The financial shock that erupted in August 2007, as the US sub-prime mortgage market was derailed by the reversal of the housing boom, has spread quickly and unpredictably to inflict extensive damage on markets and institutions at the heart of the financial system. Included high oil prices, which led to both high food prices (due to a dependence of food production on petroleum, as well as using food crop products such as ethanol and biodiesel as an alternative to petroleum) and global inflation; a substantial credit crisis leading to the bankruptcy of large and well established investment banks as well as commercial banks in various nations around the world; increased unemployment; and the possibility of a global recession.
Many are drawing comparisons with the Great Depression, the ...
1 Half of one percent own almost 40% of all wealth. It means that 99% of us are not receiving the fruits of our labor., RobinT
1 Banks have just missed their TARP dividend payment to the American tax payers! This when the same banks are raping us in over draft fees, late payment fees, and raising our intere, RobinT
1 Krize neni nebo aspon ne tolik jak rikaj v bedne.zas to nafukujou stejne jako terorismus v americe., dimitrij
7 I hope the dollar makes it. Obama is sure killing this country. Socialism sucks., robufo2000
3 "The truth is, I've never seen such uncertainty in terms of looking forward to the future,I'm very worried about the Canadian economy." says Canadian PM, 123
2 Deflation is coming to the UK. In fact, it is already here. Prices have fallen 3.8 per cent since last September, RobinT
Světem se nesou apokalyptické tamtamy, které ohlašují konec jednoho velkého globálního večírku. Americká ekonomika lavíruje na pokraji recese, Evropa i zbytek světa si kouše ... , pibi
At the same time, without any economic recovery in sight, social conflict is increasing in Europe, whilst in the United States the social fabric is, purely and simply, coming , RobinT
In probably one of the worst financial crises in the history of the capitalist world, the question that is pondered is if the depression-inducing-recession is affecting the... , positive
Europe's financial crisis is acquiring the stench of Munich. No, it is not Nazi Germany. But it is the same ceaseless meetings and pretend deals, the same flying here and there and getting nowhere, the same refusing to acknowledge catastrophe on the horizon, hoping someone else will take a tough decision.In 2008 the financial spotlight was on Washington. Banks were rescued, but not the American economy. Now the spotlight is on Europe. Again the talk is of saving banks, and none of saving economies. Britain's banks have been given another £75bn, which makes £275bn over two years. ...
A leading economist said in Seoul yesterday that the U.S. dollar's supremacy as the world's reserve currency is facing profound challenges as the balance of economic and financial power shifts East amid the current economic crisis."There is a slow-burning fuse underneath the dollar," Gerard Lyons, chief economist at Standard Chartered Bank, said in the World Economic Forum. Underscoring the strengthening role of Asia, Lyons said that the depth of the global downturn drove key emerging economies, such as China and Russia, to cite the possibility of a new global reserve currency. The forum drew ...
The old system worked well for the bankers (if not for their shareholders), so why should they embrace change? Indeed, the efforts to rescue them devoted so little thought to the kind of post-crisis financial system we want that we will end up with a banking system that is less competitive, with the large banks that were too big too fail even larger.It has long been recognized that those America’s banks that are too big to fail are also too big to be managed. That is one reason that the performance of several of them has been so dismal. Because government provides deposit insurance, it ...
Study: With Diminishing Wealth, Americans Under 40 Face Bleak Future Unless something happens soon to shift the trend, stagnant wages, shrinking job opportunities and depreciating home values could morph into a monstrous future for Americans under 40, according to a recent brief issued by the Urban Institute.
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