Date: Wed, 8 Jul 2009 06:59:49 -0700 (PDT)
Local: Wed, Jul 8 2009 9:59 pm
Subject: "No quick global recovery'. say Finance Minister of Singapore.. A truth NOT everyone will welcome
Tharman told the truth...about economic recovery...in Singapore and
around the world.
NO recovery...for at least 2 years...will be longer if you read the
figures given by him. A summary of what he said:
-- The world economy (except China and India) is still SHRINKING. (4%
in developed economies)
-- China will NOT be able to replace the loss of US consumption...It
may take at least 10 years for Chinese consumers to catch up with the
Americans...if at all. Demands has effectively sank by as much a 80%.
-- it will take at least 10 years for US consumers to return to the
level of high spending (pre-recession).
Tharman is NOT a politician...he should have , like the US treasury
secretary....paint a rosy picture...about the