The crisis is spreading at a rapid pace from the financial sector in to the "real" economy. Circuit city which announced it is closing 154 stores has now declared bankruptcy and DHL, the shipping company is closing all of its US service centers and eliminating almost 10,000 jobs. This is just the beginning. Unemployment, with all its consequences, lack of demand, increased government expenses, etc. is on the rise.
A US slowdown is going to have serious effects on the Asian economies as they are so dependent on US and European consumers, China has just announced a $600 million stimulus package. The capitalist class have no idea as to the extent of the damage from the financial crisis or where all the money is. They have had what the Financial Times has referred to as a "sumptuous feast" and we are now expected to pay the bill.
Sweet commerce.
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