I don't know why the author keep talking about world economy while the only examples he presents are U.S. only: mortgage crisis, debt fuelled spending, etc. In Europe there wasn't nothing like that and yet Europeans have been hit hardest by the recession.
> I don't know why the author keep talking about world economy while the only examples he presents are U.S. only: mortgage crisis, debt fuelled spending, etc. In Europe there wasn't nothing like that and yet Europeans have been hit hardest by the recession.
Look at the countries that got hit hardest in Europe. Spain had a larger housing bubble than even the US. Ireland also had a housing bubble. Greece went on a massive debt-fueled spending binge.
