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Pastimes : Preventing global economic collapse - what we can do

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To: laura mechem who wrote (6)	8/30/1998 12:12:00 PM
From: Gary105	Read Replies (1) of 13

Like it or not we are in a global economy and there is no way of reversing it. The investments and jobs of Americans are related to both the US economy and the world economy. We have the productive capacity to export to much of the world but they will not be able to afford our goods if their currencies are worthless. While Russia as a trading partner is small for the US, its political and economic environment has a significant impact on its European neighbors who are among our largest trading partners. Share prices and jobs are being slashed in companies that supply infrastructure to the world. Ditto for the energy sector, and the farm equipment sector. Soon it will spread to the consumer sector. Finally it will spread to the IT sector as companies look upon IT improvements as more of a luxury than a necessity. The same argument applies to Asia. If this crisis is not stabilized soon through greater liquidity, lead by US and IMF aid and a Fed rate cut, we will see the US in a deep recession in one year. There were glimmers of hope on Friday....by President Clinton and by one of the Fed governors.......we need followup action

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