There has been a recent plunge of world economies. I recommend that reading this article:
http://online.wsj.com/article/SB124286297167741263.html
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3 comments:
This article reminds me of the book we are reading in class because of the reference to the peso crisis in Mexico. The people in the book would most likely respond to the current crisis by printing a lot more money to provide liquidity I believe.
I think that the US exports need to be greater than its imports for our economy to recover. TO achieve this, we need to get rid of our dependence on foreign oil or lessen it to some degree. I also believe it might help if we loosen up regulations (like Aaron's dad said in class) so US companies and businesses etc. can be competitive in the global economy.
Interesting how China isn't in the report. But I think that the US really needs to focus on other aspects of the economy. Too much regulation will inhibit growth in the economy. With the minimum wage being so high compared to the rest of the world, its no wonder US exports are much less than the imports. In the 1990's when the prices of wages were more comparable it was much easier to do business in places such as the garment industries, but since the US inflated a little faster and more than some other countries such as China, business will start getting much pressure to ship more jobs overseas. I see this as a continuing trend until the rest of the world starts to become as developed as the US. Until then I think that the US will decline a little more till the balance around the world is much better.
The fact that Mexico's auto production fell is not necessarily a bad thing for the U.S. When the CEOs of the big three auto companies were begging for handouts from Congress, one of the conditions that was set forth by Congress was that these companies would have to significantly decrease their production in other countries in order to create more jobs in the United States. This would pump more money into the economy since it would create more consumers and more government spending (through their tax contributions)...
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