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Bloomberg.com Cyprus is undermining trust in European banks and can be likened to Lehman Brothers Inc., whose collapse ignited the 2008 global economic crisis, Russian billionaire Vladimir Potanin said. “Very serious” levels of capital may be taken out of the island nation, destroying the economy and hurting the European Union, Potanin, chief executive officer of OAO GMK Norilsk Nickel, the world’s biggest producer of the metal, said in Moscow today. Cyprus is seeking [...] Unemployment Hits New Record in Euro Zone, Personal Income Plummets in US Economic statistics released this week reflect a further weakening of the world economy and a further fall in the living standards of the international working class. Reports on unemployment, manufacturing activity, economic growth and personal income in Europe, China and the United States point to an overall slowdown in economic growth and a rise in unemployment and poverty. They coincide [...] Mac Slavo
While Europe’s fiscal woes seem to be on everyone’s financial radar recently, andrightfully so, there is instability everywhere. This is a global economic crisis and it’s affecting hundreds of millions of people all over the world. Earlier this week Argentine President Cristina Kirchner responded to her country’s sky-rocketing inflation rates by freezing prices on food, a move Forbes magazine says will soon lead to widespread corruption in the business community and government. In [...] by J. D. Heyes, Natural News: The global economic crisis is worsening, especially in the hard-hit Eurozone, where nation after nation continues to struggle with a growing recession coupled with high unemployment, rising debt and low growth. One of the zone’s biggest sufferers is Spain, which recently began considering a measure that would allow foreigners permanent residency if they purchase a home worth at least $200,000. As the country’s unemployment rises and its recession worsens, government [...]  from Paul B. Farrell: The global economic crisis will not end till 2016 or later, warns IMF Chief Economist Olivier Blanchard: It will take “at least a decade from the beginning of the crisis for the world economy to get back to decent shape,” according to a recent Reuters’ report on a Blanchard interview in Europe. “It’s not yet a lost decade,” Blanchard said, “ but it will surely take at least a [...] By Paul B. Farrell, MarketWatch The global economic crisis will not end till 2016 or later, warns IMF Chief Economist Olivier Blanchard: It will take “at least a decade from the beginning of the crisis for the world economy to get back to decent shape,” according to a recent Reuters’ report on a Blanchard interview in Europe. “It’s not yet a lost decade,” Blanchard said, “ but it will [...] by Michael The global debt crisis has reached a dangerous new phase. Unfortunately, most Americans are not taking notice of it yet because most of the action is taking place overseas, and because U.S. financial markets are riding high. But just because the global economic crisis is unfolding at the pace of a “slow-motion train wreck” right now does not mean that it isn’t incredibly dangerous. As I have written about previously, [...] A Russian naval task force will perform combat training missions in the Atlantic, the Mediterranean and the Black Sea, the Defense Ministry said on Tuesday. The task force comprises warships from Russia’s Northern, Baltic and Black Sea Fleets, a ministry official told RIA Novosti. “The ships are headed toward the northern Atlantic,” he said. http://en.ria.ru/mlitary_news/20120710/174532018.html
‘Foreign policy does not imply isolationism’ – Putin In an address to Russia’s diplomat corps, President Vladimir Putin touched upon [...] The acute global economic crisis today is the direct result of the continued wilful obstruction and overriding of the normal checks and balances that should operate within a capitalistic system of commerce. This interference has been perpretated by powerful banks and governments acting in collusion, for reasons of profit and power. At every instance in recent years when it looked like the economy was slipping into a necessary recession they [...]
Hundreds of thousands of Spaniards, along with people in 50 other nations, will take to the streets of their cities from Saturday to mark the first anniversary of the spawning of the 15-M popular protest movement. Convoys and marches from towns and cities around Madrid began making their way on Friday to the Spanish capital, where demonstrators are expected to converge in the main Puerta del Sol square. The Popular Party [...] by Brandon Smith from Alt-Market Economic Alert: If You’re Not Worried Yet…You Should Be
For the past four years I have been covering the progression of the global economic crisis with an emphasis on the debilitating effects it has had on the American financial system. Only once before have I ever issued an economic alert, and this was at the onset of the very first credit downgrade in U.S. history by S&P. I [...] By Patrick Martin US economic growth slowed in the first quarter of 2012, with gross domestic product rising by only 2.2 percent, according to figures reported by the Department of Commerce Friday. The figure was well below the consensus forecast of 2.6 percent among corporate economists surveyed by Dow Jones Newswires. The figure suggests that job creation in the United States will remain in the doldrums, and that the unemployment [...] He’s back! Nomura economist Richard Koo is out with a new presentation given at the Institute For New Economic Thinking in Berlin. Koo is, of course, an expert on the great lost decades of Japan, and he’s broken new ground in understanding the unique nature of balance sheet recessions. His new presentation looks at the current state of the global economy, what’s been tried to jump start things, what’s worked, and what hasn’t.
