The only upside for the German people is that they do not have mountains of debt like their counterparts in the UK and America. Few people have mortgages, there is no housing crash like in the UK or Spain and household debt is nothing like that in other European countries... read here.
According to Recession Watch,
1. US Treasury Secretary Hank Paulson more or less admits that his $700 billion bailout plan is not delivering results. He now has a Plan B.
2. China says that its industrial production is growing at its slowest rate in seven years.
3. The mood in Japan is glum, with companies expected to announce bad results.
4. The World Bank says global trade will shrink in 2009, the first time in 27 years. Lead indicator: The Baltic Dry Freight Index is down 90 percent.
5. The Bank of England forecasts a deep 18-month recession in the UK.