U.S. Loses Title of "World's Biggest Economy" Edit

The slumping dollar has caused the U.S. to lose it’s title as the world’s biggest economy to the euro zone this week.  A trend that has been worrying investors all over the world, the fall of the US dollar continues with unknown repercussions on the horizon. 

The new economic heavyweight of the world won the title (which is based on the combined GDP of the 15 countries which use the euro) due to the record surge in the value of the euro, now at around $1.56 per euro. 
Based on official estimates of 2007 GDP from the U.S. Commerce Department’s Bureau of Economic Analysis and Eurostat – $13,843,800 billion for the United States and 8,847,889.1 billion euros for the euro zone – the euro zone economy passed the U.S. shortly after the euro topped $1.56. 

To add to the bad news, Martin Feldstein, the President of the National Bureau of Economic Research, a private sector group that is considered the arbiter of U.S. business cycles, stated Friday that the U.S. is in a recession that could be “substantially more severe” than recent ones.  Feldstein went on to say that the downturn could be the worst in the United States since World War Two.