One of the great features of this global economic slowdown, which I call a Depression, is that it has not been genuinely global. The developed world – US, Europe, UK, and Japan – have been mired in slow growth and dogged unemployment for at least four years. While Europe enjoyed a small boom when the Euro took hold in the 2000s, much of it was fueled by government debt. The US has not performed well since 9/11 despite an ocean of red ink from Washington. But the BRIC nations – Brasil, Russia, India, and China – have enjoyed reasonable growth and a net improvement in resilience and stability.
Until now, that is. The slowdown is finally hitting everyone. What this might mean is very hard to tell.
Barataria - The work of Erik Hare 