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| Global Economic Crisis Watch | |
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| Topic Started: Apr 28 2010, 11:23 PM (2,132 Views) | |
| Earendel | Apr 28 2010, 11:23 PM Post #1 |
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Greek financial crisis could hit Britain, warn economists Businessmen and economists are warning the crisis affecting Greece could be coming to Britain unless the next Government takes drastic action to cut the national deficit. By Christopher Hope, Whitehall Editor Published: 5:32PM BST 28 Apr 2010  Photo: EPA They warned that hedge funds and speculators would pick off weaker European economies “like they did with the banks”, while senior businessman said the party that wins the election had to be on a “war footing” to deal with the scale of the crisis. A widespread stock market sell-off was triggered yesterday when ratings agency Standard & Poor’s cut Greek debt to junk status, while a downgrade to Portugal reignited worries about a growing eurozone crisis. http://www.telegraph.co.uk/finance/financetopics/financialcrisis/7646972/Greek-financial-crisis-could-hit-Britain-warn-economists.html Financial Crisis in Greece, Europe Could Threaten US> and World Economy Tribune Washington Bureau April 28, 2010 | 3:25 p.m. WASHINGTON -- Just as the American economy was gathering steam -- with consumers starting to spend more and the housing market showing signs of stabilizing -- a widening financial crisis in Europe is threatening to put a damper on the recovery both here and abroad. Germany offered a hopeful word Wednesday, putting aside months of reluctance and saying it could rush through a plan to foot its share of an IMF-EU bailout for Greece that now looks to exceed $132 billion. But the credit contagion that began in heavily indebted Greece spread to Spain as that much-larger economy's sovereign rating was downgraded -- only one day after Athens' own bonds were slashed to junk status and Portugal's debt fell as well. And despite German officials' pledge to act swiftly, many economists saw a likelihood damaging fallout from the crisis. Jacob Kirkegaard, a European specialist at the Peterson Institute for International Economics in Washington, said he doubts there's enough political will in Germany to back such a hefty bailout plan, and even if it does, the government is likely to face constitutional challenges to taking such measures. "If German parliamentary approval doesn't come through" -- officials said a vote could taken next week -- "the risk of contagion goes up dramatically. And you could have the kind of Argentinean scenario for Greece," Kirkegaard said, referring to the financial meltdown and economic collapse of that South American nation a decade ago – a crisis that infected the entire region... ..."Their money problems in Greece are dramatically affecting us," said company president Roy Paulson. And it isn't just shipments to Greece that Paulson and other American businessmen are concerned about. The spreading financial woes have sown fears about the stability of the European banking system and cast a deepening gloom over the continent's economy. The depressed euro, which touched a one-year low against the dollar Wednesday, has made U.S. exports more expensive in Europe and less competitive in some other markets as well. If the troubles persist, American companies face the prospect of softer overseas sales, or worse, a broader and deeper hit to their revenues from weakening global growth. http://www.latimes.com/news/nationworld/nation/wire/sc-dc-economy-greece28-20100428,0,6024638.story |
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| Earendel | Jul 21 2010, 11:36 PM Post #51 |
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The Scariest Unemployment Graph I've Seen Yet The median duration of unemployment is higher today than any time in the last 50 years. That's an understatement. It is more than twice as high today than any time in the last 50 years. OK, you're saying, but what does this mean? Does it mean we must increase the duration of unemployment benefits to protect this new class of unemployed, or does it mean we need to stop subsidizing joblessness? Does it mean we need to expand federal retraining programs, or does it mean federal retraining programs aren't working? Does it mean we need more stimulus, more state aid, more infrastructure projects, more public works ... or does it mean it's time to stop everything, stand back and let business be business? You're going to find smart people make a case for all six of the above public policy directions. (I tend to side with the first of each coupling.) It's hard to know for sure how to design public policy for historically unique crises precisely because they are historical orphans, without precedent to show us the right way from the wrong. One of my first reactions to this graph was: Surely this is why we don't have to worry about inflation for a very, very long time. However, here's evidence that despite the historically inverse relationship between inflation and joblessness, "the long-term unemployed put less downward pressure on inflation." Ultimately, this is a graph that should humble policy makers more than it should scare them into confidently arguing they know exactly how to fix it. http://www.theatlantic.com/business/archive/2010/07/the-scariest-unemployment-graph-ive-seen-yet/60086/ |
