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The Financial Crisis: The World at War
No one could have imagined that Japan, the second largest economy in the world, would contract at a rate of nearly 13% on an annualized basis or that Korea’s economic output could drop 20%. In the U.S., the GDP is shrinking at a rate of 6% now, but there is nothing in the economic or employment news that keeps us from believing that America will avoid a double-digit drop in GDP. If the U.S. skids at that rate, the other large economies in the world, all of which depend on the American consumer to some great degree, will have the hulls of their exports breached below the water line.
One of the reasons that the drop in economic activity has accelerated is that there is no mechanism in place to cope with a failure of this magnitude. The world in which The Great Depression played itself out predated the globalization of credit and economic interdependence. Even the worst of the large post-war recess