World Economic Match Up

Today’s global economic climate is like some twisted experiment in Chaos Theory. The smallest, most insignificant events can lead to unpredictable and disastrous consequences. The micro-flutter of a butterfly’s wings can trigger a chain reaction that grows into a macro-catastrophe on the other side of the planet.

As the world slowly recovers from one of the worst financial disasters in history, the fate of even the most stable countries depends on the economic survival of the weakest. When the tiny city-state of Dubai nearly defaulted on their foreign debt at the beginning of the year, a shockwave reverberated across major international stock markets. A sheik in the Middle East bounced a check, in other words, and the overdraft fee was deducted from your 401(k) balance.

Now more than ever, we need to recognize which countries are standing on solid ground. On our map these are the green countries. The yellow sectors are not in immediate danger of collapse, but may be pushed over the edge the next time somebody tickles the global panic button. Finally, there are the red-zone nations teetering on the brink of ruin, just a butterfly’s sneeze from dragging the rest of us into the abyss.

IRELAND


At the turn of the century, the “Celtic Tiger” roared in a short-lived resurgence, thanks to booming property markets and debt-fueled spending. Today, Ireland’s double-digit unemployment rate is one of the highest in Europe.

PORTUGAL


The socialist ruling party blames a steep slide in tax revenues for jaw-dropping increases in deficit spending. Portugal’s debt load accounts for 85 percent of gross domestic product. The government has tried belt-tightening reforms, but even the sunniest economic forecasts call for an agonizingly slow death under crushing debt obligations.

SPAIN


The Spanish economy continues to shrink, and a strong rebound in labor-market growth is desperately needed. Experts predict that the national unemployment rate could peak at a staggering 25 percent. Among the youngest workers, the jobless rate has soared to over 40 percent.

ENGLAND, FRANCE, AND GERMANY


The color of money is green, unless of course you live in Europe, where the shared currency is printed in every color of the rainbow. Recovery across the “Euro Zone” has been slow and uneven. The largest economies in northern Europe—England, France and Germany—are reasonably stable, but their future is linked to debt-ridden neighbors known collectively as the “PIIGS” (Portugal, Italy, Ireland, Greece and Spain).

ITALY


Italy’s Audit Court has cautioned city governments from borrowing money via risky derivative contracts that could weigh down local public budgets for generations to come.

GREECE


Greece is struggling to meet debt repayments totaling more than €300 billion, which is roughly 120 percent of gross domestic product. Jittery European leaders have been forced into an uneasy pledge to bail out their neighbor in the event of a crash. If Athens collapses into ruin, a domino effect could spread across southern Europe and beyond.

RUSSIA


The world’s largest supplier of oil and natural gas has been hurt by weak demand and low prices. Trading partners have serious questions about Mother Russia’s commitment to democratic principles and market transparency. This is the shakiest bet among the powerful “BRIC” bloc of emerging markets (Brazil, Russia, India and China).

VIETNAM


Trade deficits and inflation fears have led to currency devaluation. Reports suggest that Vietnamese residents have begun stockpiling gold and U.S. dollars.

CHINA


China is the 800-pound gorilla of globalization. The communist regime has permitted entrepreneurship and competition in cautious doses. At the same time, China nurses foreign appetite for their low-cost products by manipulating the exchange rate of their currency. China continues to emerge as an economic superpower.

HONG KONG, SINGAPORE, SOUTH KOREA, AND TAIWAN


The four “Asian Tigers” imposed tough reforms following a regional credit crisis in 1997. As a result, they were relatively well positioned to ride out the current storm. Their future is still dependent on China’s insatiable growth. Luckily, 2010 is the “Year of the Tiger” on the Chinese lunar calendar.

JAPAN


Once the undisputed economic champion of Asia, Japan has limped through two decades of near-zero growth. The worldwide financial crisis has led to a troubling drop in demand for expensive Japanese goods.

NORTH KOREA


Crazy doesn’t count as an export when you are giving it away for free. The reclusive midget tyrant Kim Jong-Il has imprisoned this nation of 23 million on the brink of starvation. The meltdown of his totalitarian regime could result in a humanitarian disaster that overwhelms the resources of China and South Korea.



