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Pakistan forced to seek IMF bailout package

October 27th, 2008
Categories: Economic

Link: http://www.wsws.org/articles/2008/oct2008/paks-o27.shtml

After failing to obtain financial assistance from allies including the US and China, Pakistan's government has turned to the International Monetary Fund for the emergency loans it needs to stave off state bankruptcy. Pakistan's central bank governor and top finance ministry officials began discussions with IMF officials in Dubai last Tuesday, and which will continue until the middle of this week.

Down for the count: The whole system is contracting

October 27th, 2008
Categories: Economic

Link: http://onlinejournal.com/artman/publish/article_3920.shtml

There are signs that the credit crunch is easing. Interbank lending in dollars has fallen for a ninth straight day. The various indicators of stress in the market -- LIBOR, the TED spread, and the LIBOR-OIS spread -- are all gradually returning to normal, but the damage to the broader economy has been substantial.

How to Live in Your Car

October 27th, 2008
Categories: News, Economic

Link: http://www.wikihow.com/Live-in-Your-Car

Living in a car isn't something that anyone would recommend. However, when you get laid off, your emergency fund runs out, your home is foreclosed (or you get an eviction notice) and there's nobody to help, living in your car might be the only choice, especially if you don't feel safe at a local shelter. Unfortunately, in many places, sleeping in your car is not only frowned upon, but also illegal. Here's how to get by until something better comes along. 1. Find a safe and inconspicuous place to park. First, check to see if there are any organizations in your area (or a nearby area) that designates parking lots specifically for people in situations like yours; it's not only legal, but the organization might screen the people who use the lot, or even designate a women-only lot.[1] If there are no such lots available, and you live in a city, look for streets with no sidewalks, no overlooking windows, and adjacent to woods; the area should be sparse enough to avoid nosy onlookers but populated enough that the car does not stand out.[2] Parking lots of big-box retailers (especially those that are open 24 hours and have restrooms, such as Wal-mart) are great to clean up in and have security. As long as you spend a couple of dollars there and don't park in one place too often.

Lessons from Argentina’s economic collapse (Welcome to the New American Reality)

October 26th, 2008
Categories: Economic

Link: http://therearenosunglasses.wordpress.com/2008/10/26/lessons-from-argentinas-economic-collapse-welcome-to-the-new-american-reality/

For western countries such as the UK, the first major problems of Peak Oil, assuming there are no oil shocks, will not be the shortage of oil but the economic crises that will occur. Argentina is a recent example of a country that suffered a serious economic crisis, and although Argentina and the UK are not identical, anyone interested in how economic crises can affect individual lives will be very interested in the following vivid description of life for an Argentinian following the economic collapse.

European auto industry in crisis

October 25th, 2008
Categories: News, Economic

Link: http://wsws.org/articles/2008/oct2008/germ-o25.shtml

On Thursday, the German stock exchange fell dramatically as auto manufacturers announced substantial job cuts and austerity measures. According to media reports, Volkswagen plans to cut up to 25,000 temporary staff and contract workers. Management at the VW headquarters in Wolfsburg denied that decisions have already been made, but did confirm that a “crisis programme” is being worked on.

The Usurers

October 25th, 2008
Categories: Economic

Link: http://www.uruknet.de/?p=m48235&hd=&size=1&l=e

Uruknet: In Canto XVII of Dante's Inferno, we learn about the usurers' place in Hell. The canto contains this appropriate description: Behold the monster with the pointed tail / that passes mountains, breaks through wall and gate / and taints the whole world with his stinking trail. [...] He had features of an honest curate / outwardly so meek and mild; the rest / of him was serpentine and intricate. [...] Dangling down into the void, his bottom / quivered upwards with its forked hook / which, as in scorpions, was tipped with venom. The Guide said: "Now perforce must turn aside / Our way a little, even to that beast / Malevolent, that yonder coucheth him." (from: Ciaran Carson translation, Granta Books, 2002)

Warnings of recession send global share markets plunging

October 25th, 2008
Categories: News, Economic

Link: http://wsws.org/articles/2008/oct2008/worl-o25.shtml

World share markets plunged again on Friday, as further signs emerged that the global economy is heading for a deep and protracted recession. The largest falls were in Asia, where major exporters are being hit by shrinking markets in the US and Europe.

