The global economic news yesterday (5/31/13) was terrible and shows signs of growing much worse. As the Euro-Zone is the world's biggest marketplace and a big part of the Euro-Zone (Portugal, Ireland, Italy, Greece and Spain) is sinking deeper into Depression, you dear reader should be aware this is happening.
What follows is a note I sent to my son Kyle in response to a 13 minute Bill Moyers video Kyle emailed to me illustrating the underlying state of the U.S. economy and I've attached my response to him and an economic update from The Guardian, a prominent British newspaper, and a Wall Street Journal piece assuring us the drop in U.S. consumer spending is just "a blip."
Keep in mind that in 2008, before the global economic collapse, few media sources or their commentators saw the collapse coming. My intent is not to alarm you but to keep you informed and to appeal as well to your sense of humanity for the severe and growing economic pain our European brethren are already feeling, as are many working class Americans:
Your mother and I admire and respect Bill Moyers and his program. I watched what you sent in its entirety and was deeply moved by it. Thank you.
Today's Wall Street Journal stated that the Euro Zone just hit the highest unemployment levels since those records have been kept, starting in 1995 and that it is growing worse. As the Euro Zone is the world's biggest economy I wonder what the implications of this are.
They also published U.S. Commerce Department statistics that showed the first decline in U.S. consumer spending in nearly a year, and incomes virtually flat. The Journal assured us that this is just a temporary blip on the screen, but I wonder if that is so.
Through technology the world is growing ever smaller and the impact of what happens in one place impacts us all more strongly than ever before.
On May 31, 2013, at 7:48 PM, Kyle Kazan <firstname.lastname@example.org> wrote:
http://www.guardian.co.uk/business/2013/may/31/eurozone-crisis-unemployment-youth-inflation-markets and http://stream.wsj.com/story/markets/SS-2-5/SS-2-243550/