It is primarily the financial - not the economical - crisis of the overindebted USA and its collapsing dollar caused by an irresponsible monetary policy of the Fed (Mr. Chopper). Apart from this and from the coming breakdown of the debt-financed domestic consumer spending in the US and its direct consequences, world ecomomy is healthy and may remain so if people and institutions wont panik. In terms of abstract numbers the US are 1/3 of the world economy. In terms of actual relevant performance they weigh far less heavy.
We must proceed and write off their 4 trillion foreign debt and leave it to them how they handle their 9.2 trillion national debt, their 9.8 trillion mortgage debt, their 13 trillion household debt, their 9 trillion business sector debt and their 14 trillion financial sector debt. |
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