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| LoisFaith2000 | Jul 22 2010, 04:39 PM Post #52 |
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World Collapse Explained in 3 Minutes HUMOROUS but TRUE! http://www.youtube.com/watch?v=NOzR3UAyXao&hl=en_US&fs=1 -----------------------------------------------------------------------------------
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| Earendel | Jul 24 2010, 04:05 AM Post #53 |
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Bank failure tally passes 100 for the year NEW YORK (CNNMoney.com) -- A Minnesota bank was closed by government regulators Friday, the Federal Deposit Insurance Corp. said, bringing the total number of failed banks this year past 100.... ...FDIC spokesman Andrew Gray said the agency expects the number of failed banks to exceed last year's total of 140... http://money.cnn.com/2010/07/23/news/economy/bank_failures/index.htm?hpt=T2 |
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| Earendel | Jul 31 2010, 11:18 PM Post #54 |
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Economic Growth Fades as Economy Falters GDP report: Economic growth slows with 2.4 percent rate in second quarter By Neil Irwin and Sonja Ryst Washington Post Staff Writer Saturday, July 31, 2010 The recovery is fading, and a troubling new pattern is setting in: economic growth that is too slow to put Americans back to work. Gross domestic product, the broadest measure of economic activity, grew at a 2.4 percent annual rate in the April-through-June period, the government said Friday, down from 5 percent at the end of 2009 and 3.7 percent at the beginning of this year. ...The new numbers -- and the spreading realization that sluggish growth may be a lasting trend rather than a one-quarter phenomenon -- ..."It's hard to know what will happen next," said Pamela Kebe, manager of Piccolo Piggies, a children's clothing store in Georgetown. The retailer was expecting the economy to improve, but it hasn't happened.... Read more: Washington Post |
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| Earendel | Aug 5 2010, 07:52 PM Post #55 |
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Severe Russian drought forces grain export ban Grain piled high at a farm in Voronezh in Russia. The country is suspending grain exports due to severe drought. Moscow, Russia (CNN) -- As Russia reels from the worst drought in nearly 40 years, Prime Minister Vladimir Putin has announced a temporary ban on grain exports. "I think it is expedient to temporarily ban exports of grain and grain products from Russia," Putin said in a government meeting Thursday. Putin spokesman Dmitry Pskov confirmed to CNN that the ban would be from August 15 through December 1. Russia is the world's third largest wheat exporter, but is facing the possibility of wheat shortages. The drought has forced the country's Agriculture Ministry to slash its grain forecast from 90 million tons to between 70 and 75 million tons. Grain prices have been rising everywhere recently, according to the United States Department of Agriculture's Wheat Year in Review Report for 2008-2009, the most recent available. Read more: CNN |
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| Earendel | Aug 11 2010, 11:23 PM Post #56 |
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Peter Schiff: "We're in the Early Stages of a Depression" ...Jennifer Schonberger: What's your take on the state of the economy now? Peter Schiff: We're in the early stages of a depression now. It's going to be a horrific experience for average Americans who are going to watch their standard of living plunge. The cost of living is going to escalate dramatically. We are going to see soaring prices for the basic necessities of life, like energy, clothing, and other things. Education and health-care costs are going to continue to spiral out of control. Millions of more Americans are going to lose their jobs, and all of us are going to lose our freedoms and our rights. As the government gets bigger, it tries to end the crisis; but its policies are creating, perpetuating, and making it worse. The sad fact is these policies are going to wipe out the middle class. They're going to wipe out the poor; they're going to wipe out retirees. Accumulated savings is going to be blown. There is no economic recovery. All we did is spend more borrowed money. We dug ourselves into a deeper hole, and now we're in even more trouble than before Obama ascended to the presidency... Read more: Source |
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| Earendel | Aug 11 2010, 11:41 PM Post #57 |
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Is another food crisis coming? Once again, jitters are spreading through the world of food. Wheat prices have surged a terrifying 50% since early June, the biggest jump in 30 years, according to HSBC. Droughts in Russia, Ukraine and Kazakhstan, which together account for 26% of world wheat exports, are leading to fears of tight supply and super-charging prices. Russia's government made matters worse by slapping a ban on wheat exports from mid-August. The sudden price spike has a scary déjà-vu feeling, that the world will return to the nosebleed agricultural prices and food riots witnessed during 2007-08. That would not only punish the poor, but also drag on the already uninspiring recovery from the Great Recession.... Read more: http://curiouscapitalist.blogs.time.com/2010/08/11/is-another-food-crisis-coming/?xid=rss-topstories#ixzz0wMpyU6az |
