Since the summer of 2008 the world has experienced the greatest destruction of wealth – paper losses measured in the trillions of dollars – in its history. No industry in the world has been left untouched. The financial powerhouses of Bear Stearns and Lehman Brothers have gone bankrupt and mortgage giants Fannie Mae and Freddie Mac had to be bailed out. Attempts by the US government to save industries led to an increased budget deficit, making some experts predict that the global power epicenter might shift away from the US before the crisis ends. On the other hand, it has become clear that Asian countries need to restructure their domestic economies to encourage consumption. They cannot continue to rely on credit-fueled American consumption to promote growth. Consumer confidence remains low with fears of a double-dip or an anemic recovery being voiced daily. Some poor countries, insulated from foreign finance, suffered from reductions in tourism, remittances and foreign aid. What began as a local problem of excess credit in the United States is likely has affected every member of the global community. All crises in the twentieth century have had world-wide consequences but the crisis of 2008 will go down in history as the first full-blown global crisis.

Where Are the Jobs? For Many Companies, Overseas

Multinationals hire in Asia and South America, rather than Europe or US
Pallavi Gogoi
January 4, 2011

China Extends Help to Tackle Euro Crisis

China steps in to purchase European debt
Jamil Anderlini
December 31, 2010

The Rising Burden of Government Debt

Advanced economies borrow more than emerging markets – and jeopardize global financial stability
Eswar Prasad, Mengjie Ding
December 29, 2010

Our Dickensian Economy

US policies support the haves over growing ranks of have-nots
Alan S. Blinder
December 21, 2010

Brace for Change as the Global Economic Order Crumbles

Nations, balking at global governance, may be shocked into cooperation by future chaos
Jeffrey E. Garten
December 13, 2010

Global Bond Rout Deepens on US Fiscal Worries

Rising US spending and debt trouble global investors
Ambrose Evans-Pritchard
December 10, 2010

Chinese Workers Build MLK Memorial: Investigation

US workers are flummoxed by Chinese willingness to work for no guaranteed payment
Annys Shin
December 7, 2010