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Originally Posted by Ethersync
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Yup.
We're awful close to a worldwide recession. Many countries have the same problems as the US. Insolvent banks, burst housing bubbles (down 12% in UK in last year), credit crunches with central banks flooding economies with liquidity, deflated assets and the need for rescues.
There is a recognition that even though the US has a lot of problems that it is further down the road in addressing them than many other countries. The US is close to passing the "bailout bill" while similar legislation is just now being brought up in other countries. Many US congresspersons and senators said they have plans to work on addressing the problems with the credit derivatives, housing and undoing some of the deregulation next session. many other countries that deregulated their mortgage industries haven't gotten that far yet.