No green shoots only economic misery Despite all the talk in some western capitals about how their economies are showing signs of recovery the exact opposite is transpiring. This week the US Federal Reserve forecast predicts that the US economy will contract by as much as 2% this year, an increase from the 1.3% contraction previously estimated. In addition, recovery in 2010 and 2011 will also be slower than first thought, increasing by up to 3% next year, from an earlier forecast by as much as 3.3%, and by up to 4.8% in 2011, from an earlier estimate of up to 5%. The reduction in forecasts by the members of the Federal Open Markets Committee (FOMC) suggests that the current recession will be deeper and more severe than first thought, and that that will have an impact on the strength of the eventual recovery. And for the UK economy things are looking gloomier by the day. The international ratings agency Standard and Poor's on Thursday downgraded its outlook on Britain's economy
"Thoughts are the greatest wealth of any nation."