Europe drags the United States of America to the bottom, languishing from the global financial crisis. Tourism, trade and the raw materials industry, which previously supported the economy, are no longer in demand. Close economic relations between the US and the EU have brought the European crisis to the United States.
Mark Vitner, a senior economist at Wells Fargo, conducted a research, which showed that the states, whose economies depend on exports, suffer from the crisis most. Utah, West Virginia and Nevada that used to sell natural resources to Europe, experience hard times nowadays. Until recently, gold and silver was the breadwinner of Utah and Nevada. The two states used to ship the precious metals to wealthy Europeans. Now the situation has changed radically. It is ethical and material needs that matter – aesthetic needs are no longer important. What kind of gold can there be if the King of Spain was forced to cut his own salary by even percent?
Coal became a stone around the neck of West Virginia: the state is the largest exporter of coal. Louisiana suffers too: its economy is based on petroleum and chemical industries. However, in the first half of the year, exports of chemicals from Louisiana to Europe have dropped by 31 percent.