Instead, it was America and the West that went into an economic tailspin.

Unfortunately, the outcome could be similar the entire banking system sent into a tailspin.

But the global economy is slowing down, and financial markets went into a tailspin during the summer.

Indeed, Europe needs a master plan to avoid a tailspin of recession, growing unemployment, and weakening banking systems.

Sacrifice, too many Europeans believe, is not laying the groundwork for a better, more prosperous Europe, but is dragging them into a fatal tailspin.

This has pushed them into a deflationary tailspin and put them at a substantial and potentially permanent competitive disadvantage vis à vis creditor countries.

On the contrary, such austerity has aggravated the crisis and now threatens to bring down the euro and throw the global economy into another tailspin.

So, with the Bush era winding down in a tailspin of plummeting popularity and high level resignations, has the neo conservative movement, too, run its course?

Once the tailspin began in 1997, governments lack of reserves hampered their ability to rescue failed banks, forcing them to appeal to international institutions for relief.

It was the complete collapse of trade credit that sent global commerce into a tailspin for half a year after the failure of Lehman Brothers in September 2008.

This brings us back to the interactions between economics, politics, and finance, which are now fueling a tailspin that is harming Egypt s citizens and threatening their children s future.

Mr. Greenspan s statement in Frankfurt in November alarmed senior European Central Bank (ECB) officials, who considered it a provocation one that promptly sent the dollar into an unwanted tailspin.

What remains highly uncertain, however, is whether an obviously overheating market can be cooled without sending America, and its main trading partners around the world, into an economic tailspin.

Because in the mid 1950s, when I was a tiny child, they had the audacity to launch a very primitive little satellite called Sputnik, which sent the Western world into a hysterical tailspin.

They cannot raise much more capital during the crisis, so, in order to restore capital adequacy, they stop making new loans and call in their outstanding loans, thereby throwing the entire economy if not the entire global economy into a tailspin.

When shocks to the system occur, agents do not know what will happen next. In the face of this uncertainty, they do not readjust their spending instead, they refrain from spending until the mists clear, sending the economy into a tailspin.

As a byproduct of globalization, crises that once burned locally and then quickly flamed out now risk sparking international conflagrations. A pandemic, flood, or cyber attack in the City of London or Wall Street could send the entire world into a financial tailspin.

BERKELEY Fiscal profligacy did not cause the sovereign debt crisis engulfing Europe, and fiscal austerity will not solve it. On the contrary, such austerity has aggravated the crisis and now threatens to bring down the euro and throw the global economy into another tailspin.

With the collapse in the price of oil since then, the economy has gone into a tailspin GDP is contracting at a record pace, inflation is in excess of 200 , the currency has plunged to less than 10 of its previous value, and massive shortages have emerged.

It was the complete collapse of trade credit that sent global commerce into a tailspin for half a year after the failure of Lehman Brothers in September 2008. At moments like these, financial crises look like a heart attack wreaking immediate and devastating damage to the whole of the economic body.