…a serious run for their money in the category of distressing, hair graying news, repeated day after day.
This NYT piece lays out a startling overview of the global economic disarray that we face. And the parochial nature of the current responses.
“With Europe and the United States deep in crisis, economists said, the rest of the world could not help but suffer. Robert B. Zoellick, the president of the World Bank, warned that the crisis could be a “tipping point” for the developing world.
“A drop in exports, as well as capital inflow, will trigger a falloff in investments,” Mr. Zoellick said in a speech on Monday. “Deceleration of growth and deteriorating financial conditions, combined with monetary tightening, will trigger business failures and possibly banking emergencies.”
The immediate danger, economists say, are countries in Eastern and Central Europe, like Bulgaria and Estonia, which run steep trade deficits and are vulnerable to a sudden flight of foreign capital.
Iceland, with an overheated economy and suffocating foreign debt, may prove to be the first national casualty of the crisis. On Monday, threatened by a wholesale financial collapse, the government in Reykjavik assumed sweeping powers to intervene in its banking industry.”
Guess I’ll have to rework my backup plan of retreating to Iceland, if McCain/Palin, through screaming enough incendiary, racist, fear-mongering absurdities, scare the reductionist everypersons – Mrs. Hockey Mom and 6-beer-a-day Joe – into voting against their interests and the world’s.