Mish today reports that Ed Balls, U.K. Prime Minister Gordon Brown’s closest ally says ‘This is the worst recession for over 100 years’, warning the downturn is ferocious and says impact will last 15 years.  Balls is the former chief economic adviser to the U.K. Treasury.  Mish’s post says Balls warned that events worldwide were moving at a “speed, pace and ferocity which none of us have seen before” and banks were losing cash on a “scale that nobody believed possible”, and stunned his audience at a Labour conference in Yorkshire by forecasting that times could be tougher than in the depression of the 1930s.

It is hard to pass this one by.  Mr. Balls must have ‘big ones’ to make such a prediction publicly.  That said, it is looking to me more and more that he might be right – although I join the  multitudes in hoping he is not.

Read Mish’s post by clicking here.

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