Ever Closer To a World Wide Depression

I was just passing through a room that had CNN on, and the report out of Japan was not good.

Sony is sacking its President CEO, and is turning to their head of British operations. Japanese Car companies are reporting that sails are down 40%, and while unemployment remains the same, they are reporting this is due to people giving up on looking for jobs, rather than any stabilization.

This financial crisis is not ending any time soon, and the problem is worse than most understand.

Japanese Economy Now in Recession

Japan's economy falls into its first recession since 2001 after shrinking by 0.1% in the July to September quarter. The world's second-biggest economy had previous shrunk by 0.9% in the April to June quarter. Growth in Japan has been hit by the global economic slowdown which has curbed demand for Japanese exports.

The eurozone officially slipped into recession last week, and the US is expected to follow.