The current recession is already worse in some ways than the Japanese Depression of the 1990s in Japan: “Japan confirmed Wednesday what many had long suspected: that the world’s second-largest economy contracted at a record pace during the quarter that ended March 31, as exports collapsed and companies cut back production.”
The United States could really use some export-led recovery. But the world’s second- third- and fourth-largest economies are all export-oriented and busy collapsing due to the collapse of demand in the trade deficit countries.
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