I agree that we are not in a recession. Yes, manufacturing is in recession. However, on today's BBC Radio 4 I heard that personal debt (mortgage, overdraft and credit card) has increased in the year to end June by some 45%. That does not bode well.
Japan has not recovered from the 1989/1991 recession. The States are teetering on the edge. So, we have to be mindful of what could happen.
[ 30 August 2001: Message edited by: PAXboy ]