Greece vs. Iceland - are we seeing the collapse of Globalism?
The global economy is sputtering out. The International Monetary Fund cut its growth forecasts for the world economy - and warned that there is an "alarmingly high" risk of deep economic slowdown. IMF projections now show the global economy growing by a mere 3.3% this year - the slowest growth since 2009. As the IMF says in its report: "Confidence in the global financial system remains exceptionally fragile...Bank lending has remained sluggish across advanced economies." With Europe's economy contracting, the United States headed for a "fiscal cliff," and emerging economies like India and China also slowing down - IMF leaders are calling on policy makers to address the threats in their economies. All around the world - we are witnessing the collapse of corporate globalism. Economist Marshall Auerback, Economists for Peace and Security joins Thom for more on this topic