Bloomberg/November 27, 2008
Nov. 27 (Bloomberg) — China’s biggest interest-rate cut in 11 years highlights government concerns that the country risks spiraling unemployment, social unrest and the deepest economic slowdown in almost two decades.
The central bank yesterday lowered its one-year lending rate by the most since the 1997 Asian financial crisis, less than three weeks after Premier Wen Jiabao unveiled a 4 trillion yuan ($586 billion) stimulus plan…
Different from years in the past, the recession isn’t just a US problem, but a global one.
Great blog entry Joel.