I dont buy it

While Bush warns about a "long and painful recession" and the German finance minister Steinbrück predicts a slowed growth and raising unemployment, Romania is bullish about the future: this year we grow by more than 9% and the next 5 years we grow at a 6% pace. 100% romanian fairy tale :) By the way, even China is worrying about going from +10% GDP growth directly into recession.

Well, I am not a fan of hard landing theory either, but this bullshit with 5 years of continuos romanian prosperity does not really match with the financial Armaghedon mentioned by Bush.

"Romania va inregistra anul acesta o crestere economica de 9,1%, potrivit Comisiei Nationale de Prognoza (CNP) care a modificat estimarea din primavara care indica o majorare a PIB de 6,5%. Varianta preliminara a prognozei de toamna a CNP modifica toate cifrele legate de evolutia economiei pana in 2013 publicate in primavara. Astfel, cresterea economica se va mentine peste 6% pana in 2013, in conditiile in care previziunile anterioare indicau un salt al PIB de peste 6% numai pentru anul viitor.

Die Finanzkrise wird auch die deutsche Wirtschaft treffen, warnt Finanzminister Peer Steinbrück - und sagt gebremstes Wachstum und steigende Arbeitslosigkeit voraus.

More banks could fail, including some in your community. The stock market would drop even more, which would reduce the value of your retirement account. The value of your home could plummet. Foreclosures would rise dramatically. And if you own a business or a farm, you would find it harder and more expensive to get credit. More businesses would close their doors, and millions of Americans could lose their jobs. Even if you have good credit history, it would be more difficult for you to get the loans you need to buy a car or send your children to college. And ultimately, our country could experience a long and painful recession."