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Expect consumers to run out of steam. Around 90% of households are maxing out on credit cards and drawing down savings. Watch for that to end ahead. What can't go on forever won't.

Moreover, global growth is contracting rapidly. Spillover will impact America. In 2013, expect reality to arrive with a bang. In Q III, US exports declined for the first time in three years. 

Global trade overall is contracting. So is US manufacturing. In mid-October, the Global Europe Anticipation Bulletin ( GEAB ) maintains "Red Alert" conditions. 

"Economic shock" could arrive any time, it says. Global conditions are rapidly deteriorating. Western economies, the Middle East, North Africa, East and Central Asia are affected.

GEAB said, "Remember Lehman Brothers".in a few hours the world moved from 'normal' to 'Red Alert' mode!" Some analysts expect Lehman on steroids ahead. The fullness of time will tell.

Counterproductive Euroland/US policies may hasten its arrival. 

Economies don't prosper by prioritizing militarism over domestic needs, destroying their middle class, denying young workers future opportunities, letting unemployment rise, and substituting low pay/poor benefit/part-time or temp jobs for higher paying/good benefit full-time ones.

Bad policies beget bad results. Substituting short-term gains for what's vital longer-term assures economies in decline. Prosperity depends on job creation, income growth, and governments serving everyone equitably.

America and Europe are being third-worldized. It may arrive sooner than most expect. Expect conditions ahead to be worse than 2008. China's heading for a hard landing.

Europe's in recession. Insolvent banks may collapse. Sovereign crisis conditions make things worse. A potential Euroland breakup may follow.  

Money creation madness solves nothing. At most, it creates the illusion of all's well. Reality always has the last word. 

Summing up conditions overall, one analyst said half the world's in recession, Europe's in big trouble, and major central banks are running out of bullets. Potentially, a perfect storm awaits.

Greece and Spain are canaries in the coal mine. They're doing everything wrong and heading for collapse. It's just a matter of time.

What happens to them affects the continent. As Europe goes, America follows or vice versa. Paul Craig Roberts headlined his latest assessment "The Virtual Economic Recovery," saying:

Rigged inflation numbers created it since mid-2009. Everyone who eats, drives a car, heat and/or air conditions a home, has health insurance and other medical expenses, pays college tuitions, and travels "knows that low inflation is" illusory.

Based on how calculated in the 1980s, it's 9%. Coverup suppresses truth, and not just on inflation. "Everything is a lie to serve power-brokers," says Roberts.

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I was born in 1934, am a retired, progressive small businessman concerned about all the major national and world issues, committed to speak out and write about them.
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