Keyword: globaleconomy

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  • ECB warns of more bank loan losses

    05/31/2010 8:22:46 PM PDT · by mlocher · 1 replies · 207+ views
    Reuters via Fidelity.com ^ | May 31, 2010 | Krista Hughes and Paul Day
    FRANKFURT/MADRID (Reuters) - The European Central Bank warned on Monday that euro zone banks face up to 195 billion euros in a "second wave" of potential loan losses over the next 18 months due to the financial crisis, and disclosed it had increased purchases of euro zone government bonds. As the euro recouped losses but remained on the back foot after a cut in Spain's credit rating and China warned that the global economy remained vulnerable to sovereign debt risks, Spain assured investors it would reform its rigid labor market even if employers and trade unions cannot agree. The ECB...
  • Should You Feel Guilty Owning an iPhone?

    05/25/2010 1:30:55 PM PDT · by dangerdoc · 64 replies · 1,251+ views
    Toms Hardware ^ | 5/28/2010 | Wolfgang Gruener
    Ahhh. The joy of unwrapping an iPhone. Or an iPad. The box that protects Apple’s latest creation tells us why we just sacrificed a few hundred dollars for a gadget. The precision of the fit and finish of the card board box. The flawless protective plastics that keep your iPhone and iPod safe. The glorious moment and pride you feel when you turn it on the first time. But what are we exactly proud of? Shouldn’t we feel at least some sort of guilt? Zoom Never in the history of earth have we been able to bridge or even eliminate...
  • One false move in Europe could set off global chain reaction

    05/23/2010 10:07:26 PM PDT · by Ernest_at_the_Beach · 60 replies · 1,510+ views
    Washington Post ^ | Monday, May 24, 2010 | By Howard Schneider and Neil Irwin Washington Post Staff Writer
    If the trouble starts -- and it remains an "if" -- the trigger may well be obscure to the concerns of most Americans: a missed budget projection by the Spanish government, the failure of Greece to hit a deficit-reduction target, a drop in Ireland's economic output. But the knife-edge psychology currently governing global markets has put the future of the U.S. economic recovery in the hands of politicians in an assortment of European capitals. If one or more fail to make the expected progress on cutting budgets, restructuring economies or boosting growth, it could drain confidence in a broad and...
  • Government: The Next Bubble To Burst

    05/20/2010 4:26:20 PM PDT · by Kaslin · 25 replies · 772+ views
    Investors.com ^ | May 20, 2010 | NEWT GINGRICH AND DAN VARRONEY
    The economic collapse of Greece is a wake-up call. The unsustainable combination of a bloated public bureaucracy, high deficit spending and unfunded pension obligations busted Greece's government bubble. Now the birthplace of modern democracy is on the brink of becoming a failed state. The Bank of England recently warned that the U.S. is on the road to the same fiscal failure as Greece, and the Obama administration's insistence on massive public spending and increasing deficits is the reason. At this rate, the U.S. government will be the next economic bubble to burst. We've seen similar downturns: the information technology bubble...
  • General Election 2010: Gordon Brown's resignation lifts sterling

    05/11/2010 1:09:12 PM PDT · by Ernest_at_the_Beach · 1 replies · 207+ views
    Telegraph ^ | 7:47PM BST 11 May 2010 | Edmund Conway, Economics Editor
    The pound burst through the $1.50 mark as Gordon Brown resigned as Prime Minister, ushering in a coalition Government with the Conservatives and Liberal Democrats. Despite fears that a hung parliament would be catastrophic for the UK economy, sterling leapt by a cent as it emerged that negotiations between Labour and the LibDems broke down. The new Conservative-Liberal Government is expected to pitch itself as a unity government with the purpose of overhauling Britain’s economy after the biggest economic crisis and deepest recession since the 1930s. It will pledge to hold an emergency Budget within two months, which is expected...
  • Greece: A Preview of Things to Come (Why do people think it can't happen in the USA?)

    05/11/2010 9:09:48 AM PDT · by SeekAndFind · 70 replies · 1,462+ views
    American Thinker ^ | 05/11/2010 | Vasko Kohlmayer
    "Angry youths rampaged through the center of Athens, torching several businesses and vehicles and smashing shop windows. Protesters and police clashed in front of parliament and fought running street battles around the city," reported the Wall Street Journal last week. No, this is not a report from a war zone. It is merely a scene from anti-government protests that have engulfed the land of Hellas. What's happening in Greece is this: The Greek people are angry because their government pledged to make cuts in social spending. It is not that the Greek government is inherently stingy. Quite to the...
  • We're bailing out Greece. But US taxpayers shouldn't be

