NEWS AND COMMENTARY
May 1, 2001
Beware of Taking Your Investments Global
The economic slowdown is beginning to wash up on the shores of foreign countries and a global slowdown is fast approaching. The rest of the world is not immune to what ails the U.S.
U.S. companies, like Motorola and General Electric, have announced layoffs that affect employees worldwide. Likewise, Europeans are beginning to lose their jobs. For example, German-American automaker DaimlerChrysler recently cut 26,000 jobs; Motorola laid off 3,200 employees in Scotland; and U.K. telephone equipment manufacturer Marconi Plc, slashed 3,000 jobs. And Europe has also suffered from the tech wreck, with dot.com investors facing huge losses.
Japan is being crushed by $5.1 trillion in government debt. All of Asia is suffering from a 24% plunger in exports to America.
The financial shock waves occurring overseas will soon reach the U.S., and will only add to our economic woes.
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