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. The only question left is: just how messy will it get before working people around the world come together to forge a new economy for the 21st century. That question is especially important in Greece where tens of thousands of demonstrators took to the streets today to protest their financial overlord - German Chancellor Angela Merkel. Greece attempted to ban protests during Merkel's visit - but more than 25000 people still turned up to demonstrate. Merkel attempted to express solidarity with the Greek people - acknowledging that it's been a "very difficult phase" but "part of the journey has already been accomplished." She was met with signs that read, "Merkel we are a free nation and not your colony."