Slouching Toward a Global Recession in Mexico
A few months ago, the Fed elected to leave interest rates at record low levels since the last hike. Citing “global growth concerns” as well as still-tame inflation, the Fed chose to first do no harm, lest they be blamed for the slowdown that is clearly taking place around the world.
An economy deeply impacted by the glut in oil prices, has slowed dramatically, even as the Mexican peso has dropped to its lowest level against the dollar. Nearly 60 percent of the population lives in poverty, corruption is widespread, and drug cartels rule entire provinces where the police are entirely ineffective. Since Mexico is the second largest importer of American goods, it is only a matter of time before recession infects our own economy.
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