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The sharpness of the global slowdown has alarmed economists, who see no apparent engine for recovery.
"Most Western developed economies are going to see the deepest downturn they've seen in a number of decades, in some cases possibly since the second World War...."If you go back six months or so . . . there was a hope that some parts of the world will escape the downturn from the U.S. economy and that would help to support the global economy as a whole. And that hope has now faded. We're seeing a downturn in virtually every area of the world."
Some economists had argued that countries like Japan and Germany were better equipped to weather the downturn. But their economies rely heavily on exports, and global demand for items such as Japanese and German cars have evaporated,
"Manufacturing, construction, financial services, non financial, retail -- wherever you look, you see a complete collapse in demand," said Julian Callow, an economist at Barclays Capital in London. "It really is like the floor has come out of confidence in global economic demand."
This might be a good thing. Maybe we can now dispense with this globalization nonsense, and everybody can get back to their country and begin to rebuild local and regional economies.
i love economics. however economists are great at explaining what happened but not at correcting or forecasting. its like a weatherman that can tell you what the weather was and is. but never what it will be.
i think we are going to crash. DC has its foot on the brakes so it will take longer but we are goin down. my guess 1 year.
Last edited by Huckleberry3911948; 02-18-2009 at 01:16 AM..
Weatherman and economists the only paying careers where people are surprised when you get it right.
Economist :: You should say "We might see some inflation, but it might shift jobs, and miss us." weatherman: I can see it. I sorta of wanna understand it. Why is it? Economist: Well, it's Canadian trade deficits. weatherman: Behind all of it? economist: Yeah, this will get pushed by sourcing out of Canada. weatherman: So what's it gonna do? economist: I don't know. It's a guess, it's debt, man. Taxes all over the place.
Apologies to Nicholas Cage.
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