– Global Trade In Freefall: South Korea Exports Crash Most Since 2009 (ZeroHedge, Sept 1, 2015):
While the market’s attention overnight was focused on China’s crumbling manufacturing and service PMI, data which was already hinted in the flash PMI reports earlier in August, the real stunner came not from China but from South Korea, which last night reported an unprecedented 14.7% collapse in exports, far worse than the -5.9% consensus estimate, and more than 4 times worse than July’s 3.4%. The number is critical because not only do exports account for about half of South Korea’s GDP but because it also happens to be the first major exporting country to report monthly trade data. That makes it the perfect barometer of global trade flows, or as the case may be, the canary in the global trade coalmine. It also confirms what we reported just one week ago when we said that “Global Trade Is In Freefall.”
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This is an article to which people ought to read and pay mind. South Korea’s export collapse of 14.7% is huge. They rely on China, so does much of the world…..Before NAFTA, the US was the economic center of the world. Thank that corrupt clinton bastard for the beginning of the end with NAFTA……I protested then, nobody listened.
Working in employment, I saw first hand how the good paying MFG jobs went overseas. I also saw the respect corporations used to pay their employees as valuable human resources vanish. I saw all the opportunities go east, and started tracking job losses in 2001, after the Coup of 2000.
Since I started keeping track, we have been consistently losing at least 200 thousand jobs a week, often as many as 380K…….It has been going on without comment. On Thursdays, they report the “initial jobless claims” as if they were new jobs, not job losses……It just sickens me. They count people collecting unemployment for a few months, then drop them from the rolls as if they have new jobs…………..
Gee, Canada is now in recession……..No kidding. The world economy has been running on debt for years, but with banks losing liquidity………
In the meantime refugees pouring into Germany, Greece and other European nations are adding to the strain of failing economics. The only news outlet in the US covering it is Aljazzera……..
I commend the people of Iceland who are offering 10,000 homes to some of them…..shutting the borders won’t help these people from war torn nations that will only get worse….Now, US, Russia, Yemen and the Saudis are all fighting ISIS, a CIA creation. Who the F**K do they think they are kidding?
Madness…..we have idiots in power, and no way to get rid of them, except by peaceful uprisings by the people….and most are too mindless to notice. They would rather see the latest movies…….We are finished.