In a statement to Kyodo News on August 23, Japanese prime minister and S.Korea Prime minister were quoted as saying "While we agreed on the need to continue to closely monitor financial market movements, we also shared the view that the global economy and the Asian regional economy remain strong." This comment stems from recent events about the ongoing financial problems that the US mortgage companies are experiencing. As more mortgage companies lend to buyers with bad credit, there has been an increase in home foreclosures, and debt. The Japanese economy continues to undergo reform to ensure price stabilty and economic growth while the S.Korea ecomomy is recovering, but making vast improvement but will still need help and moderation to sustain.
In my opinion it is baffling to know that one countries problems and downfalls can effect the global population so emensly. Japan is one of the biggest world powers but if the US economy falls thn theirs will suffer also. It is atonishing that countries become so co-dependant on each other, to the point where they can not function seperatley. As large corporations push money into the IMF (International Monetary Fund) it seems to remind me of the stock market crash of 1929. I leave you with this question. Will the US's mortgage problems, and monetary problems lead to another "Great Depression?"
http://www.bernama.com.my/bernama/v3/news.php?id=280723
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