Financial Times (September 13)
Two years ago Lehman Brothers collapsed on 9/15. Nine years ago the World Trade Center collapsed on 9/11. Which was the bigger event? 9/11 reinforced the old world order with the U.S. taking the lead. But after 9/15, the U.S. was no longer in front. Lehman called the U.S. financial model into question. 9/15 also highlighted the rise of China and other emerging economies, which bounced back from the shock much faster than developed economies.
Telegraph (September 13)
“America and Europe face the worst jobs crisis since the 1930s.” Dominique Strauss-Kahn, head of the International Monetary Fund (IMF) warns that “the Great Recession has left behind a waste land of unemployment.” Approximately 30 million jobs were lost, 75% in developed economies. In the U.S., 50% of the unemployed have been seeking jobs for over 6 months, a situation last seen during the Great Depression.
Tags: Europe, Great Recession, IMF, U.S., Unemployment