United States-President Elect Obama.

UNITED STATES.

THE NEW PRESIDENT ELECT.

History will be made on 20 January in the United States, with the first African American President of the United States of America, who convincingly won with the biggest majority in 44 years.

Its amazing how the same country that elected George W Bush in 2000, can have elected the complete opposite in the 44 th President elect, Barack Obama.

This ability to adapt to change, is perhaps the greatest strength that America has.

The job facing the new president is not going to be easy, after Bush and Cheyney started two unfinished wars and have bankrupt the Treasury.

In its latest Global Economic Outlook, Fitch Ratings predict that the worlds major advanced economies- US, UK, Euro-Zone and Japan, will experience in 2009 the steepest decline in GDP since World War 11.

Tighter credit restrictions, consumer retrenchment and failing corporate investment are expected to combine and deliver an unusually synchronized downturn, across the advanced economies.

The global credit crisis of the last two months, is perhaps a fore-taste of what is to follow.

The markets have to have a correction of 10 to 15 %, once the governments are shocked out of denial.

The Fitch Ratings report states, " Recession contraction in the supply of credit is uncharted territory, for the world economies and there are few historical parallels on which to gauge its possible length or depth".

Fitch expects growth in China to slow to 5.5% in 2009, growth in Brazil, India, Russia to be 5% for the next year.

According to the Fitch Rating group, there will be no recovery until early 2010.

The truth of the real debt of the United States, will not be apparent until January 20, 2009, when the new administration have access to the books.

Based on the Bush and Cheyney involvement with Enron and World Com, skeptics believe that the real deficit is far greater than is apparent today.