[rmnunez]

Seems more like things are on the upswing, particularly in the US, where they need so many new workers about 12 million are about to get conscripted into the fiscal base (a tremendous economic stimulus). France has a bit of labour trouble and across the EU they've got a major unemployment problem, but in the west we see generally favourable macroeconomic performance; interest rates are low, inflation is under control, job growth is good, there are adequate levels of capital investment, housing starts, real estate values, taxes collected, infrastructural improvements are all positive in most reliable accounts.