IndiaDaily - World Economic Crises Looming? Twelve million jobs are on the line as housing and mortgage sector collapse �

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World Economic Crises Looming? Twelve million jobs are on the line as housing and mortgage sector collapse�

The housing and mortgage default trouble is spreading like a wild fire in United States and the Euro Zone. News from India and China are also bad. People have started defaulting in loan and mortgage payments over there too. Twelve million jobs are on the line as housing and mortgage sector collapse worldwide. The unemployment from the fall out is severe. It will drag the world into deep recession and finally into prolonged depression.

Economy, gold, currency and the stock market are all in trouble as the whole financial systems meltdown in the middle of corporate scandals, mortgage defaults, real estate collapse, emerging economy depressions and overall deep deflation.