-- South Korea, Japan and Britain just downgraded their outlooks;
-- Bernanke did the same for America;
-- China's growth is slowing across the board; and
-- Eurozone industrial output fell 0.7%, the sharpest drop in a year.
He also said America's equity market is no higher now than 12 years ago and employment is stuck at the 2000 level. It's actually much worse including discouraged workers.
These numbers, in fact, suggest worse to come later this year and in 2012. Out in front equity markets signal it, including 25 or more European, Asian and North and South American ones down over 20% and falling.
Detroit - Symbolic of Industrial America's Decline
On July 31, UK Daily Mail writer Peter Hitchens headlined, "From Motown to Ghost town: How the once mighty Detroit is heading down a long, slow road to ruin," saying: