This article written in the NY times on nov. 16 by Martin Fackler is all about what it means when the second largest economy in the world goes into recession. the Article also compares Europe's recession to the rest of the world and what impact it has. This article basically states how bad the world economy is.
http://www.nytimes.com/2008/11/17/business/worldbusiness/17yen.html?ref=economy
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