OUR CONSUMPTION.
• FOR THE GOOD OF THE WORLD, AMERICANS NEED TO CONSUME MORE, NOT LESS.