The world economy: What stopped working and why the perfect storm?

COMPELLING READ: The global economy is in a synchronized swoon. Brazil’s economy practically stalled out in the first quarter, all of China’s manufacturing figures indicate much lower growth than last year, Britain remains in recession, Spain’s banking system needs a rescue and may collapse, and the U.S. — which had been the last remaining bright spot in the global economy — suddenly has started sputtering. The number of jobs created in May was not just half as many as expected; the figures for the previous two months were sharply revised lower as well. And for good measure, GDP growth for the first quarter was revised downward too.


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