China’s exports fell for the first time since 2001. There was a dramatic drop late this year, and that is bad news not only for weakening the argument that China’s growth would be a bright spot in a global recession, but it’s also bad for social stability in China. So much of the government’s support rests on the steady job creation and rising wages of double digit economic growth.
Likewise, the recession in the States not only threatens our job market and wealth, but also erodes our soft power in the form of our leadership and trust among nations in the world. All kinds of people have asked me how the US could have stumbled so hard and so swiftly, with banks that once dominated global finance have going bankrupt, merging, and going abroad to raising capital, Bernard Madoff’s vast fraud that scams investors out of $50 billion dollars, selling the vacant Illinois Senate seat for personal gain. Thomas Friedman gets it right – we became complacent about our ethics and corporate responsibility, we got greedy, and we got stupid.
No wonder people are throwing shoes out our president.
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