by Calculated Risk on 8/23/2008 05:24:00 PM

From The Times: Recession: boom years are over as economy slows to halt

After 16 years, or 63 consecutive quarters, of continuous growth it is likely that Britain is already in recession, City analysts say. Another downgrade in a month’s time could confirm that the economy has shrunk.

The latest data, from the Office for National Statistics, showed a slump in every part of the economy as the credit crunch and the rising cost of living took their toll.

And from Peter Goodman at the NY Times: U.S. and Global Economies Slipping in Unison

Only a few months ago, some economists still offered hope that robust expansion could continue in much of the world even as the United States slowed. Foreign investment was expected to keep replenishing American banks still bleeding from their disastrous bets on real estate and to provide money for companies looking to expand. Overseas demand for American goods and services was supposed to continue compensating for waning demand in the States.

Now, high energy prices, financial systems crippled by fear, and the decline of trading partners have combined to choke growth in many major economies.

Decoupling never made much sense, although Professor Krugman has a small issue with the NY Times article concerning international linkages: Synchronized sinking

There should be a post title contest - I think Krugman and Tanta (I'm biased) would be the winners!