The current world wide recession is just a symptom of a larger imbalance between large Western economies running huge annual deficits and smaller mostly Middle Eastern and Asian economies running surpluses.
The current US projected deficit runs roughly 7% of GDP. Lets put it like this the US would not be allowed in European Union with a deficit like that. That said Spain, Portugal, England and Italy are among big European culprits. Add Australia to that.
Due to the fluid nature of money markets (thanks globalization), the typical conscientious Asian family who is saving for his retirement is funding the Western deficits.
So now that is another thing for us to learn. Check out www.feedthepig.org
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