In this global economy, where everyone is interconnected, the massive job loss that started in the United States has been felt around the world, and unemployment lines just keep getting longer.

In Japan, NEC Corporation and electronics company Hitachi announced 27,000 combined factory layoffs, while the government said its economy shrank at the fastest rate in 35 years in the fourth quarter. In the UK, union representatives were pelted with fruit by disgruntled BMW MINI workers who accused them of not doing enough to prevent job losses. It was reported over the weekend that the Royal Bank of Scotland, the biggest British government-controlled bank, will cut 10,000 to 20,000 more jobs, while factories in China keep shutting down.

Meanwhile, here in the U.S., a new Rutgers University report says job losses will continue to pull the economy down and the recession may last into 2010. About 1.9 million jobs were lost across the country in the last four months of 2008, the worst year for private-sector job losses since 1939. Recession-induced worldwide job losses — of which we’ve already seen 3.6 million in the U.S.— could hit 50 million by the end of this year, The New York Times reports. High unemployment rates, especially among young workers, have led to protests from Latvia to Chile, even Bulgaria and Iceland. Strikes are being held in European countries like France and Britain. There are even some U.S. officials warning that the global crisis is now the biggest security threat facing the U.S.— yes, ahead of terrorism. Leaders everywhere are trying to grapple with the situation.

"Nearly everybody has been caught by surprise at the speed in which unemployment is increasing, and are groping for a response," European economics researcher Nicolas Véron told the Times.

Meanwhile, U.S. Treasury Secretary Timothy Geithner is trying to reassure Group of Seven economic leaders about his $2 trillion plan to rescue the U.S. financial system. The G-7 thinks a "severe" economic slump will continue through most of this year. President Obama is expected to sign the recently passed $787 billion U.S. stimulus bill tomorrow. As states and cities scramble for stimulus cash, Obama’s administration is warning people to not expect miracles anytime soon.

"Let’s be clear — it’s not going to be an overnight turnaround," Obama senior adviser David Axelrod said.

Unfortunately, it’s miracles the U.S.— and the world — seems to need right now. 

Here’s Axelrod talking about the stimulus on NBC’s "Meet the Press" this weekend: