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World stock markets fell [for the second day] Thursday amid pessimism about the Obama administration's plans to fix the US banking system and restore the overall health of the world's largest economy. European stocks were also undermined by
The prescription for a cure must include the option to nationalize, liquidate, investigate, and prosecute. And above all to act not out of fear, or of vengance, but with a practical and comprehensive justice.
A bail-out of the toxic assets held by European banks' could plunge the European Union into crisis, according to a confidential Brussels document.
Asian stock markets dropped Wednesday, following a steep sell-off on Wall Street overnight, as investors reacted with skepticism to the US government's latest plan to heal the country's ailing banking industry.
The Fund needs an urgent cash infusion if it is to continue bailing out troubled economies in the future. Mr Strauss-Kahn also indicated that the world's advanced economies were now tipping from recession into full-blown depression, cementing fea
"The crisis today is spreading even faster (than the Great Depression) and affects more countries at the same time," Pascal Lamy told the Die Welt newspaper.
China, setting out for the next global financial summit, wants the International Monetary Fund to get tougher with developed countries that let their economies run off the rails. On financial regulation, the memo says accounting standards and credit
Consumer confidence levels in the US are now at levels comparable to those seen at the time of the 2nd oil crisis. The current rate of collapse has been very rapid and comes on the back of nearly a decade of stability following the DotCom crash in 20
In market dynamics, prices can move far below what fundamentals justify,” Roubini said in an interview in Moscow. “There is still a massive downside for equities in the region.”
The fact that the price of a barrel of oil has dropped from $147 down to $40 might have something to do with the fact that their real estate market is crashing. A lot can happen in only 8 months. Five minute video.
Counterproductive policies are heading America for depression.
Spain is losing jobs at three times the rate of the US, in proportionate terms. Over one million Spanish men under thirty are unemployed, leading to a surge in applications to join the armed forces. Three quarters of the army candidates are being tur
“We should agree, as a world, on a monetary and fiscal stimulus that will take the world out of depression.” Prime Minister Gordon Brown, Feb 3, 2009 Expect turmoil in stocks in the run up to the G20 meetings on April 2,2009.
Some Chinese are so eager to turn their yuan into other assets that when an online real estate brokerage organized a tour of foreclosure auctions in the United States, it received so many applications that it had to turn away nearly 400 people.
The Government should allow every distressed bank to go bankrupt and set up a fresh banking system under temporary state control rather than cripple the country by propping up a corrupt edifice, according to Joseph Stiglitz, the Nobel Prize-winning e
The BBC's business editor Robert Peston examines day three at the World Economic Forum in Davos.
The marches, complete with Soviet-style red flags and banners, pose a challenge to a government which has faced little threat from the fragmented opposition and politically apathetic population during the boom years fuelled by oil.
“God knows, some really stupid things were done by American banks and by American investment banks,” Dimon said. “To policy makers, I say: ‘Where were they?’”
But while the outlook may be dark in the big wealthy democracies of western Europe, it is in the young, poor, vulnerable states of central and eastern Europe that the trauma of crash, slump and meltdown looks graver.
DAVOS, Switzerland (Reuters) - Germany and Britain called on Friday for a global economic watchdog with strengthened powers to prevent rather than react to financial crises that can spiral into worldwide recession.
The crisis will cross the Atlantic in time for the Fourth of July.
The past five quarters have seen 40pc of the world's wealth destroyed and business leaders expect the global economic crisis can only get worse.
Hundreds of thousands of strikers marched through French cities to demand pay rises and protection for jobs. The streets filled with flag-waving protesters, but the one-day strike failed to paralyze the country and support from private sector workers
Putin said. "Today, investment banks, the pride of Wall Street, have virtually ceased to exist. In just 12 months, they have posted losses exceeding the profits they made in the last 25 years.
So, you want to know how bad this crash will get. Fine. Spend 30 seconds to see the magnitude of what it is today. It's going to get much worse.
An even more cynical interpretation is that those at the top have given up trying to stabilize the system and are determined to provoke an even graver crisis. China holds perhaps US$1 trillion in debt; a debt its leaders are starting to unwind at a r
The Mail on Sunday has been told that the Treasury was preparing for the banks to shut their doors to all customers, terminate electronic transfers and even block hole-in-the-wall cash withdrawals. Only frantic behind-the-scenes efforts averted finan
Prime Minister Gordon Brown said Monday the financial crisis must not be an excuse to retreat into protectionism and instead be viewed as the "difficult birth-pangs of a new global order".
British Prime Minister Gordon Brown will today call for the economic crisis to be used to create a “new global order,” and a new form of internationalism, a mantra that is becoming all too familiar as globalists exploit the very problem they created
The worst economic turmoil since the Great Depression is not a natural phenomenon but a man-made disaster in which we all played a part. In the second part of a week-long series looking behind the slump, Guardian City editor Julia Finch picks out the