    05/08/2010 3:31:19 AM PDT · by Scanian · 23 replies · 704+ views
    NY Post ^ | May 8, 2010 | MIKE PENCE & CATHY MCMORRIS RODGERS
    US taxpayers will be helping to foot the bill for the Greek bailout, via the Interna tional Monetary Fund. And if the Obama administration doesn't draw a clear line, Uncle Sam may soon be on the line for even more and larger European "rescues." The Greek government, with its high taxes and profligate spending to support large bureaucracies and social programs, is bankrupt. Its bonds have been downgraded to junk status. As economist Milton Friedman once said, "If you put the federal government in charge of the Sahara Desert, in five years there'd be a shortage of sand." Greece has...
  • Gold on Fire (up $33 as of now)

    05/06/2010 12:35:51 PM PDT · by milwguy · 21 replies · 864+ views
    kitco ^ | 5/6/10 | k
    gold up big, the contagion has lit the spark. Precious metals only safe port in the storm.
  • Greece Fuels Fears of Contagion in U.S.

    05/06/2010 12:29:54 PM PDT · by marshmallow · 27 replies · 716+ views
    The Wall Street Journal ^ | 5/5/10 | Bob Davis and Mark Gongloff
    Crisis Would Likely Spread in Europe Before Crossing Atlantic, Economists Say; Wary Investors Monitor Credit MarketsInvestors and policymakers are starting to worry that the economic crisis in Greece could cross the Atlantic and undermine the U.S. economic recovery, in the same way that U.S. housing woes in 2008 battered Europe. "What we have seen is that contagion"—economist-speak for a spreading crisis—"has gone global," says Harvard University economist Jeffrey Frankel. Early credit-market indicators of contagion to the U.S. aren't yet flashing red, but investors are keeping a wary eye on them. "This is like we've agitated a colony of prairie dogs,...
  • Dow Now Down Over 220 As Europe Explodes (now down over 500)

    05/06/2010 11:22:26 AM PDT · by blam · 306 replies · 14,020+ views
    The Business Insider ^ | 5-6-2010 | Gregory White
    Dow Now Down Over 220 As Europe Explodes Gregory White May. 6, 2010, 2:09 PM The Dow is down 2.0% on worries over the European sovereign debt crises as investors move into less risky assets. Gold is up to nearly 1200. Volatility on the S&P 500 is up as well, over 13.09%: The center of all this, the euro, down against the dollar over 1.1%:[snip]
  • Roubini: 3 Out Of The 4 PIGS Will Get Creamed

    05/06/2010 5:14:34 AM PDT · by blam · 5 replies · 499+ views
    The Business Insider ^ | 5-6-2010 | Vincent Fernando, CFA
    Roubini: 3 Out Of The 4 PIGS Will Get Creamed Vincent Fernando, CFA May. 6, 2010, 5:58 AM Nouriel Roubini, speaking to la Repubblica, explained that Portugal and Spain are most at risk of Greek crisis contagion. Italy is actually 'at a reasonable distance' from the problem. Still, “You have to be careful to not stop here [for Italy]... There are still serious problems like public debt and lack of competitiveness. Perhaps there's at least one contrarian play in the PIGS.[snip]
  • For nations living the good life, the party's over, IMF says

    04/24/2010 4:10:18 AM PDT · by publius1 · 41 replies · 1,153+ views
    The Washington Post ^ | Saturday, April 24, 2010 | Howard Schneider
    In the lingo of the International Monetary Fund, the future of the world hinges on "rebalancing and consolidation," antiseptic words that would not seem to raise a fuss. ... the translation is a bit ruder, something on the order of: "Suck it up. The party's over." To keep the global economy on track, people in the United States and the rest of the developed world need to work longer before retiring, pay higher taxes and expect less from government. And the cheap imports lining the shelves of mega-chains such as Wal-Mart and Target? They need to be more expensive. That's...
  • Job seeker, 21, kills herself after she was rejected for 200 jobs (UK)

    04/24/2010 1:55:37 AM PDT · by jerry557 · 25 replies · 1,211+ views
    DailyMail.co.uk ^ | 04/23/10 | James Tozer
    A bright 21-year-old killed herself after more than 200 unsuccessful job applications. Vicky Harrison had dreamed of a career as a teacher or a television producer, but gave up hope for the future, her family said yesterday. A day after her latest rejection, and on the eve of her fortnightly trip to sign on, she wrote heartbreaking notes to her parents and boyfriend saying 'I don't want to be me any more' and took a huge drug overdose. Her death last month tragically highlights the human cost of the highest level of joblessness since the mid-1990s. Rising youth unemployment has...
  • Obama to host Muslim Entrepreneurship Conference (Keeping his "Promise)

