The US is obviously in the midst of a nasty recession. We were out in the lead for awhile, but the rest of the world is catching up quickly and in many instances is zooming right by us on the train to despair.
In a small but telling move, New Zealand has capitulated to the their own oncoming recession and against their mandate have lowered rates even in the face of very high inflation. You can add them to the following list of countries that have come to the realization they are in trouble:
US
UK
EU
Get ready for Australia and Canada to join the list when the commodities boom collapses in the face of lowering demand from the BRICs. The world is heading for a very rough ride in the coming years.
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2 comments:
Dude, "EU" is not a country.
Technically true, but I didn't want to write out each of the countries individually. You get my point.
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