Oil-dependent US-led Western countries have lost their prime position in the global economy since beginning of the great recession in 2008.

May 25, 2010 (Hamsayeh.Net) - Continued belligerent activities by the United States and South Korea around the Yellow Sea; concerns over Spain’s economy have triggered a fall in world stock markets today.

US Dow Jones industrial average fell 218 points and Nasdaq 42 points.  Markets in Europe’s tittering financial system also fell across the board. European central bank’s last week injection of nearly one trillion dollars into the economy did little to ease concerns over long-term health of its economy.

Oil-dependent US-led Western countries have lost their prime position in the global economy since beginning of the great recession in 2008.  Asian dragons have conquered world markets replacing North America and Europe as main suppliers of high quality yet affordable consumer products.

This has caused loss of manufacturing jobs in the US and European countries leading to massive unemployment in those regions. US military is now the country’s biggest employer and recent threats against North Korea indicate bankrupt Western economies need a major war in order to create some jobs, divert public attention and hopefully boost productivity.

The United States and NATO almost always pick an enemy that’s militarily weak, nothing like recent warmongerings against powerful North Korea or oil-rich Iran, which indicate the high level of anxiety currently being experienced in the West.

In Japan Nikkei index closed down 3.1 percent and European markets followed closely down another 3 percent. European currency also lost value against the US dollar. Analysts predict it would be nearly impossible for the European Union currency experiment the euro to continue its downward trend and it would have to be dismantled soon.

The global recession is lowering demands for crude oil causing a price fall by 3.7 percent below $68 a barrel in today’s trading.