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In the past week several leading economists have stated that the recession is over or about to end. The latest data from the nations largest port does not back up their rosie assessments. Both import and exports are falling...
The whole thing is a giant gong show really. When the world unraveled these companies stopped giving guidance and analysts guessed really really low. This was done precisely to guarantee a beat or make an official miss impossible.
A 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’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?....)
Police are preparing for a "summer of rage" as victims of the economic downturn take to the streets to demonstrate against financial institutions, the Guardian has learned.
[choice quotes] "Our economies are so intertwined, the Chinese know that to start exporting again to their biggest market, namely the United States, ... we have to incur more debt."
Up to 120,000 protesters brought Dublin city centre to a standstill on Saturday over government austerity measures aimed at stabilising the once high-flying economy now wracked by recession.
The banking system of Europe is at the edge of the abyss. A brief story by The Telegraph revealed this last week. The original was almost immediately deleted. A new version was substituted. (IMPORTANT READING)
Soros said the turbulence is actually more severe than during the Great Depression, comparing the current situation to the demise of the Soviet Union.
For the past two years, Asians and Europeans have tended to view their own financial and economic problems as largely imported from the United States. The impacts on their own economies, they reasoned smugly, would be modest and short-lived. Turns
The Chinese are doing everything and then some that I had hoped that they would do. This is more than I can say for the USA. They are taking this global economic interlude to shift purchasing power internally to maximize internal economic growth at a
Switzerland, like Iceland, is threatened with a potential national bankruptcy. One consequence would be that the Swiss currency could fall massively in value — possibly even crash.
The German cabinet approved a law letting it nationalize banks, setting aside a reluctance to seize private property in the latest government intervention worldwide to tackle the financial crisis.
It is clearly Ireland that is now in the eye of the storm as Dublin struggles to prevent the budget deficit spiralling up to 12pc or even 13pc of GDP as the economy contracts. Fears are mounting that Ireland may not be able to cover the massive liabi
Asian stocks dropped for a third day, driving Japan’s Topix index toward the lowest close in 25 years, as the deepening global recession hurts corporate earnings and demand for commodities.
“We’re nearing the level were things could get out of hand,” said Hans Redeker, currency chief strategist at BNP Paribas.
Folks, if this translates into Eastern Europe where there are severe instabilities already brewing literally everything in the financial world could come apart "all at once."
A meltdown possibility in US banks, UK banks, and Eurozone banks as the entire global banking system is insolvent. Conceivably a framework for a new transatlantic or even global currency could come out of such a meltdown.
"This is the worst ever crisis in the post-war era. There is no doubt about it," Economic and Fiscal Policy Minister Kaoru Yosano said, warning that a rebound is impossible before the global economy improves.
FEARS are mounting that Ireland could default on its soaring national debt pile, amid continuing worries about its troubled banking sector.
The unfolding debt drama in Russia, Ukraine, and the EU states of Eastern Europe has reached acute danger point.
If you get the idea that the global banking system is insolvent, you have the right idea.
Royal Bank of Scotland unveiled the biggest loss in British corporate history on Monday, overshadowing a second government bailout for the sector and sending its shares reeling to a 23-year low.
Events are moving fast in Europe. The worst riots since the fall of Communism have swept the Baltics and the south Balkans. An incipient crisis is taking shape in the Club Med bond markets. S&P has cut Greek debt to near junk. Spanish, Portuguese, an
The ruble has lost 28 percent against the dollar and 15 percent versus the euro since August. The currency has slipped 27 percent against the basket, with the central bank allowing 17 depreciations in the past two months.
Carmakers around the world are cutting production as inventories build up to unprecedented levels. Storage areas and docksides are now packed with vast expanses of unsold cars as demand slumps.
World stock markets dived Thursday, particularly in Asia where investors played catch-up with previous losses in Europe and the U.S., after dismal U.S. retail sales data and fresh worries about the global banking system.
A sharp fall in machinery orders in Japan on Thursday provided the latest grim indication that the country’s economic contraction is set to be deep and prolonged as exports to other recession-struck regions of the world — notably the US and Europe —
"They have already hit zero," said Charles de Trenck, a broker at Transport Trackers in Hong Kong. "We have seen trade activity fall off a cliff. Asia-Europe is an unmitigated disaster."
Now that things are getting worse by the minute, Putin will likely attempt to shift the blame to -- you guessed it -- the US. America will be made a scapegoat for the global crisis, for manipulating oil markets and for anything else that goes wrong i
