Oil prices are dropping

Oil is down to $80 this morning. That's about $5 down in two days. The cause is rumored to be worries over Greek debt. Does this mean that a European recession is coming? Possibly. And just like an American recession, a downturn in Europe could have global implications.

Yesterday I wrote about how some important analysts are predicting a coming end to the construction bubble in China. Chinese goods are shipped to Europe just like the U.S. So this could accelerate that scenario.

The ripples from all of this could reach back to the U.S. That means a double dip recession is still entirely possible.