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Just was checking the latest data on the NSIDC for the Arctic Ice Extent. Guess what I found.
November 2007 has more Ice Extent than November 2006, and is in line with previous trends
I predicted that we were going to have a long, cold and snow filled Winter in Canada and the Arctic this year way back in August, I also predicted that the Arctic ice would recover fully from the summer melt and may actually increase in extent this season, well that has come to pass
Prediction Time!
Since I am on a roll I have some 2008 Predictions
Global GDP will slow by 1.0% by the end of the year, with GDP Growth Rate in the US dropping to about 1.0%. I also predict that gas prices in Canada will rise to $2.00/litre and in the US $4.25/ Gallon or higher during the summer.
Protectionism will become the SOP in the EU and US with huge grants and Government backed investments being poured into renewable energy production, this will increase the price of energy by about 30% by the end of the year to reduce foreign dependence. Huge trade tariffs will be put on products from high emission countries by the EU in an attempt to strong-arm the US, India and China into a carbon deal as the year closes. Subsidies will be used to lower the cost of domestic products, especially food, and huge marketing campaigns will be launched to encourage consumers to purchase products manufactured in their own country, endorsed by environmentalists.
Specifically in North America there will be a vote in the US regarding changing the terms or opting out of the NAFTA agreement as a divide forms between US and Mexico around the Immigration issue and access to US roads from Mexico, fuelled by a steady rise in unemployment in the US.
There will be a correction downwards in the world stock markets of about 15% by the end of the year, with the bulk felt in the US markets. There will be a significant investment re-positioning as well, with money leaving financial and insurance sectors for utilities and new technology ventures.
North American Car producers will drop the prices of new cars as sales slump due to loss to more economical imports and general economic pressures. In an effort to trim inventories in advance of 2020 regulations they will reduce manufacturing by 30% by 2010, meaning plant closures and extensive layoffs.
Inflation rates will increase on durable goods in the US rising to 3.5% or higher.
2008 will not place in the top 10 warmest years globally.
So we will see how I do... Add your own predictions, or debte these
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IMF Projections for 2008 are completely in-line with my economic predictions as reported today on BBC World. They are slightly better but not much. The Global Economy slow-down is exactly the same. http://news.bbc.co.uk/2/hi/business/7215957.stm
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