The world economy stinks. Monetary policy isn’t working any more. Governments should spend more, but they aren’t. And the risk of a serious financial crisis is high. That’s not me talking by the way. That’s the Organization for Economic Cooperation and Development (OECD), which just released its latest semi-annual outlook.
In the update, the OECD slashed its forecast for global growth and issued several warnings along the lines of what I just summarized. Scary stuff, but basically the same kinds of things I’ve been warning about for the past year.
