Is economic collpase imminent?

Seriously, oil prices skyrocketing, middle east out of control, and Japan on the brink of disaster, food prices soaring, 3 wars, drug cartels taking out mexican military, and debt 100 percent of gdp, and oil prices about to torpedo. America has taken alot, but could this be the end? Also, the European debt crisis is still ongoing. Portugal has just ousted austerity measure proposal and president has quit. How likely is an economic collapse and how likely is a global economic collapse?|||No.





If you listen to all the doomsday disaster-mongering that television news networks spew out, you'd never know it, but the American economy is actually getting much better. People seem to love to think that the end of the world is right around the corner. But we're actually doing okay right now.





High oil prices are actually a sign that the economy is getting better. People have more money, and that's why demand for oil is going up. As you know from Econ 101, high demand means high prices.





Unemployment finally dropped under 9% last month. The economy has grown steadily since the middle of 2009. Yes, public debt is an issue of concern, but it is finally getting a lot of attention in Congress, so it is likely that something will finally be done about it. Even so, there are many economists who would argue that we don't really have to worry about our debt level.





On a global scale, some countries are doing well, and some less so. But there's no reason to believe that the global economy won't continue to grow.





Stop worrying!|||Portuguese president didn't quit, the prime-minister did.


The IMF will enter Portugal eventually and recover the country by imposing stricter messures on companies, politions and enterprises.


As for the Doomsday stuff, it's not that bad, it's only of the economical 25 years cycles but while the west crumbles Asia and Africa flourish which in turn leads them to investing and buying debt from the west.