<< Return to the April 2010 Index of Fusion

Glenn Beck has been warning since last summer that you would not recognize your country in a year. Well, it's not even summer yet, and he says he already doesn't recognize the country.

Do you recognize an America in which people are making more money off government unemployment benefits than they can make by working, inflation is ramping up, housing, supply and labor shortages are widespread, and the current administration gives cybercriminals from Russia a free pass after the biggest cyberattack on our nation's infrastructure to date?

On the radio program this week, Glenn pointed out that while businesses all over the nation are downsizing, one brand store is actually booming — and it says a lot about the state of the economy and what it means for our country's future.

Watch the video clip below to hear more from Glenn:

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The largest American gas pipeline shut down on Friday due to what experts told the media was the "most dramatic cyberattack on U.S. soil to date." Investigators are looking at a group believed to be based in Russia known as "DarkSide."

It's time our leaders in the White House take national security seriously because this isn't the first time enemies of the U.S. — namely Russia and China — have used the cyber world to attack our nation and weaken our infrastructure, Glenn Beck argued on the radio program. Between Russia, China, and Iran — which President Joe Biden is now trying to make another nuclear deal with — it looks like the "Axis powers" of a "digital World War III" are lining up

"The journalists seem to care about the price of gasoline for the first time. Is it because they actually care? Or is it because they're trying not to focus on the fact that this was an attack most likely from Russia? And it isn't the first cyberattack from Russia of the year ... maybe we should be paying attention, to Vladimir Putin," Glenn began.

"And by the way, the pipeline going down, that's not the only [cyberattack] happening now," he added later. "Thirty thousand U.S. victims, small businesses and local governments, were hacked by cyber espionage units backed by the Chinese government in January of this year."

"There is an 'Axis power.' It is Russia and China. And, by the way, who is also aligned with Russia and China? Iran. Wow, this is weird," Glenn surmised. "But don't worry about that. Just leave your dog tags on another table. Let's not talk about China. Let's not talk about who actually crashed the jugular of our oil pipelines. I don't want war. But I got news for you ... this Biden administration is doing the job for our enemies."

Watch the video below to hear more from Glenn:


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Canadian clinical psychologist, author, and cultural firebrand Jordan Peterson is no stranger to cancel culture. Ever since he was thrust into the culture war, he has faced one controversy after another, stirred up by the woke elites who hate him with a passion. But although they have tried to make him pay for speaking out so fearlessly against their message, he refuses to back down and he believes you should, too. He joined "The Glenn Beck Podcast" this week to explain why.

"There is a growth of the reluctant hero in all stories ... so many people think that they don't have what it takes, that they're not the hero," Glenn said to Peterson. "How do you get people to recognize and then have the courage to stand? You've taken a beating ... why is it worth it and how do you get there?"

"I think it's worth it because I believe the alternative is worse ... to stay silent when you have something to say," Peterson replied. "You don't know what it is within you that requires your voice, right, because you feel like 'I have something to say.' Where does that come from exactly, that feeling that you have something to say?

"Maybe you're disgruntled at work and you're choking on your own bile because the situation is not just in your estimation," he continued. "You're dying to say something, but you won't. Well, you'll die if you don't say it. Maybe it's a death by a thousand cuts. I don't like deferred punishment. I'd rather take it now and keep the future clean, which is why I encourage people to have the fights now, not to hide things in the fog for later. They grow and metastasize. It's better to confront what you need to confront when it's small and you have some possibility of victory."

Watch the video clip below to catch more of the conversation, or find the full podcast with Jordan Peterson here:

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Top officials at the Federal Reserve are doing what they can to sugar coat what's ahead for our economy, telling Americans we may hit a "transitory" period of inflation that will settle by 2022. But Bank of America is saying something different. The bank's latest earnings call commentary warned "at the very least" transitory hyperinflation is ahead.

Watch the video clip below to hear Glenn Beck explain what this means for prices and for our economy.

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To enjoy more of Glenn's masterful storytelling, thought-provoking analysis and uncanny ability to make sense of the chaos, subscribe to BlazeTV — the largest multi-platform network of voices who love America, defend the Constitution and live the American dream.