Category Archives: Global Economy
It was only a matter of time:
After three decades of spectacular growth, China has passed
Japan to become the world’s second-largest economy behind the
United States, according to government figures released early
The milestone, though anticipated for some time, is the most
striking evidence yet that China’s ascendance is for real and
that the rest of the world will have to reckon with a new
The milestone was reached early Monday, when Tokyo said that
in the second quarter, the Japanese economy was valued at
about $1.28 trillion, slightly below China’s figure of $1.33
trillion. The gross domestic product of the United States was
roughly $14 trillion in 2009. Japan’s economy grew 0.4
percent in the second quarter, Tokyo said, substantially less
Ain’t that friggin grand?
Now, I don’t have any stocks..so I figured this news didn’t really affect me. But..I saw this part and cringed:
Collectively, homeowners had 41.4 percent equity in their homes in the first quarter. That was down from 42.9 percent in the fourth quarter .The value of household real-estate holdings fell 2.4 percent.
But..never fear dear reader..because Bennie Bernanke says the recession will be over by the end of the year!
I guess he has a really great crystal-fucking-ball….
Or maybe it’s because 10 of the banks have the ability to repay their TARP loans, to the tune of $68 Billion..because they jacked the living shit out of the credit card rates and anything else they could raise legally.
Our personal money trees are getting bare..
The report said that 94 out of 116 developing countries have been hit by economic slowdowns. The World Bank projected that the economic crisis will push around 46 million people into poverty in 2009 through job and wage cuts, as well as declining flows of remittances, the money that foreign workers send to their families. Net private capital flows to emerging markets are plunging, set to fall to $165 billion this year — or 17 percent of their 2007 levels. Falling demand in the West is sparking the sharpest drop in world trade in 80 years, sending sales of the products and commodities of poorer nations spiraling down, the report said.
A great read to start off the week? No, but then…the truth is sometimes very very ugly. What it tells me is that as much as America is hurting, the poorer, third world nations are barely keeping their heads above water.