This financial crisis is now global!
Sunday, February 22, 2009
In Florida, a state plagued by falling housing prices and evictions, residents try to arm against the recession, with requests (42%) to allow concealed weapons. In Moscow, the murder rate climbed by 16 percent up. At Tetsuya's - the most exclusive and expensive restaurant in Sydney - the waiting list shrunk from three months to 24 hours.
In the past few months, we were told that we are trapped in the worst economic crisis for 20 years, then it was 30 years, then 80, then 100. It can not be long before someone points out to us that really, all things considered, the Black Death was relatively pleasant. But apart from the exaggeration, one thing is clear: what began as a financial problem in certain debt-soaked nations is now a global economic / financial crisis has become. It changes the behavior and the change in the pecking order of economies throughout the world. There will be social unrest and created a change of regime questions. Received wisdom, including the benefits of free trade, globalization and European integration can be delivered on a bonfire of criticism. Estimates of how long the pain will vary from one year to a decade. Who knows may say?
One of the most important developments is the realization that the most conservative countries - including Germany, Japan and China - will suffer as much as spendthrifts like America, or even worse. The problem was that the Chinese and the Germans were saving their country from the growth-dependent and the sale of goods to countries that excessive foot lived. Now the Americans can no longer afford and its products can not buy, the Chinese exports collapsed, down from 17.5 percent in January from a year earlier.
Americans can not spend because the housing prices are gekelderd and must be paid their mortgages, their shares have fallen and banks lend them any money. Tuesday we saw the highest monthly jump in unemployment in 34 years. The same concerns are now more Chinese seem to want to save: imports in China dropped 43 percent in January compared with the previous year. But if no one at home or abroad to buy their goods, the result will be massive unemployment, about 20 million people have already pledged that they have lost their jobs.
As the dry, hardened the arteries of world trade. Lufthansa's air cargo division sets 2600 employees working on shortening, while so many empty cargo containers that the shipping now moved one tenth of what they were last year transported. The domino effect is complex, but painful. "For Rent" signs many shops, for example New York's Madison Avenue, where the vacancy rate increased by 50 percent in 2008. Rents have fallen by one third and the ladies who usually ordered their lunch at Barneys, or frocks of Versace now think twice after. The decreasing appetite for luxury goods helps explain why half of the Indian diamond 400,000 workers have lost their jobs. More than 40 have committed suicide.
Or take the car sales, which Carlos Ghosn, chief executive of Renault-Nissan, was estimated to fall by 21 percent across the world this year. Auto companies are petitioning governments for a "helping hand". Among other things, fewer cars means less catalyst, which means that platinum does not need to be extracted. The price of platinum has fallen by half, and the world's largest producer, Anglo Platinum, which operates in South Africa are 10,000 jobs on the tour. Spain lost 40,000 jobs per week.
The challenge is to come up with a political answer that things are not worse. Western countries use this to preach openly in the free movement of people, breaking down barriers. Very important is it to suppress social unrest that spreads very quickly, especially at risk are the countries of Central and Eastern Europe, who fervently embraced the free market after the fall of the Berlin Wall. "The mess in Central and Eastern Europe is a clear consequence of globalization," said Hans Redeker, a strategist at a European bank BNP Paribas. "It may be no surprise that Western banks are increasingly focused on the premises to please, and national governments."
The world leaders pledge to stop protectionism, but their actions speak otherwise. The Asian economies will be his time better pensions and health care, have a safety net for difficult times, and enough money under their mattress. "The goal of an economy to consume." At this moment, the main goal: "to survive."
Translated by Dabar
Source: Be vigilant
The financial crisis has moved from Wall Street to every street in the world, such as the economic shock caused this tension and suffering in every part of world economy.