February 18, 2011 1 Comment
November 7, 2010 Leave a comment
On Friday, State and Federal regulators closed four banks, as the total number of bank failures this year rose to 143, surpassing 2009 which saw a total of 140 bank failures amid the recession and mounting loan defaults. Read more of this post
Sometimes it isn’t necessary to quote facts and figures about government debt, unemployment and the trade deficit in order to convey how badly America is decaying. Read more of this post
The worst nightmare forecast by economic specialists over the previous years has come true: new research by economic gurus in the United States of America has revealed a bleak scenario: the United States’ economy is in a state of depression. Read more of this post
August 12, 2010 Leave a comment
Youth unemployment hit a record 81 million youngsters worldwide last year with the economic crisis, potentially breeding a “lost generation,” the International Labor Organization (ILO) said yesterday. Read more of this post
June 9, 2010 Leave a comment
Nearly 2 million Spanish state employees have stopped work in anger over government spending cuts that will see them lose about 5 per cent of their salary. Read more of this post
June 3, 2010 Leave a comment
According to EconomicPolicyJournal.com 32 US states have run out of funds to make unemployment benefit payments. The end result is that the federal government has been supplying these states with funds so that they can make their payments to the unemployed. Read more of this post
November 8, 2009 Leave a comment
An internationally renowned economist said on Wednesday that banks need to review their banking strategy following the global credit crunch, noting that the world has not yet recovered from the financial crisis.
October 18, 2009 1 Comment
The leftist Latin American ALBA trade bloc is scheduled Friday (16 Oct) to approve measures that would replace US dollars with a new virtual currency for regional commerce, an official said here.
Bolivian Deputy Minister of Foreign Trade Pablo Guzman told reporters that members of the Bolivarian Alternative for the Americas (ALBA) “will replace the dollar in commercial exchanges” between members with the Unified Regional Compensation System, or sucre.
The new monetary system was adopted in principle at an ALBA summit in April by organization members, which include Venezuela, Bolivia, Cuba, Ecuador, Nicaragua, Honduras, Dominica, Saint Vincent, Antigua and Barbuda. Read more of this post
October 15, 2009 1 Comment
The dollar slid to a 14-month low against the euro on Wednesday as investor appetite for risk increased following upbeat comments from Intel Corp. and after a top Federal Reserve official indicated U.S. interest rates would likely remain low for a quite a while.
By early afternoon London time, the euro was trading 0.3 per cent higher at $1.4896, just down on the 14-month high of $1.4913 it hit earlier in the session.
Meanwhile, the dollar was 0.5 per cent lower against the Japanese currency at 89.20 yen. Read more of this post
October 9, 2009 Leave a comment
The Barbados Government is taking a number of steps, including negotiating multiple loans, to cushion the effect on the island’s critical sectors if the global recession deepens.
In light of the uncertain economic outlook, Minister of Economic Affairs and Empowerment, Innovation, Trade, Industry and Commerce Dr David Estwick says government has initiated ‘A Short and Medium Term Action Plan ‘formulated by a Special Working Group on the Economy, to outline a “road map for the development and implementation of several policy initiatives to stabilise the economy”.
Among the proposals to be undertaken by government are measures to improve the level of competitiveness and to maximise the opportunities which may emerge from the crisis; the provision of resources to assist the productive sectors in riding out the current period; and the allocation of a fiscal stimulus to sustain economic activity and safeguard jobs. Read more of this post
October 9, 2009 Leave a comment
The United Nations called on Tuesday for a new global reserve currency to end dollar supremacy which has allowed the United States the ‘privilege’ of building a huge trade deficit.
‘Important progress in managing imbalances can be made by reducing the reserve currency country’s ‘privilege’ to run external deficits in order to provide international liquidity,’ UN undersecretary-general for economic and social affairs, Mr Sha Zukang, said.
Speaking at the annual meetings of the International Monetary Fund and World Bank in Istanbul, he said: ‘It is timely to emphasise that such a system also creates a more equitable method of sharing the seigniorage derived from providing global liquidity. Read more of this post
October 7, 2009 Leave a comment
In reponse to our post ‘Most Countries Worse Off After IMF Agreement – US Think Tank, IMF spokesman Bill Murray, using the handler ‘wmurray’ , rejected the Centre for Economic and Policy Research (CEPR) findings as ‘seriously misleading conclusions’, ‘relying on faulty analysis and often inaccurate information.’ Other critics were Ms Caroline Pearce, from international aid agency Oxfam. AFP quoted her saying “‘If the IMF wants to be relevant, effective, credible and legitimate, it has to give countries hardest hit by the financial crisis a say in their own destiny.’
The Centre for Economic and Policy Research (CEPR) study was published to coincide with the IMF/World Bank meetings.
The havoc wrought by the economic crisis has given the IMF a new sense of purpose as the world’s emergency lender – and even some of its fiercest critics are starting to mellow.
It is a remarkable turnaround for an institution targeted by anti-globalisation protesters and reviled by millions of people after imposing harsh conditions on its loans during previous crises.
‘I think the response has been much more positive in this crisis and it’s been very constructive,’ said Joseph Stiglitz, a Nobel Prize-winning economist well-known for his diatribes against International Monetary Fund lending practices. Read more of this post