Quote:
Originally Posted by Gotno Gizmo
bm21Lemko said:-
The U.S. is not solely to blame since our economy is tied in with other economies and most countries are affected with the exception of Russia.
Yes, but please remember that when the US economy sneezes the rest of those lesser economies catches a cold. Western Europe has been financially linked to the USA since the end of WW2.
Europe's banks have been left with many bad debts and dubious investments resulting from the Wall Street fiasco. Western economies have trusted the USD and USA investments.
Russia has never been part of this because of the Cold War and in the post Soviet time struggled alone until it realised that by bringing most of the petroleum and gas revenues under state control it could suceed alone without undue leaning on the "Greenback" Doillar.
What a lovely position to be in!
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I remember Europe being fine back in 2008 when the U.S. was in a recession. However I'm not sure what the economic downfall was in Europe. I remember back in 2008 that economic issues were occuring with France and Germany in the banking sector. The repercussions were that it would affect the Euro. however I think there a good majority of the service sectors has been affected such as in greece with a decline tourism.
For the U.S. it has been a series of different collapses in investments domestically and globally, credit crunches, and a fall in global markets. You can't pay for something if you dont have the money. A big problem with credits is its not backed by anything.
yes Russia and central Asia operate differently because they have a vast amount of resources they shall be fine. Once Ukraine comes back under the sphere of Russia i think the economy will do better because Russia and rich ukrainians will invest more into the economy. Just like China and Southeast Asia rely on manufacturing.
Now I'm not sure where you live. But what have you seen Obama do with helping the economy? He controls both the majority of the house and the senate. We have had an expansion of government where programs are underesource and pretty much useless. When one of Obamas adivsors made a structure change the stock market dropped several points, there is a clue.