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In the US,  horrible economic news have made global investors extremely jittery over short-term health of the world’s biggest economy.

August 12, 2010 (Hamsayeh.Net) - Global stock markets in major capitals around the world dropped sharply after UK announced worse than expected economic outlook for next year and also US date showing continuous rise in unemployment.

Stock markets in Europe, Asia and North America fell simultaneously creating fear of another recession to hit the global economy in the near future. After the fall of European stock markets, shares in Tokyo dropped 2.02 percent, South Korea fell by 1.02 percent and Hong Kong fell 1.42 percent. On Wall Street stocks plunged by more than 2.5 percent in Wednesday trading. 

In the US,  horrible economic news have made global investors extremely jittery over short-term health of the world’s biggest economy. A persistent rise in the number of unemployment to more than 10 percent point by official figures over the past two years is wrecking financial, social and political havocs across the country.

As history’s biggest indebted nations the US would be facing a daunting task of repaying its international debts, ballooning old age pensions, universal health coverage, education costs without an actual source of income except printing money out of thin-air. Obama administration officials are scared that China begins dumping its massive dollar holdings lest each US greenback starts to reach its true value at nearly 5 cent that's  the cost of paper it’s been printed on.    

Also US manifestation of its chronic inability to strongly harness and control flow of energy as evident by its never-ending saber rattling against Afghanistan, Iraq, Latin America, the Persian Gulf, China, North Korea, Russia etc., is creating doubts about the US reserve currency’s true worth amongst traders and nations of the world.

As history’s biggest indebted nations the US would be facing a daunting task of repaying its international debts, ballooning old age pensions, universal health coverage, education costs without an actual source of income except printing money out of thin-air.

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