The new 1929?
America's national debt has reached US$10,000,000,000,000. :S With China as the biggest lender. Quite expected on that.
Will the Great Depression happen again? Everyone is still speculating.
Well at least we know the stock exchange hasn't lost 90% of its value. Hasn't used up 80% of its GDP to save the market (currently the plan to save the market is only 5% of US's GDP). And unemployment rate hasn't rose to 25%. From a different perspective, 1929 was much much worse. But we never know, do we?
Europe is going through the meltdown period. Even Iceland has banks facing credit crisis. While there are people (i.e people coming to schools to sell their bloody IBs) using "Asia's booming economy will bring us through" as the key argument...
Let's just say when the world is flat, no one is spared. Come on, we all know. Tough times in Asia is just starting.
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