We are looking at a globalized depression because of globalization. With everything connected, the failure of one or more economies becomes a globalized economic failure.
China and India are enjoying economic growth because the failure of Western markets has forced them to concentrate on internal development. They also have tariffs that encourage internal economic development.
Without national tariffs to protect them, Western economies will continue in a downward spiral. You cannot fix an economy that you do not control.
Development and redevelopment of any country occurs behind trade barriers. Seventy percent of the American economy and over 60 percent of Western economies are dependent on consumer spending supported by the disposable income of ordinary workers.
At the Jobs Summit tomorrow, major corporations are going to lobby for lower minimum wages and lower payroll taxes that employers and workers pay. These people are really stupid, because the American and Western markets are dependent on higher wages. They are destroying the market for their goods and services. They are also destroying the source of their wealth.