    04/23/2010 5:04:53 PM PDT · by VRWCTexan · 14 replies · 501+ views
    Ynet.com ^ | April 23, 2010 | staff
    Making good on a promise he made to Muslims last year, President Barack Obama will host an entrepreneurship conference next week to deepen ties between business people in the United States and (50) Muslim countries
  • IRS Launches New Global Program to Target ‘High Wealth Individuals'

    04/06/2010 2:37:39 AM PDT · by Cindy · 39 replies · 1,292+ views
    CNS NEWS.com ^ | April 6, 2010 | Penny Starr
    Note Video included at article link. SNIPPET: "(CNSNews.com) - The Internal Revenue Service has launched a new global program to target what it calls “high wealth individuals,” IRS Commissioner Douglas Shulman said Monday. “Through our new global high wealth operating unit we are taking a unified look at the entire web of business and economic entities controlled by high wealth individuals so we can better assess the risk such arrangements pose to tax compliance,” Shulman said at the National Press Club on Monday. Shulman said the IRS is using “our robust and evolving enforcement program that ensures that everyone pays...
  • White House: The Economics of Workplace Flexibility

    03/31/2010 2:20:42 PM PDT · by Jean S · 13 replies · 572+ views
    WhiteHouse.gov ^ | 3/31/10 | Cecilia Rouse
    As part of the White House Forum for Workplace Flexibility, the CEA released a report today presenting an economic perspective on flexible workplace policies and practices. Work-Life Balance and the Economics of Workplace Flexibility (pdf) highlights changes in American society over the past half century, including the increased number of women entering the labor force, the prevalence of families where all adults work, increasing eldercare responsibilities, and the rising importance of continuing education. These changes are among those that have increased the need for flexibility in the workplace. This increased need can be met with flexibility in terms of when...
  • Cavuto on the Markets: I’m Worried

    03/31/2010 6:22:11 PM PDT · by blueyon · 34 replies · 1,709+ views
    Breitbart.tv ^ | 3/31/10 | Breitbart
    "There will be other countries, like China, who say it ain't worth the fuss holding dollars, so they pull back; and more secret meetings of countries looking for financial alternatives to us, so they will push back."
  • Packed Containers Piling Up At Asian Ports Because There's Too Much Demand From West

    03/30/2010 6:53:39 AM PDT · by blam · 35 replies · 1,020+ views
    The Business Insider ^ | 3-30-2010 | Vincent Fernando
    Packed Containers Piling Up At Asian Ports Because There's Too Much Demand From West Vincent Fernando, CFA Mar. 30, 2010, 6:16 AM Packed containers are piling up at Asian ports as strong demand from the U.S. and Europe causes a lack of supply of ships. Shipping companies had purposefully idled capacity during the economic downturn, then started to bring it back recently. Yet they didn't do it fast enough to keep up with the robust pick-up in demand from the West.[snip]
  • Europe has left Greece hanging in the wind

    03/28/2010 4:11:54 PM PDT · by bruinbirdman · 23 replies · 940+ views
    The Telegraph ^ | 3/28/2010 | Ambrose Evans-Pritchard
    However you dress it, the Greek package agreed by EU leaders is a capitulation to German-Dutch demands. There will be no European debt union as long as Angela Merkel remains Iron Chancellor of Germany. The Frankfurter Allgemeine summed up the deal succinctly: "No member of Europe's monetary union should be liable for the debts of another state. Bilateral credit from Berlin for Athens is not the same as German acceptance of responsibility for Greek debt." This shatters the assumption since Maastricht that monetary union leads inexorably to fiscal union. By drawing the IMF into Euroland's affairs, Germany has broken the...
  • No Greece In The American Machine (Likening US debt to Greece or EU debt is misguided economics)

    03/26/2010 6:54:39 AM PDT · by SeekAndFind · 12 replies · 443+ views
    Forbes ^ | 03/26/2010 | Nouriel Roubini AKA Dr. Doom), Christian Menegatti and Arpitha Bykere
    While the global economy is crawling out from the most severe recession and financial crisis of the postwar period, the euro zone debt crisis has significantly increased the chances of a double-dip recession in Europe and a global slowdown. Sovereign risk has recently graduated from being an emerging economy hitch to an advanced economy problem. The Greek debt crisis has occupied center stage of the economic and political debate. It is not just a Greek tragedy--the contagion could spread to Portugal, Spain, Italy and Ireland. Indeed, at stake is the entire euro zone framework. Yet fiscal sustainability and sovereign risk...