The party’s over, and not just for America.

“A deep global recession is becoming more a matter of when, not if,” said Tim Bond, global strategist for Barclays Capital in London.

This is very likely to look like the 1973-75 consumer recession that saw the S&P retailing index slide 50%, not 25%.” said Merrill Lynch chief economist David Rosenberg.

Leading economists now predict a “strong chance” that the UK will go into recession, over the credit crisis, which is having a global impact.

One thing we know for sure, no relief is in sight without a corresponding leveling off in oil prices, and that is not likely to happen anytime soon. According to Charlie Bean, former chief economist at the Bank of England, oil prices could “rise for another two years.”

Even the usual suspects for outsourced low-wage jobs are facing economic difficulty ahead. According to businessweek, India’s stocks are down 40% and “foreign stock market investors are fleeing”. They blame bureaucratic inertia and inflation.

Bottom Line:
We’re looking at a 2-3 year period of slow economic growth worldwide, and unless you’re sitting on top of an oil field, you’ll have to brace for not just a U.S. recession, but a global one.