US import demand was strikingly weak: Global Trade Posts Sharp Decline
Canadian banks are tightening up as the economy worsens: Bank of Canada Survey Finds Worst Climate in a Decade
Eurozone consumers are feeling the pain of the fragile economy: European Confidence Dropped to Record Low in December
What a record in England: Bank of England Cuts Rate to Historic Low
"The Bank of England cuts its key rate by a half percentage point to 1.5%, the lowest level in the bank's 315-year history, marking the latest in global policy makers' efforts to fend off the threat of deep recession."
US Consumers are are pulling the purse strings: Dismal holidays over, but retail outlook still dim
And Japan's manufacturing sector is suffering: Japan's machinery orders plunge
The world's private sector is retrenching. This time, coordinated global policy is a must. And this time, trade is not going to save any one economy (see this WSJ article).