Lower dollar, slower US economy hurting German engineering companies – Siemens cuts jobs signaling global recession that can turn into depression
Marla Guthrie
Jun. 29, 2008

In the past global recessions have started with German Engineering companies experiencing major slowdowns. Siemens, the largest in the German industrial conglomerate , is getting rid of 17,400 jobs worldwide in an attempt to compete more effectively with rivals such as General Electric of the US and withstand the worldwide economic slowdown.

in recent months German companies, including BMW, Continental and Henkel, have eliminated massive amounts of jobs. It si a very bad sign for the world economies.

World’s third largest economy was the most booming but now there are signs of recession even in Germany.

These engineering companies cut back on jobs only when global recession is imminent. The high oil price and lower dollar are the main reasons for global reccession. However, this time it can be far more nasty thatn we can imagine. The high budget deficit and super high middle class family debt are unprecedented. It is most likely that the debt burden will push US into a recession. As US is forced to close its door to the world, the rest of the world will plunge into total depression.

Commodity prices and oil will eventually collapse. That inturn will depressthe commodity and oil economies like Russia, Canada, Missle East and so on.

Lower dollar, slower US economy hurting German engineering companies – Siemens cuts jobs signaling global recession that can turn into depression
Marla Guthrie
In the past global recessions have started with German Engineering companies experiencing major slowdowns. Siemens, the largest in the German industrial conglomerate , is getting rid of 17,400 jobs...
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