Both Merkel and her finance minister, Olaf Scholz, have warned that if Berlin dithers, the economic fallout for Europe could be almost unimaginably brutal.
"Not only are we looking at a very sharp recession...we may have a depression...it's very important to understand what happens when economic and financial deleveraging come together..."
"For China this quarter and the rest of the world next quarter, these GDP declines represent the biggest quarterly contractions recorded over the past 50 years at least."
"This is the time when New Yorkers need to rally around each other and pick each other up, which is why I am committed to doing everything in my power to support our state's residents."
Over the weekend, the Port of Los Angeles has published its latest data about monthly container statistics. Surprising exactly nobody, it was very ugly.
After 23 months in which there were more job openings that unemployed workers, this series is about to reverse with a vengeance, as posted openings crater and as hundreds of thousands of Americans suddenly find themselves without a job.
