The US markets are closed today. Last night Japan reported that their Q4 GDP shrank by 3.3%, or 12.7 on an annualized basis.Add this to a US economy that shrank by a 4% annualized rate inQ4, and Europe by 6% annualized.The biggest falls have been in export driven economies, which shouldn’t be a surprise given the demand destruction over the past year.There’s sure a lot of excess capacity to be worked off, and this isn’t the kind of problem that is easy for a government to fix.Cushion the blow, maybe, but not prevent them.


thanks to Econobrowser.

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