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The maelstrom
German magazine ‘Der Spiegel’ started an ongoing series on the global downturn which summarizes some of the facts especially in figures. As well it does not any longer put too much surprise on the global interconnectedness of affairs - so it might be worth to be follow up:
THE INTERNATIONAL DOWNTURN
In the Globalized Crisis, Everyone Shares the Pain
The upheaval in the financial markets has sent shock waves around the globe. Economies in North America, Europe and Asia are closely connected — for better or for worse. But now the threat of a new protectionism is taking shape.
Editor’s Note: This feature is part of a SPIEGEL series that will continue all week on how the economic downturn is affecting people and companies around the world. No other downturn in history has pulled as many of the world’s economies. The current crisis is hitting migrant laborers in China, automobile workers in Detroit, Russians oligarchs and even strong traditional German firms like the chemical giant BASF.
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[…] The recently mentioned Spiegel series brings now an interview with former World Bank President James Wolfensohn, who talks about the global financial crisis and his hope that Barack Obama will be the right president to lead the US out of recession. SPIEGEL: Mr. Wolfensohn, you are known to be an advocate of socially responsible capitalism. How do you view the Wall Street community these days? […]