In 2011, the international crisis entered a second stage. The crisis in Europe is very serious and the USA is not in a much better situation. A second recession is coming and there will be a new slump in world trade. Chinese and Asian exports will be hit again and the question is whether China and Asia will be able to resist the new trade contraction with a massive rescue plan again? There are reasons to be pessimistic. China and the Asian countries cannot launch massive public expenditure or massively expand credit every two years. The last rescue plans have already created problems that are not yet resolved: in the Chinese case, a sharp increase of non-performing loans in the banking sector, inflation and speculative bubbles in real estate and in the stock exchange.
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