...because everyone else's is.
They make about half of everything made in the world in China. When the world stops buying things, demand falls and manufacturers have to close down.
In China, they are closing by their tens of thousands. I know they have a couple of billion people over there, but still, losing a few hundred thousand jobs can't be a good thing for ANY country's economic outlook.
When the world economy comes back, China will be back on top also.
You don't think China will feel the heat?
Ask Mish
Look at the Naked Captialism
There is also a Calculated Risk that it will affect the interest rates here in the US of A, although I wouldn't be surprised to see Bernanke try to artificially hold them down. Because he understands the economy so well, you see? Keynes was right! Do it HARDER!
::shakes head:: This could be ugly. At least we can (and should) thank God that the corn grew high this year. You know, compared to the dust bowl we got the last time economic indicators were this bad.
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