Europeans borrowed vast sums in dollars in the offshore money markets when dollar credit was cheap. This was leveraged by multiples of 50 or 60 to fund whatever craze was in fashion – Russia, Brazil, infrastructure.
WASHINGTON, Oct. 11 (UPI) -- The U.S. and six other nations say they have failed to agree upon a coordinated strategy of having governments partially nationalize struggling banks. (Blah Blah Blah,... you know what's coming)
"The World Bank Group's computer network — one of the largest repositories of sensitive data about the economies of every nation — has been raided repeatedly by outsiders for more than a year....at least six major intrusions originating from
Treasury Secretary Henry Paulson discusses the G7 plan to stabilize markets. (the Q&A session wasn't included in this video. It was even more scary)
We'll get to that after some research and the posting of what he said. But for now,... What is that flag that was behind him? Anyone?... Please post what you know to the comments section on this article.
Asked what we need from our G7 leaders Jim responds "well what they need to do is go down to the bar and have a beer and leave the rest of us alone, let the sound people succeed and let the other people fail".
European stock markets slumped in early trading Friday following massive sell-offs on Wall Street and Asia as lending rates between banks continue to rise despite this week's efforts by central banks to break the logjam in credit markets.
MAJOR WORLD INDICES (Financial markets around the world)
Asian stocks tumbled, driving Japan's Nikkei 225 Stock Average down 11 percent, and U.S. futures slumped on concern the deepening credit crisis will push the global economy into recession. Treasuries and the yen gained.
Asian stocks fell, with the region's benchmark index headed for its worst week on record as a credit freeze deepened, worsening the outlook for the global economy.
[The future in miniature.] The Nordic nation's government also used sweeping new emergency powers to create a new bank that will take over the bulk of the domestic operations of another one of its collapsed banks.
The cost of borrowing in dollars for three months in London soared to the highest level this year as coordinated interest-rate reductions worldwide failed to revive lending among banks for any longer than a day.
Rising Libor, set each day in the center of international finance, means higher payments on financial contracts valued at $360 trillion -- or $53,500 for each person worldwide -- including mortgages in Britain, US student loans and company debts
WORLD stock markets mostly rebounded today, with London, Paris and Hong Kong rallying 3 per cent following a round of emergency interest rate cuts and after share prices had dived a day earlier.
The International Monetary Fund top economist says the timing is right for G7 to act on credit crisis. (BEND OVER,... HERE IT COMES!)
Lew Rockwell interviews Jörg Guido Hülsmann
These seven works taken together represent the first integration and systematic elaboration of the Austrian theories of money, capital, business cycles, and comparative monetary institutions, which constitute the essential core of Austrian macroecono
The world is on the brink of a major economic downturn, given the “most dangerous financial shock in western markets since the 1930s” and high fuel and food prices, the International Monetary Fund said.
"The 10 percent decline cued BEI to suspend the market after consulting Bapepam (the Capital Market and Financial Institutions Supervisory Agency)," said acting Finance Minister Sofyan Djalil, adding that the "index drop was not normal
WASHINGTON, Oct. 8 (UPI) -- This is more than a global financial meltdown: Other major nations around the world this week are following U.S. President George W. Bush's lead in effectively dismantling the very structures of free-market capitalism.
The action failed to calm gyrating markets, however, amid the growing realization that a serious and prolonged recession may be difficult to avoid.
A London businessman may have to put off his wedding. A baker in Paris fears customers will disappear. A student in Slovenia sees an automobile loan fall out of reach. And a real estate agent in Chicago says she's just plain scared.
The fund urged governments to make direct capital injections into banks, as well as to buy distressed assets, which the Bush administration plans to do in its $700 billion rescue program.
Given the country's standing as a frontline state in the US-led "war on terrorism", the economic crisis has profound consequences. Pakistan already faces worsening security as the army clashes with militants in the lawless Tribal Areas
Stock markets remained mired in steep losses on Wednesday, battered by fears about the world's worst financial crisis in nearly 80 years and gaining only temporary relief from globally coordinated interest rate cuts.
The Nikkei average plunged 9.4 percent on Wednesday, its biggest drop since the 1987 stock market crash, as growing fears of a global recession led investors to wipe $250 billion off the value of Tokyo shares.
In its bleakest forecast in years, the International Monetary Fund said the world economy was set for a major downturn with the US and Europe in recession.
New currency being secretly minted at Denver Mint, to replace US Dollar, Canadian Dollar and Mexican Peso.
WASHINGTON (AFP) - Desperate measures by governments in Europe and North America to steady the banking system failed to stem panic in global markets Monday amid deepening gloom at the scope of the financial crisis.
"We face extreme danger. Unless there is immediate intervention on every front by all the major powers acting in concert, we risk a disintegration of global finance within days. Nobody will be spared, unless they own gold bars."