"Risks for a serious global slowdown are alarmingly high," stated the International Monetary Fund's World Economic Outlook, published on Tuesday, 10/9. This was their worst projection for the global economic outlook since the global Recession of 2009.
On our blog, we believe an economic collapse is coming, in part based upon the world never actually recovering from that 2009 Recession, but instead conducted massive banking and corporate bailouts while leaving the common person to suffer the consequences. He and she got stuck with the tax bills that resulted from these bailouts as well as the job and wage losses and the real estate collapse.
But the bailouts were so big, that the common person could not afford to pay them. Nations printed and borrowed the money to pay the difference, printings and borrowings they could not afford either. Now those bills are coming due, as politicians scamper to postpone paying them.
Also on Tuesday, German Chancellor Angela Merkel arrived in Greece for a six hour visit to tell the bankrupt Greek nation that "Germany wants to be a good partner and a real friend," while insisting that Greece stick with the tough financial terms that are strangling its economy.
In response to her visit, estimates range from 30,000 to 80,000 Greek people took to the streets of Athens to protest. Most protested peacefully but riots still broke out and Chancellor Merkel was whisked out of Greece.
Dear Reader, this is indicative of the current state of the European Union, the world's biggest market, as the financial collapse gains momentum. The sooner we as people all over the globe acknowledge the depth of our financial problems, the sooner we can finally unite to solve them.
Dick
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