Wall Street halts futures trading amid panic

October 25th, 2008
Categories: News, Economic

Link: http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article5010556.ece

Stock markets across the world cracked yesterday, forcing Wall Street to suspend trading on a key futures contract to stem panic-selling while Moscow shut for business altogether. Sharp losses in New York, London, Europe and the Far East raised the spectre that governments may be forced to impose emergency holidays to avert a meltdown across world stock markets.

Fears of prolonged slump reverberate around the world's stockmarkets

October 25th, 2008
Categories: News, Economic

Link: http://www.guardian.co.uk/business/2008/oct/25/globalrecession-globaleconomy1

• 50bn wiped off value of Britain's top 100 firms • Wave of panic selling after warnings about far eastAndrew Clark in New York, Phillip Inman, Chris Tryhorn and Kathryn Hopkins The Guardian, Saturday October 25 2008 Article historyFears of an economic slump to rival the recession of the early 1990s have wiped almost £50bn off the value of Britain's top 100 companies and sent stockmarkets around the world into a tailspin. Reuters: U.S. has plundered world wealth with dollar.

Running on empty, motor city where houses sell for £500• Detroit suffers spectacular property market plunge

October 25th, 2008
Categories: News, Economic

Link: http://www.guardian.co.uk/business/2008/oct/25/sub-prime-crisis-detroit-housing

What can you buy in America for $1,000? A flat-screen television, perhaps. A weekend break in the sun. Or a three-bedroom suburban home with stripped wood floors and a garage in the country's motor capital. Prophesy News Watch: The Dangers of a Diminished America

US hedge fund admits 35% plunge in value since downturn

October 25th, 2008
Categories: News, Economic

Link: http://www.guardian.co.uk/business/2008/oct/25/hedge-fund-market-turmoil-citadel

Andrew Clark in New York The Guardian, Saturday October 25 2008 Article historyOne of the world's biggest hedge fund managers, Citadel, told clients last night that two of its main funds have lost 35% of their value this year after rumours swept the market about its financial position.

Day 13: Hard times in the heartland - Video

October 25th, 2008
Categories: News, Economic

Link: http://www.guardian.co.uk/world/uselectionroadtrip/2008/oct/25/us-economy-election

Times have been tough here for some time, and seem only to be getting worse. "The valley is already hurting," Colleen tells us. "It's really scary for the kids that are making minimum wage and driving 25 or 30 miles a day to work — paying for gas, for babysitters, housing. Hard to watch these kids. It's a struggle. It takes all they've got. They don't have luxuries. They live on $1500 a month - $500 for rent. How can you live on that? They have no health insurance. They can't afford it."

World leaders seek financial reform

October 25th, 2008
Categories: News, Economic

Link: http://english.aljazeera.net/news/asia-pacific/2008/10/200810254230193998.html

Asian and European leaders meeting in Beijing have called for a "comprehensive reform" of the global financial system. At a news conference at the close of the 40-member Asia-Europe Meeting (Asem) on Saturday, Wen Jiabao, the Chinese prime minister, said that greater regulation was needed to avoid another crisis.

Markets are in absolute freefall

October 24th, 2008
Categories: News, Economic

Link: http://www.creditwritedowns.com/2008/10/markets-are-in-absolute-freefall.html

The news on markets around the world is particularly dire this morning. Despite a late day rally in the U.S., markets in Asia and Europe are down as much as 9 and 10% and S&P Futures are 60 limit down. This is going to be a very ugly day with market breakers likely to be tested and the Dow breaking through 2002 lows easily at the open. The Independent: Downturn even worse than expected: UK moving 'towards' recession. Yahoo: Stocks dive belief global recession is at hand. Reuters: INSTANT VIEW: Stocks tank at market open. + Markets in tailspin. MarketWatch: Sell-off spans globe.

Federal Reserve's Bear Stearns holdings lose $2 billion

October 24th, 2008
Categories: Economic

Link: http://www.americablog.com/2008/10/federal-reserves-bear-stearns-holdings.html

It's important to remember though that even with these losses, on top of previous losses, Congress still can't find time to make Wall Street bonuses an issue.

