ON AIR NOW
Click to Play
In this one minute interview Nassim Taleb states that Nouriel Roubini is an optimist, and that this Depression will be a lot worse than the Great Depression. His greatest concern is the speed with which it will hit the U.S. banking system.
We are beyond the extremes of the 1930s. The frontiers of monetary policy are being pushed to limits that may now test viability of paper currencies and modern central banking.
China Investment Corp, the country’s sovereign wealth fund, will no longer risk investing in western financial institutions because of concerns about their viability and a lack of consistency in their governments’ policies, according to its chairman.
"The need to coordinate and collaborate gets even more urgent as the current recession bites deeper," the China Daily said in an editorial Thursday.
"The global financial crisis has not bottomed yet. The impact is spreading globally and deepening," said Zhang Pin, head of the national development commission. "Excessive bankruptcies and business closures will cause massive unemploym
As rates approach zero, SNB President Roth, like his counterparts at the U.S. Federal Reserve, may instead have to find new tools to restore the flow of credit through the economy and head off the risk of deflation.
The Swiss National Bank is becoming the first central bank in Europe to learn what it’s like to live in a zero interest-rate world. “They simply don’t have much room left on interest rates” following a 100 basis-point cut Nov. 20, said senior economi
Asian stocks tumbled, extending a global rout, as a deepening world recession drove down commodity prices and heightened concern company earnings will collapse as manufacturing shrinks.
Thousands of Icelanders marked the 90th anniversary of their nation's sovereignty with angry protest Monday, and several hundred stormed the central bank to demand the ouster of bankers they blame for the country's spectacular economic meltdo
The French government’s plan to shore up the capital position of France’s six main retail banks is being blocked by the European Commission, which insists they must reduce their lending in return for state support. [I thought lending was in.]
The People's Bank of China cut interest rates by more than 1pc point as the economy crumbles and millions of jobs are predicted to go ahead of Christmas.
Here's what could be in store for Iceland now that they have a $10B loan. Take notes - let's see how much of it will apply to us next year.
To further rub salt into the wound these higher earners will also pay an additional 1pc in National Insurance costs, giving an effective taxation rate of 61pc - a rate not seen since the late 1980s. (Great Britain,... then USA)
At least five people were injured and Hordur Torfason, a well-known singer in Iceland and the main organizer of the protests, said the protests would continue until the government stepped down.
The data continue to worsen indicating unprecedented economic distress.
ZURICH, Switzerland (AFP) — The IMF's chief economist has warned that the global financial crisis is set to worsen and that the situation will not improve until 2010, a report said Saturday.
“It’s getting really ugly out there,” it said. “It may be true that we have passed the first phase of this crisis, but that does not mean the next phase will not be worse, perhaps very much worse.”
WASHINGTON: President Nicolas Sarkozy of France left the summit meeting on the financial crisis here last weekend in a triumphal mood, declaring that it had tamed the animal spirits of American capitalism.
The rates posted on the wall tell the story: The shop buys and sells dollars for just under 28 rubles, about an 18 percent drop since August, when it was about 23. "I'm very worried there will be another default," said the teller, refer
3. All of the organizations and players who reaped a fortune engineering the debt and derivatives bubbles will be allowed to keep their winnings.
Straight Light
Attacks pictured the leaders of the G20 Summit as opportunists continuously conspiring to rob the American people blind! It makes no sense… just pure loconomics!
Japan became the latest major economy to fall into recession and Citigroup said on Monday it would cut 52,000 jobs, one of history's largest layoffs, stoking fears the global economic slump is worsening.
Grudging consensus may emerge that the dreaded "D" word is reality.
Asian stocks climbed, reversing an earlier loss, as Japan's pharmaceutical and utility shares rose as the nation's first recession since 2001 led investors to favor companies whose earnings are sheltered from the global slowdown.
Japan's economy, the world's second largest, unexpectedly shrank in the third quarter, entering the first recession since 2001 as companies cut spending. Gross domestic product fell an annualized 0.4 percent in the three months ended Sept.
"EconomyinCrisis.org is packed with valuable information documenting America's economic decline." -Paul Craig Roberts, the “Father of Reagonomics” and former Assistant Secretary to the Treasury for Economic Policy in the Reagan Administ
“The world is now entering a new era,” Aso said. “I think Japan should take concrete action. We would like to continue taking the initiative in establishing an economic system that can correspond to the new era.”
The leaders agreed to set up a new regulatory body, "a college of supervisors," to examine the books of major financial institutions that operate across national borders, so regulators could begin to have a more complete picture of banks
The slump came despite the approval by leaders of the G20 nations of an action plan on Saturday to restore global growth and prevent future financial upheaval while promising new spending plans and a set of reforms.
"Tough economic times call for stiff measures," said Tony Fox, owner of the White Cockatoo resort. "It will be a hedonistic event, where anything goes for a month. It doesn't take rocket science to work out what that means."
