The "New" New World Order

The parachute has opened but the landing is uncertain

The world’s economic descent in the wake of Crash of ’08 is slowing. While the modest recovery of recent months has been encouraging, it was entirely predictable after the dramatic destocking by manufacturers over the past few quarters and the massive stimulus packages introduced by world governments. The question is whether or not it is sustainable.

Optimists may say that recovery is nigh. Pessimists will point out that unemployment is still rising in the G8 countries and output is still falling. A realist will recognize that one of the signal benefits of the opening parachute is that the slower rate of descent affords the opportunity to see how much the terrain below has changed.

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