Global recession?
Sunday, June 8th, 2008We all know how much world leaders currently fear that the doom days are here, and that they will all be overthrown from their chairs if they can’t put an end to what they call an imminent ‘global recession’, thanks to a slowdown in the US coupled with rising commodity prices. Well, Friday’s jobless numbers in the US only intensified concerns that the economy is surely moving into a recession, and pulled down US stocks with it.
Now, I know that markets are closed over the weekend, but interestingly, another sign of a global slowdown has emerged over the last day and a half. This weekend is the Canadian Grand Prix, for all you F1-lovers, and for all of you who despise Formula-1, it is the still the weekend of the Canadian Grand Prix. And more than who’s on Pole position (first one to start the race), and who’s not, what’s grabbed the headlines this weekend is the fact that the Gilles Villeneuve circuit in Montreal is breaking apart, with track officials set to resurface the Casino hairpin prior to the race! The track has never been the best in the world, but to break apart completely is quite an achievement! World champion Kimi Raikkonen is complaining about it already, as is his team, Ferrari. Now, it remains to be seem whether this is a case of sour grapes, given that Hamilton (who races for competitors McLaren Mercedes) defeated them to pole position, or whether the track is really disintegrating! I know Formula-1 tracks are no GDP indicators, but the lack of money in every government’s pocket may well be evident from motor sport this weekend!