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| Earendel | Aug 12 2010, 02:08 PM Post #58 |
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ANALYSIS-Grain price rise may fuel Mideast, Europe unrest 11 Aug 2010 10:27:35 GMT Source: Reuters * Price rise comes on top of impact of financial crisis * Discontent could fuel street unrest * Middle East, North Africa, Europe seen most at risk * Much depends on how long price rally lasts By Peter Apps, Political Risk Correspondent LONDON, Aug 11 (Reuters) - Rising grain prices from Russia's drought and fires will pressure populations already hit by the financial crisis and could stoke unrest -- particularly in the Middle East, North Africa and parts of Europe. Wheat prices have risen by nearly 70 percent since June after Russia suffered its worst drought in 130 years and are at their highest since 2008, when the last major food price rally sparked protests and riots in a string of emerging nations. Analysts warn that if prices stay high then the threat of street violence will increase -- at least up to a point. "We could see some street riots but I wouldn't expect any governments to fall," said Jonathan Wood, global issues analyst for consultancy Control Risks. Read more: http://alertnet.org/thenews/newsdesk/LDE67A0Y0.htm |
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| Earendel | Aug 12 2010, 08:28 PM Post #59 |
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Looming rice shortages? Rice imports seen soaring in wake of disasters Source: Global Times [07:44 August 13 2010] By Guo Qiang Economists and analysts Thursday downplayed concerns over food security following a reported surge in rice imports from Vietnam since May, amid fears that this year's droughts and floods in China may affect grain production and push up prices. Reuters quoted Vietnamese rice traders on Tuesday as saying they have exported 600,000 tons of rice to China since May. And the Vietnam Food Association said much of those shipments were going to buyers in southern China hoping to offset a rice shortage resulting from severe drought. The group said the shipments were "unusually big orders" from China, the world's largest rice consumer and producer. Read more: http://business.globaltimes.cn/china-economy/2010-08/563080.html |
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| Earendel | Aug 12 2010, 08:41 PM Post #60 |
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Let the hoarding begin... Ukraine blocks grain exports Source: Global Times [02:48 August 13 2010] Customs officials in Ukraine, which is considering introducing a quota system for grain exports, said Thursday that they had prevented the export of 28,500 tons of wheat because of incorrect paperwork. "Ukrainian grain traders gave the customs export documents, which contained wrong information," the customs service said in a statement. Traders said the move, one of several such reported recently, underscored high-level nervousness about the state of Ukraine's grain market following adverse weather conditions that will hit the 2010 harvest, and the impact of a grain-exports ban by neighbor Russia. Read more: http://business.globaltimes.cn/world/2010-08/563043.html Worrying about wheat Why monitoring supply and prices matters  A farmer harvests wheat in a field near Dortmund, Germany. The U.S. Agriculture Department has predicted that by next year, the world's wheat stockpiles will have dwindled by almost seven per cent. (Ina Fassbender/Reuters) A lot of people are justifiably worried about the rising price of wheat. Russia has banned exports. Ukraine is moving in the same direction. And the U.S. Agriculture Department has predicted that by next year the world stockpiles will have dwindled by almost seven per cent... ...Historically, famine, a shortage of grain, was a constant worry. The biblical character Joseph earned his freedom by predicting a famine, his fame by preventing one. "And the famine was over all the face of the earth: and Joseph opened all the storehouses, and sold unto the Egyptians," the Bible says. And that is why we don't generally have famines these days: global trade, and lots of storehouses. Nowadays, modern Egypt usually gets its wheat supplies from Russia and Ukraine. This year, Egypt and its middle-eastern neighbours are suddenly searching for a new source of supply. Fortunately, that supply is out there. At a price... ...The people who are hurt most by rising food prices are the world's poorest, who spend a large portion of their income on basic food. In poorer countries where labour is cheap and packaging minimal, the price of bread is mostly the price of wheat. That is why driving prices up unnecessarily can really hurt the poor. Fears of a shortage can by themselves create shortage, as countries and individuals buy more than they need and keep it for themselves. "They trigger hoarding and lead to price distortions," World Bank official Ngozi Okonjo-Iweala recently told the Financial Times. Read more: http://www.cbc.ca/money/story/2010/08/12/f-pittis-wheat.html#ixzz0wRxeoJLV |
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