Another recession? Every cloud has a silver lining…
Today’s piece of bad news comes from the CBI’s Distributive Trades Survey. It shows that the net balance for September was – 15% (that is, 24% said sales were higher than a year previously, but 39% said they were lower). This is the worst result since May 2010, and retailers expect next month to be almost as bad (- 14%.)
More worrying still, the three-month average (which smoothes out what tends to be a rather volatile survey) is at – 11 per cent. This is the worst since August 2009, and puts us back in recession territory.
But what the heck – another recession will be great for someone. Check out this video of trader Alessio Rastani telling the BBC
I dream of another recession … you can make a lot of money from this … Golman Sachs rules the world
I’m going to bookmark that video, ready for the next time someone tells me that unregulated markets are good for us all.
Update, ten minutes after posting my original piece:
Oh dear. It looks as if I may, like the BBC, have fallen for a Yes Men hoax. He isn’t on the FSA register, and check out this video – but, as the Daily Edge notes, there’s still quite a bit of doubt about whether this is a hoax – as of 13.15, the Yes Men website wasn’t claiming it.
The CBI survey is still pretty worrying, though.
Update, at 15.00
Well, the discussion on the internet now seems to suggest that Mr Rastani is genuine and a BBC internal investigation has come to the same conclusion – though Felix Salmon on the Reuters blog thinks he may be both a Yes Man and a trader. He may be only speaking for himself, but quite possibly he is representative of wider sentiment among traders.