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More seriously bad news. The New York Times reports that around the globe, manufacturing is in a freefall:
That manufacturing is in decline is hardly surprising, but the depth and speed of the plunge are striking and, most worrisome for economists, a self-reinforcing trend not unlike the cascading bust that led to the Great Depression. In Europe, for example, where manufacturing accounts for nearly a fifth of gross domestic product, industrial production is down 12 percent from a year ago. In Brazil, it has fallen 15 percent; in Taiwan, a staggering 43 percent. Even in China, which has become the workshop of the world, production growth has slowed, with exports falling more than 25 percent and millions of factory workers being laid off.
In the United States, until recently a relative bright spot for manufacturing despite the steady erosion of blue-collar jobs, industrial output fell 11 percent in February from a year ago, according to statistics released Monday by the Federal Reserve. “Manufacturing has fallen off the cliff, and it’s certainly the biggest decline since the Second World War,” said Dirk Schumacher, senior European economist with Goldman Sachs in Frankfurt.
The pattern of manufacturing and trade ominously recalls how the financial crisis of 1929 grew into the Great Depression: tightening credit and consumer fear reduced demand for manufactured goods in one country after another, creating a downward spiral that reduced global trade.
Time this afternoon for a depression cocktail.
More from Scott Horton:
Six Questions — October 18, 2014, 8:00 pm
Nathaniel Raymond on CIA interrogation techniques.
Mark Denbeaux on the NCIS cover-up of three “suicides” at Guantánamo Bay Detention Camp
There was no slant to the sun — it was just there, overhead, burning, making him sweat, making his underwear bind and the shirt stick to his back as if it had been glued on, and why he’d ever let Carolee talk him into this he’d never know. The bus lurched. There was a stink of diesel. Gears ratcheted beneath the floorboards, metal on metal, as if they were going to fuse or maybe explode into a thousand pieces at any moment. He looked beyond Carolee, out the window, feeling ever so slightly queasy, though everyone assured him the water was good here — potable, that was the word on everybody’s lips. Plus, the food was held to the highest standards and the glasses out of which they’d sipped their rum punch and rum Cokes and rum tonics had been scrupulously washed in hot sudsing pristine well water, because this wasn’t like Mexico or Guatemala or Belize, this was special, orderly, clean, a kind of tourist paradise. And cheap. Cheap too.
On top of it all, he had a headache. Or the beginnings of one. But that was understandable, because he’d gulped down three rum punches with lunch, so thirsty he could have drained the whole pitcher the waiter had set in the middle of the table, and no, he wasn’t going to drink the water, no matter what anybody said — not unless it came from a bottle with an unbroken seal. He rubbed his eyes. He had aspirin in his kit back on the ship. Cipro too. But that didn’t do him a whole lot of good now, did it? Anonymous streets rolled by, shops, people, dogs, ratty-looking birds infesting the trees and an armed guard outside every store — or tienda, as his guidebook had it — and what did that tell you about the level of orderliness here? Buenos vecinos. Welcome. Mi casa es su casa.
Acreage of a Christian nudist colony under development in Florida:
Florida’s wildlife officials decided to remove the manatee, which has a mild taste that readily adapts to recipes for beef, from the state’s endangered-species list.
A 64-year-old mother and her 44-year-old son were arrested for running a gang that stole more than $100,000 worth of toothbrushes from Publix, Walmart, Walgreens, and CVS stores in Florida.
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“He could be one of a million beach-bound, black-socked Florida retirees, not the man who, by some odd happenstance of life, possesses the brain of Albert Einstein — literally cut it out of the dead scientist's head.”