Globalizing the Depression

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.

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