Начало формы Конец формы Global Meltdown

Crisis has come for the world's financial markets, or at least that's the growing consensus among financial experts.  George Soros, a renowned investor and the 101st richest man in the world according to Forbes, stated that no resolution to the crisis exists in the near term.  The financial system has effectively disintegrated, and he added that the crisis draws parallels to the Great Depression or the demise of the Soviet Union.

The financial crisis involves everyone around the world, from the wealthy of first-world countries to the poor in developing nations.  Paul Volker, a top advisor to President Obama, said that industrial production on a global scale has declined more markedly than in the US.  The rapid and uniform drop equals if not rivals the economic situation the world faced in the 1930s.  Unemployment figures continue to rise.  Charities which offer assistance to the world's poor find it impossible to maintain their level of aid as donations dry up.

The economy dominates the news too, especially as more and more countries publish 2008 economic reports.  Japan's economy, for example, shrank 3.3%, which is the fastest rate since the oil crisis in 1974.  Data predicts that the economy of the EU will grind to a halt in 2009.  And more and more newspapers, forums, and blogs are talking about stretching incomes with cheap eats at home and cheap vacations.

Experts, industries, and world leaders are scrambling to find an answer.  Yet no one possesses a definitive solution to avoid or lessen the global meltdown, and that's perhaps the worst part of the crisis.

Warm Up: Do you agree or disagree? Why?

1. I'm very worried about my job these days.

2. The economy will get much worse in the near future.

3. I've made changes in my life because of the weak economy.

4. The economy is bad, but not as terrible as many people believe. Everyone is just panicking right now.

5. It's the end of the world as we know it!

Fragments: Remember how the fragments were used, and complete the sentence from today's article.

1. Crisis has come for the world's financial markets, or at least that's...

2. The financial crisis involves everyone around the world, from the wealthy of...

3. The rapid and uniform drop equals if not rivals the...

4. The economy dominates the news too, especially as more and more...

5. And more and more newspapers, forums, and blogs are talking about...

Post-Comprehension: Talk about the following questions in pairs/groups. Remember to support your answers!

1. How worried are you about the economy? Please explain.

2. What do you think is the worst case scenario? Please explain.

3. The article talks about a global meltdown. Is the current problem really that serious?

Why/not?

4. What would you do if you lost your job? What additional sacrifices would you need to make?

5. When will the economy improve? How will life be different even after it improves? Please explain.

Google Search: Type "economic crisis" into Google. Look at the websites, and/or read additional articles on this topic. Discuss or write an essay about your findings.

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