Stakeholder #3

Global Markets: The Basis of Economics 

Luis Villa del Campo. "NASDAQ Studio". 08/11/2006 via NASDAQ MarketSite TV Studio

Nowadays, economics branches our more than just one country. Markets across the world all affect one another constantly. One of the largest economic markets that are impacted by the Greek and European financial crisis is the United States market. The United States represents one of the largest economies on the globe. Whether it be trading stocks or creating a small business, the United States economy influences and changes the global markets tremendously. Banks across the world lend and borrow money from a multitude of countries in and out of the European Union, including Greece itself. Due to this, nearly every market across the globe can be impacted directly from the actions of Greece both monetarily and fiscally. Global economies are constantly trading with Greece and other EU countries. A large part of American exports is to Europe. Additionally, the economy of China creates a large part of the global economy. A large part of China’s wealth stems from exports to large European countries including Greece. If Greece begins to falter as a country economically then China will in turn take a hit and can be pulled down into the same recession of Europe. If demand worldwide is higher than jobs across the world are created as a need for workers and producers is increased and people have access to more money to put food on their family tables. 

One claim made by American Michael Klein, professor of international economic affairs at The Fletcher School of Law and Diplomacy at Tufts University is "Europe's recession is no coincidence. These three problems feed off one another, depressing the EU economy." Another claim is made by President Obama of the United States where he stated "You cannot keep on squeezing countries that are in the midst of depression. At some point there has to be a growth strategy in order for them to pay off their debts to eliminate some of their deficits." The final claim on the matter by global economics is by Diana Mackay, chief executive of the Mackay Williams consultancy in the United States where she stated "The umbrellas went up in May as clouds gathered around the possibility of Grexit and impending rate rises in the US. Net sales of European retail funds responded in kind."

These sources are all very similar when it comes to credibility. Each person is a professional in the field of global economics and have the position to back that up. Whether it be a professional. professors, executive, or the President of the United States, each has an opinion that is to be valued to the highest extent. Overall the views of the global scene, especially the United States is similar across the board in the fact that they all fear a crash of the European economy due to Greece and their inability to grow as a country. Everyone in America does not wish to experience another Great Recession so they take the situation very seriously.