Let’s get started … Richard Koo Housing [...] The Breakdown of the Paper Money Economy IN DEPTH 04/04/2012 RealPlayer WinAmp Windows Media MP3 Richard Duncan with James J Puplava CFP When the United States stopped backing dollars with gold in 1968, the nature of money changed. All previous constraints on money and credit creation were removed and a new economic paradigm took shape. Economic growth ceased to be driven by capital accumulation and investment as it had been since before the Industrial Revolution. Instead, credit creation and consumption [...] by smartknowledgeu There are a nine prevalent myths and false arguments that bankers and their puppet commercial investment firms have used to precent people from buying physical gold and physical silver over the years (remember the paper GLD and the paper SLV are NOT proxies for physical gold and physical silver and from the information in the prospectuses, very likely nowhere near 100% backed by physical gold and physical silver as they claim). To [...] by smartknowledgeu There are a nine prevalent myths and false arguments that bankers and their puppet commercial investment firms have used to keep people from buying physical gold and physical silver over the years (remember the paper GLD and the paper SLV is NOT a proxy for physical gold and physical silver and from the information in the prospectuses, very likely nowhere near 100% backed by physical gold and physical silver as they claim). [...] by smartknowledgeu “College isn’t the place to go for ideas” – Helen Keller “It is possible to store the mind with a million facts and still be entirely uneducated.” – Alec Bourne. “I have never let my schooling interfere with my education.” – Mark Twain
In Part 3 of my critical thinking and education series, I am posting a video from Charlotte Iserbyt, the Senior Policy Advisor in the Office of Educational Research and Improvement (OERI), U.S. Department [...] … But the ugly reality, as Dylan Ratigan continually points out, is that the candidate who raises the most money wins an astonishing 94% of the time in America. That damning statistic just confirms what everyone who spends any time on the campaign trail knows, which is that the presidential race is not at all about ideas, but entirely about raising money. The auctioned [...] Prof. James Petras Introduction The economic, political and social outlook for 2012 is profoundly negative. The almost universal consensus, even among mainstream orthodox economists is pessimistic regarding the world economy. Although, even here, their predictions understate the scope and depth of the crises, there are powerful reasons to believe that beginning in 2012, we are heading toward a steeper decline than what was experienced during the Great Recession [...] http://www.bbc.co.uk/news/special_reports/global_economy/ From Maurice Pomery of Strategic Alpha Whilst we all await the outcome of the EU summit I want to draw your attention elsewhere: Whilst the US equity markets closed down 2% last night, it is clear that there is little appetite to put on new trades in front of this summit meeting as evidenced by the lack of interest in Asia. Equities and FX markets were extremely quiet except for when the [...] Public sentiment has shifted– against the trends of Washington and Wall Street– and now, against the private Federal Reserve bank which controls or influences so much of the world’s finances. Where as only a few years ago many Americans were unaware of the true nature of the shadowy organization, recent polls confirm that the public overwhelmingly wants to audit and even abolish the [...] (Reuters) – Russia’s finance minister rebelled on Sunday against Vladimir Putin’s plan to make President Dmitry Medvedev his prime minister if he returns to the Kremlin by saying he would not serve in the next government. Foreign investors were alarmed by Alexei Kudrin’s snub after Putin, who is now prime minister, announced he would run for president next March in an election that could extend his [...] Greece is on the brink of defaulting on its loans. Many are thinking the country’s economy could trigger a chain of events that will lead to a global economic crisis. Holders of Greek bonds have the most to lose if Greece can’t pay what it owes. Is the US going to feel the effects of the Greek economy? Edward Harrison, founder of Credit Writedowns, tells [...] |
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U.S. LEADS MASS WALKOUT OF AHMADINEJAD SPEECH AT U.N.
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UNITED NATIONS (AP) — American diplomats led a walkout at the U.N. General Assembly Thursday as Iran’s President Mahmoud Ahmadinejad fiercely attacked the United States and major West European nations as “arrogant powers” ruled by greed and eager for military adventurism.
The two U.S. diplomats, who specialize in the Middle East, were followed out of the chamber [...]