Austerity Is Ushering In A Global Recession
csmonitor.com — Not only is the United States slouching toward a double dip, but so is Europe. New data out today show even Europe’s strongest core economies – Germany, France, and the Netherlands – slowing to a crawl. We’re on the cusp of a global recession. Policy makers be warned: Austerity is the wrong medicine. What’s going on in Europe’s core? Partly it’s a loss of confidence due to debt crises in the periphery. But that’s hardly all. Europe depends on exports – especially to Asia, India, Latin America, and the United States. But exports to China and other emerging markets have been dropping. China, worried about inflation, has pulled in the reins on its sizzling economy. Brazil has been pulling back as well. And as the United States economy sputters, exports to America have been slowing.