PM Gordon Brown: $100B needed to revitalize trade
• Washington Post{wow, the world is cheap] The world's top economies need to create a $100 billion fund to stimulate global trade, British Prime Minister Gordon Brown said.
Contents Pages by Subject
Economy - International
Global Reserve Currency
• arcleinChina and India today have the growing moral authority to pull this off and it will also enhance their growing stature as they consolidate their economic gains. They needed this market break as badly as the overheated US did. Their cooperation now wo
EU presidency: US economic plans 'a way to hell'
• APA top European Union politician slammed US plans to spend its way out of recession as "a way to hell." The Czech Prime Minister told the European Parliament that President Obama's massive stimulus package and banking bailout "will
China calls for new reserve currency
• Financial TimesChina’s central bank on Monday proposed replacing the US dollar as the international reserve currency with a new global system controlled by the International Monetary Fund. (Federal Reserve... IMF. And the difference is?....)
Sweden Says No to Saving Saab, a National Icon
• NY TimesSaab Automobile may be just another crisis-ridden car company in an industry full of them. But just as the fortunes of Flint, Mich., are permanently entangled with General Motors, so it is impossible to find anyone in this city in southwest Sweden wh
The Big Takeover - The global economic crisis isn't about money - it's about power.
• Rolling StoneIt's over — we're officially, royally f*cked. No empire can survive being rendered a permanent laughingstock, which is what happened as of a few weeks ago.
The Greatest Depression in Photographs
• Boston.comIt can be difficult to capture financial pressures in photographs, but here a few recent glimpses into some of the places and lives affected by what some are calling the...
France hit by new wave of nationwide protests
• APA new wave of nationwide strikes hit France on Thursday as angry workers demanded that President Nicolas Sarkozy open new talks on the government's policies to fight the deepening economic crisis.
Russia pitches one world currency
• Moscow TimesThe Kremlin published its priorities for an upcoming meeting of the G20, calling for the creation of a supranational reserve currency to be issued by international institutions as part of a reform of the global financial system. The International Mon
Bank of England: Britain Heading Towards 1930s-Style Depression
• Infowars.com/ & Telegraph.co.ukThe country is displaying early symptoms of being trapped in a so-called “debt deflation trap” where families find themselves pushed further and further into the red every month, according to a Bank report published today.
Britain's total debt will stand at over 500% of GDP by 2010: Bankruptcy?
• moneyweek.com/newsApparently, British house prices could fall by as much as a further 55%. Oh, and there's a real risk that the country could go bust on top as well.
UK House Prices Will Plummet
• moneyweek.com/newsIn other words, we are entering a bull trap – just as we did in 1991, when there was a brief rally before further declines. We are nowhere near capitulation. That is still to come.
Outlaw the Shadow Banking System
• arcleinLet us get it right. The offshore monster did not create the subprime disaster, but their hunger for product created a ready market for poorly engineered financial garbage. If they were not feeding, Wall Street would never have had a market for sec
Depression Dynamic Ensues as Markets Revisit 1930s
• Bloomberg.com“This is going to scar the collective psyche,” says Mark Zandi, chief economist at Moody’s Economy.com in West Chester, Pennsylvania. “People will become much more conservative in borrowing, lending and investing.”
Finacial Crisis Racks Up $50 Trillion in Worldwide Losses in 2008
• Jessescrossroadscafe.blogspot.com/The global crisis wiped a staggering $50 trillion off the value of financial assets last year including $9.6 trillion of losses in developing Asia alone, the Asian Development Bank said Monday.
Global Financial Assets Lost $50 Trillion Last Year, ADB Says
• Bloomberg.comMarch 9 (Bloomberg) -- The value of global financial assets including stocks, bonds and currencies probably fell by more than $50 trillion in 2008, equivalent to a year of world gross domestic product, according to an Asian Development Bank report.
Where is Guy Fawkes when you need him?
• breitbart.comChief executives of leading banks from Japan, Europe and the United States will meet in London to discuss regulation of the financial sector ahead of the G20 Summit.
Morgan Stanley predicts economic collapse worse than depression
• PrisonPlanet.com & Charting StocksIn his morning forecast, Mr. Secker warned that UK profits could fall by 60% in the current downturn - a worse performance than the great depression of the 1930s.
'Run on UK' sees foreign investors pull $1 trillion out of London
• independent.co.uk/news/Paranoia that the UK could follow Iceland into effective national insolvency and jibes about "Reykjavik on Thames" will find an unwelcome substantiation in these statistics – which also show that stricken British banks are having to repatri
Lloyds Said to Cede Control to U.K. to Tap Government Insurance
• BloombergLloyds Banking Group Plc, Britain’s biggest mortgage lender, will cede control to Prime Minister Gordon Brown’s government in exchange for tapping a guarantee program backing 260 billion pounds ($367 billion) of assets, two people familiar with the p
Asian Stock Markets Resume Slide After US Rout
• NY TimesAsian stock markets resumed their downward slide Friday after Wall Street fell to its lowest levels in more than 12 years amid deepening fears about the future of General Motors Corp. and major financial companies.
UK: Bring on The Summer of Rage
• Guardian.co.uk/They do what they want, these people, and you and I are cut out of the conversation. I'm sure they're dimly aware we still exist. They must spot us occasionally, through the window, jumping up and down in the cold with our funny placards . .
Ukraine Teeters as Citizens Blame Banks and Government
• NYtimes.comWhat is more, the Kremlin would be able to hold up Ukraine as an example of what happens when former Soviet republics follow a Western model of free-market democracy.
Jim Rogers Terrific Interview
• from DailyPaul.com"If you don't face reality and you sit there and twiddle along and believe Mr Bernanke that everything is OK, you are going to get hit by a two-by-four and it's going to hurt very, very, very badly, so I would urge you to be prepared<
British Army Prepared For Economic Riots On UK Streets
• Prisonplanet.com/The Army is on standby to deal with rioting on UK streets as a result of the economic crisis according to a newspaper report, which states that MI5 is targeting political activists who could help create a “summer of discontent”.
East Europe Social Collapse Threatens Rest of Europe
• Infowars.com/ & Timesonline.co.ukEastern European countries gave an apocalyptic warning yesterday of hordes of unemployed workers heading west as a new Iron Curtain divides rich from poor inside Europe.
Asian Markets Slump in Monday Trading
• NY TimesAsian stock markets slumped Monday morning amid resurgent concern — fueled by poor growth data in the United States — that a recovery in the global economy and renewed demand for exports are unlikely to materialize until next year.
Ukraine Teeters as Citizens Blame Banks and Government
• NY TimesSteel and chemical factories, once the muscle of Ukraine’s economy, are dismissing thousands of workers. Cities have had days without heat or water because they cannot pay their bills, and Kiev’s subway service is being threatened. Lines are sproutin
Is Ireland fated to be another Iceland?
• Guardian.co.uk/Now he expects the economy to contract by 20%. And his latest prediction - to which he attaches a 25% probability - is that Ireland will default...
EU in Crisis: EU Rejects Pleas for Eastern European Aid Package
• Bloomberg.comInvestors fleeing eastern Europe to cover losses at home have pushed down Poland’s zloty by 28 percent against the euro in the past six months, Hungary’s forint by 21 percent, Romania’s leu by 18 percent and the Czech koruna by 12 percent.
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