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Opinion
Gary Shilling

Will U.S. Avoid 2012 Recession? A Postscript

Last week’s four-part series laying out the reasons for my prediction of a U.S. recession in 2012 elicited a variety of questions and comments from readers that merit a response.

-- Global context: One reader objected to my focus on the U.S. alone: “There is no longer an American economy -- only a world economy. The world economy is very unstable and will continue to be so into the foreseeable future. The U.S. has almost no available policy defenses against this instability, so any progress we make on the jobs and income fronts will sooner or later (mostly sooner) be undone by destabilizing global happenings and global geopolitical competition.”