US layoffs mount, home foreclosures rise

October 24th, 2008
Categories: News, Economic

Link: http://www.wsws.org/articles/2008/oct2008/jobs-o24.shtml

Indicators of a worsening social crisis in the US are mounting daily as the economic downturn takes an ever greater toll on jobs. Further layoffs were announced yesterday in the US and around the world. New data was also released showing escalating numbers of American families losing their homes through foreclosure, further driving down house prices.

FLASHBACK: The Panic of 2008 and Financial Socialization

October 24th, 2008
Categories: Economic

Link: http://www.lewrockwell.com/rozeff/rozeff231.html

Let's look at the Panics of 1873 and 2008. Preceding the Panic of 1873 was a boom in railroad building. Preceding the Panic of 2008 was a boom in housing. The Federal government had subsidized construction of such major railroads as the Union Pacific, Central Pacific, and Northern Pacific through land grants and low-interest loans, starting in 1862 and ending in 1869. In the recent housing boom, banks were urged to use their ample reserves to finance home purchases by subpar borrowers. WikiPedia: The Panic of 1873. NationMaster: The Panic of 1873 was a severe nationwide economic depression in the United States that lasted until 1877.

Greenspan takes some blame for financial meltdown

October 24th, 2008
Categories: News, Economic

Link: http://www.mcclatchydc.com/251/story/54712.html

"I made a mistake in presuming that the self interest of organizations, specifically banks and others, was such that they were best capable of protecting their own shareholders and the equity in the firms," Greenspan said. Al Jazeera: Greenspan admits 'flaw' in ideology. The Guardian: Greenspan - I was wrong about the economy. Sort of.

America is self-destructing & bringing the rest of the world down with it

October 24th, 2008
Categories: Economic

Link: http://www.globalresearch.ca/index.php?context=va&aid=10651

Often referred to as a sub-prime mortgage collapse, this obfuscates the real reason. By associating tangible useless failed mortgages, at least something 'real' can be blamed for the carnage. The problem is, this is myth. The magnitude of this fiscal collapse happened because it was all based on hot air. Financial managers and banking executives were selling the ultimate con to the entire world, akin to the snake-oil salesmen from the 18th century but this time in suits and ties. And by October 2009 it was a quadrillion-dollar (that's $1,000 trillion) industry that few could understand. Propped up by false hope, America is now falling like a house of cards.

World markets on edge as recession fears grow

October 23rd, 2008
Categories: Economic

Link: http://www.guardian.co.uk/business/2008/oct/23/marketturmoil-globalrecession

Stockmarkets across Asia have suffered fresh falls following yesterday's steep losses in the US and Europe, as the FTSE 100 fell through the 4000-point mark again and Sony issued a shock profit warning. Investors have been spooked by the prospect of a deep, prolonged global recession, with a string of large companies warning that their sales and profits will suffer as the downturn bites.

A gigantic armed robbery

October 23rd, 2008
Categories: Economic, Politics, Police State

Link: http://onlinejournal.com/artman/publish/article_3910.shtml

What we have before us now is a systematic redistribution from the prudent and the responsible to the imprudent and the irresponsible. Did you make your mortgage payments in full when they were due? Were you careful to avoid investing in incomprehensible derivatives whose failure might lead to your bankruptcy? Very good, sir: you are therefore entitled to relinquish substantial amounts of your wealth, either directly through ordinary taxation or indirectly through the “inflation tax” and the diffuse effects of “crowding out” in the loanable-funds market, where the government must soon borrow hundreds of billions of dollars more than expected a few months ago. The People's Voice on 09/28/08: U.S. reaches bailout deal in bid "to stem crisis": Let us be clear about this ”bailout”: It is not a bailout. It is a robbery taking place in broad daylight -and yet another inside job. Worse, it is a slow motion coup d'état. The Seektress: Those Who Voted Yes to the Bailout. Existentialist Cowboy: GOP Economics: 'When a Parasite Kills Its Host'. WSWS: Job cuts mount as global recession takes hold. MarketWatch: Weekly jobless claims rise 15,000 to 478,000. Global Research: The Financial Meltdown: This Time Is Different. Lew Rockwell: Warren Buffett, Government Propagandist.

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