"An example of a country that lives off of exports to the U.S. is Singapore. Their exports to China and other countries are mainly part of the supply chain to the U.S. When world trade boomed, Singapore’s seaport became largest hub for freighters and supertankers.Nearly everything manufactured in Singapore is made for export. (Singapore foolishly grows none of its own food.) One out of every three workers in Singapore is a foreigner. Singapore has passed a recent law, the Public Order Act, to prepare riots and revolution in the country due mainforeign worker layoffs,.
The point was also brought home to Singapore by the riots in Thailand, which forced the international leaders at the Asean meeting to flee the conference by helicopter to avoid bodily harm.
Credit Suisse predicts a loss of 200,000 jobs in Singapore by the end of 2010.
Singapore’s exports collapsed by a crushing 35% in January. Manufacturing output fell by 29% in the first three months of the year, compared with the same period last year, and the beat goes on.
There is no way that the economies of Singapore and the U.S. will recover until the growth of U.S. unemployment stops."
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