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Politics : Politics for Pros- moderated
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From: LindyBill5/6/2009 11:13:21 PM
   of 793826
 
Official: worst global economy since WWII

By Thomas P.M. Barnett

BUSINESS: "Global Economy Called Worst Since 1945," by Brian Knowlton, New York Times, 23 April 2009. Link

It will contract this year by 1.3%. Until recently the IMF was predicting standstill growth of 0.3%, thanks to emerging markets. The "epicenter" of the crisis, the U.S., will contract by 2.8%. Geithner sums it up accurately:

>>> Never before in modern times has so much of the world been simultaneously hit by a confluence of economic and financial turmoil such as we are now living through. <<<

In the Nicholas Taleb vernacular, we are living in high recursive times.
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