Global Economic Crisis

The global economy stumbled again, but now its deeper into crisis as stock markets slow down further and also the investors losing confidence that the United States and Europe can rein in their debt burdens quickly.
European and Asian shares tumbled .Investors fear that, with confidence in the global economy's prospects evaporating, financial markets will remain in a slump.
Global leaders have failed to reverse the sliding markets.In the United States, President Barack Obama called on Monday for urgent action on the U.S. budget deficit, but his proposal on taxes was promptly refused by Republicans.
"Markets can adjust to a downgrade of global growth, but they cannot cope with a increase loss of confidence in leadership and a growing sense that policymakers are disconnected from reality."
On the political front, Obama said on Monday he hoped the loss of the prized AAA credit rating would add urgency to U.S. budget cutting plans.