Till last week it was only the European economy that was in crisis, with new statistics coming in, it is now confirmed that the U.S. and the Asian Economy are also falling fast, as a matter of fact too fast for comfort.
It has been the same since the 2008 recession, through it might seem like the economy recovered after that most of that was confidence fueled economic growth. There wasn’t any real growth in any part of the world.
The U.S. economy, which is the world’s largest has reported a losing job market for a third straight month. Economies in China, India and Brazil which were at top speed even during recession have slowed down to an alarming rate.
The gravest fear is Europe. The most urgent threat is that in mid-June, Greek voters will reject the terms of a $170 billion bailout — which called for painful budget cuts — and abandon the euro. The move could ignite economic and financial chaos as Greek debts shift from denominations in euros to Greek drachmas of uncertain value.
Unemployment in the 17 countries that use the euro is already at 11 percent, the European Union’s Eurostat office reported Friday. It’s the highest rate since the euro was introduced in 1999.