Long awaited correction in progress… Better now than later.

New York state officials sue Bank of America over Merrill Lynch Bailout:
http://news.bbc.co.uk/1/hi/business/8499281.stm

GlaxcoSmithKline considers even more job cuts globally:
http://news.bbc.co.uk/1/hi/business/8498646.stm

Australia retail slumps, with figures much worse than expected after stimulus removed and interest rate rises. Also Australian housing bubble could be set to burst and record levels of personal debt, credit cards loans. New Zealand unemployment increases to a whopping 7.3%.
http://www.bloomberg.com/apps/news?pid=20601081&sid=aB.1FguKFYO4
http://www.monstersandcritics.com/news/business/news/article_1530840.php/New-Zealand-unemployment-rate-rises-to-7-3-per-cent
http://www.marketoracle.co.uk/Article16958.html

Australia personal debt even higher than US personal debt and has rocketed ironically encouraged by Australia stimulus package they’ve just ended:
http://australia.creditcards.com/credit-card-news/australia-world-credit-card-debt.php

As China is set to become the world’s biggest exporting nation it warns US over its recent criticisms:
http://news.bbc.co.uk/1/hi/world/asia-pacific/8497492.stm

China imposes anti dumping tariffs on US chicken imports:
http://www.marketwatch.com/story/china-to-set-anti-dumping-measures-on-us-chicken-2010-02-05

Russia says US stopping its space program wont stop them continuing with their space program:
http://english.ruvr.ru/2010/02/02/4094327.html

China says it is to move ahead in space exploration:
http://www.guardian.co.uk/science/2010/feb/02/lunar-us-china-race-moon

China to take the lead in space:
http://online.wsj.com/article/SB10001424052748704320104575014341463615862.html

Iran starts space program and according to this article, Ahmadinejad spoke on tv about how Iranian scientists will be sent into space and they could defeat the current domination of the west :
http://www.guardian.co.uk/world/2010/feb/03/iran-launches-rocket-carrying-animals

Sovereign debt crunch:
http://www.economist.com/world/europe/displaystory.cfm?story_id=15452594

Spain, Portugal and Ireland seen as soon following in Greece’s footsteps:
http://www.businessweek.com/news/2010-02-04/company-bond-sales-fall-7-on-greece-spreads-credit-markets.html

China capacity far outstrips demand and Chinese government considers halting construction of new plants:
http://www.marketwatch.com/story/chinese-auto-industry-may-face-excess-capacity-2010-02-03
http://www.businessweek.com/news/2010-01-31/china-plans-new-measures-to-cut-steel-overcapacity-zhu-says.html

Shanghai banks exposed to bad loans as China real estate bubble bursts:
http://www.businessweek.com/news/2010-02-02/shanghai-banks-bad-commerical-property-loans-rose-cbrc-says.html

Credit default swaps Markit indexes rise around the globe, with US credit default swap risk rising the most in four months. Shanghai banks ordered by China government to rein in loans as property bubble pops, leaving China banks at risk:
http://hedgefundmgr.blogspot.com/2010/02/friday-watch.html

Greece introduce austerity plan in a desperate attempt to stop their out of control sovereign debt:
http://news.bbc.co.uk/1/hi/world/europe/8495683.stm

Greek officials demonstrate and join strikes in protest at austerity measures imposed on Greek people:
http://news.bbc.co.uk/1/hi/world/europe/8497912.stm

http://www.forbes.com/feeds/ap/2010/02/04/general-eu-greece-financial-crisis_7330639.html?boxes=Homepagebusinessnews

Cost of insuring European companies’ debt soars Greece nears meltdown:
http://www.mixx.com/stories/10923403/greek_spreads_widen_as_debt_fears_persist_wsj_com

China has the trump card the biggest holder of US debt apart from possibly the FED
http://blogs.wsj.com/chinarealtime/2010/02/04/the-return-of-china%E2%80%99s-treasury-angst/
China to buy less US debt in the future:
http://www.bloomberg.com/apps/news?pid=20601083&sid=aCbMn3vSkuGI

Calls rise for China to dump US debt:
http://bbs.chinadaily.com.cn/viewthread.php?gid=2&tid=660002

China concerned over its US investments as US governments increasing debt ceiling and in US mushrooming debt :
http://www.china.org.cn/business/2010-02/04/content_19365647.htm

20 Reasons Why The U.S. Economy Is Dying And Is Simply Not Going To Recover:
http://www.businessinsider.com/20-reasons-why-the-us-economy-is-dying-and-is-simply-not-going-to-recover-2010-2

- LearnFromMistakes

Related Posts:

• Can 2010 be better than 2009?
• China property bubble, house prices accelerate, now a major threat to China economy:
• Outlook for business in 2010, at best flat but with possibility of further downturn.
• Late-Night News - Feb. 16
• BBC UK: US jobless numbers hide scale of problem!

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