Global stock markets could crash in October as the much hoped-for economic recovery fails to materialize, Enzio von Pfeil, CEO of EconomicClock.com, told CNBC

From Dr. Enzio von Pfeil:
“…unemployment is set to rise. The far more credible OECD has just stated that the global unemployment rate will climb to 9.9%, its highest level since the 1970s. More ominously, it predicts that the number of unemployed will rise from 37 million to 57 million people; that represents a gain of 53% in the number of unemployed!

How on earth can the demand for goods rise if the supply of jobs keeps shrinking?

My politically-incorrect guess, based on a growth contraction of 6%, is that the number of unemployed will lurch to over 100 million. My logic is simple: based on World Bank forecasts, growth is to contract by, say, 3%; the OECD predicts unemployment of 57 million, based on this forecast but my forecast is a global contraction of about 6%, so in a linear world, unemployment would double to 114 million.”

http://www.enziosclock.com/economic/update/2009/06/24

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