The
Dow Jones Industrial Average closed at 17218 last Friday. Normally, that would be a good sign that the
economy is humming right along.
Wrong! One must look at the
overall picture and it doesn’t look good.
Here is an excerpt from the Economic Collapse blog:
We just got
more evidence that global trade is absolutely imploding. Chinese exports
dropped 25.4 percent during the month of February compared
to a year ago, and Chinese imports fell 13.8
percent compared to a
year ago. For Chinese exports, that was the worst decline that we have
seen since 2009, and Chinese imports have now fallen for 16 months in a row on a year over year basis. The
last time we saw numbers like this, we were in the depths of the worst economic
downturn since the Great Depression of the 1930s. China accounts for more
global trade than any other nation (including the United States), and so this
is a major red flag. Anyone that is saying that the global economy is in
“good shape” is clearly not paying attention.
If someone would
have told me a year ago that Chinese exports would be 25 percent lower next
February, I would not have believed it. This is not just a slowdown –
this is a historic implosion.
I remember
prognosticators warning of a housing bubble implosion years before it happened. I fear what’s coming is going to be worse
than that.
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