On January 21, global stock markets wailed in despair, plummeting to rock bottom with the sharpest decline since the 9/11 attacks, on the verge of collapse. European indices fell sharply: Paris 6.83, London 5.48, Frankfurt 7.16, Madrid 7.54, Milan 4.85, Lisbon 5.83, Amsterdam 4.7, and even Moscow 8, Turkey 6.4. In South America, Mexico dropped 3.72, São Paulo 5.97, Santiago 4.67, and Buenos Aires 5.62. Asian markets were no exception: Tokyo 3.86, Hong Kong 5.49, Singapore 6.1, Shanghai 7.22, and Mumbai 7.41. A global stock market crash appears to have taken shape.

These developments challenge the notion of US economic hegemony. Particularly due to the ongoing fermentation of the US subprime mortgage crisis in recent years, combined with the stimulus plan for President Bush failing to meet market expectations, the saying "when the US sneezes, the world catches a cold" seems to prove that its era of economic dominance is over; the recession is clearly visible. However, within the globalized economic landscape, where an interconnected system has formed where pulling one hair moves the whole body, optimism for the future economy seems diminished, entering a very special period.

Experts predict this stock market storm has only just begun. French economic expert Marc Touati assessed, "Our economy will truly encounter unprecedented difficulties." A Fulbright securities analyst stated, "Basically, investors lack confidence in the future US economy, although the economies of mainland China, Hong Kong, and even Asia are actually doing well." This seems to herald the arrival of the Chinese Year of the Rat, and predictions for the 2008 global economic outlook appear less optimistic. Coupled with soaring global basic food prices, a trough in consumer spending, and a surge in unemployment, these factors will deeply affect the growth rate of the world economy, especially in Europe and America.