http://www.freerepublic.com/tag/globalism/ en-us Fri, 10 Oct 2008 16:24:17 GMT Focus Forum 15 http://www.freerepublic.com/focus/f-news/2102367/posts The financial meltdown on Wall Street and elsewhere is not simply endangering investments, payrolls, consumer purchases, and business transactions in America. It is also triggering predictions—especially from overseas—that the era of American financial primacy is coming to a dramatic end. The unique role of the U.S. dollar as the world's broadly chosen reserve currency, along with the globe-straddling role of the U.S. financial sector, have long been a key source of power, prestige, and financing opportunities for American companies and the U.S. government. Eroding that stellar status endangers a central pillar of the mostly U.S.-inspired system that has basically defined... U.S. News http://www.freerepublic.com/focus/f-news/2102367/posts#comment Fri, 10 Oct 2008 16:24:17 GMT http://www.freerepublic.com/focus/f-news/2101860/posts LONDON: It may sound untrue, but it's now a fact — Britain's standing as a world-class destination for higher education is under threat. Leading British universities have lost ground to their richer foreign rivals in world rankings — both Cambridge and Oxford universities have slipped down the top 200 list to give way to popular US varsities like Harvard and Yale. In fact, according to the Times Higher Education — QS World University Rankings, Harvard is at the top followed by Yale, Cambridge and Oxford. Both these British varsities came joint second last year. However, four UK universities are in... The Times of India http://www.freerepublic.com/focus/f-news/2101860/posts#comment Fri, 10 Oct 2008 00:43:48 GMT http://www.freerepublic.com/focus/f-news/2099265/posts China's economy is strong enough to withstand the impact of the global financial crisis and may even help the world by maintaining fast growth, Premier Wen Jiabao was quoted as saying Sunday. "Our economic fundamentals haven't changed, and the economy is moving in the direction we expected," Wen was quoted as saying by the state-controlled Xinhua news agency. "The strength of our financial institutions has generally increased, and their ability to make money and withstand risk has risen. Market liquidity is ample and the financial system is stable and safe," he said. "This will help us withstand any negative external... AFP http://www.freerepublic.com/focus/f-news/2099265/posts#comment Tue, 7 Oct 2008 03:10:50 GMT http://www.freerepublic.com/focus/f-news/2099226/posts U.S. Tax on Business, 40% - In Europe, 23% Monday, October 06, 2008 By Chris Edwards Of late, U.S. economic policy has been dominated by responses to short-term crises — the Wall Street bailouts, the economic stimulus bill, and post-hurricane spending. Whether or not such interventions make sense, they divert attention from the urgent need to bolster America’s long-term competitiveness in the global marketplace. While U.S. fiscal policy has been directionless, many of our international competitors have initiated dramatic tax reforms that put them at a distinct advantage for attracting outside investment and attendant job growth. Consider that 12 of... CNS News http://www.freerepublic.com/focus/f-news/2099226/posts#comment Tue, 7 Oct 2008 02:16:34 GMT http://www.freerepublic.com/focus/f-news/2098954/posts NEW YORK (Reuters) – Oil dropped more than 6 percent to below $88 a barrel on Monday as a global market rout churned concerns that faltering fuel demand could slow further. U.S. stocks tumbled 6 percent to the lowest level in nearly five years as part of an international sell-off on fears the global economy was heading into recession. U.S. crude settled down $6.07 at $87.81 a barrel after hitting an eight-month low of $87.56. London Brent crude fell $6.57 to settle at $83.68 a barrel. Crude prices have plummeted from a peak over $147 a barrel set on July... Reuters on Yahoo http://www.freerepublic.com/focus/f-news/2098954/posts#comment Mon, 6 Oct 2008 20:55:41 GMT http://www.freerepublic.com/focus/f-news/2096758/posts Regulators shut down Russia's benchmark stock exchange, RTS, for an hour after shares plunged. Stocks had opened lower, after a torrid trading session on Thursday in the US amid fears over the success of a federal bailout plan to stave off a recession. The RTS index dropped 7.1% to 1,070.5 points before trading was halted. The MICEX exchange - where most of Russia's trading takes place - plunged by 6.9% to 916.7 points. Mining company Norilsk Nickel dived by 12.2%, state-owned oil major Rosneft by 7.1% and private oil company Lukoil by 6.1%. Stocks in the US plunged in the... Daily Express http://www.freerepublic.com/focus/f-news/2096758/posts#comment Fri, 3 Oct 2008 17:13:32 GMT http://www.freerepublic.com/focus/f-news/2095448/posts It took a weekend to shatter the complacency of German finance minister Peer Steinbrück. Last Thursday he told us that the financial crisis was an "American problem", the fruit of Anglo-Saxon greed and inept regulation that would cost the United States its "superpower status". Pleas from US Treasury Secretary Hank Paulson for a joint US-European rescue plan to halt the downward spiral were rebuffed as unnecessary. By Monday, Mr Steinbrück was having to orchestrate Germany's biggest bank bail-out, a €35 billion loan package to save Hypo Real Estate. By then Europe was "staring into the abyss," he admitted. Belgium had... Telegraph (UK) http://www.freerepublic.com/focus/f-news/2095448/posts#comment Thu, 2 Oct 2008 02:12:03 GMT http://www.freerepublic.com/focus/f-news/2094025/posts (CEP News) - Gold is currently the sole commodity selling off on Tuesday morning, in sharp contrast to Monday when it was rallying. Chicago Board of Trade (CBOT) gold is trading down $16.60 per ounce to $877.80 USD, as markets hope for a revised bailout plan that will eventually be passed by the U.S. House of Representatives following yesterday's surprise development. "Yesterday's turmoil in the financial markets was true testimony to gold's status as a safe-haven asset, with the surprise rejection by U.S. Congress of the proposed $700bn bailout plan inducing fear in risky assets but supporting a close back... CEP http://www.freerepublic.com/focus/f-news/2094025/posts#comment Tue, 30 Sep 2008 16:30:43 GMT http://www.freerepublic.com/focus/f-news/2093057/posts Link only AP http://www.freerepublic.com/focus/f-news/2093057/posts#comment Mon, 29 Sep 2008 14:06:48 GMT http://www.freerepublic.com/focus/f-news/2091928/posts Kristol: A Genuine and Immediate Crisis I've received phone calls in the last hour from two economists I respect, one of them Larry Lindsey, the other in a position where he'd prefer not to be named. Both have government experience, neither is alarmist by nature, and they say this: The huge European bank Fortis is apparently about to fail. The ripple effect on the American banking system could be disastrous, with bank runs, liquidity crises, and stock sell offs possible Monday. Wachovia may well fail next week. As Larry put it, this really will be 1933 soon if we don't... Weekly Standard http://www.freerepublic.com/focus/f-news/2091928/posts#comment Sat, 27 Sep 2008 19:48:53 GMT http://www.freerepublic.com/focus/f-news/2091906/posts It was a scene eerily reminiscent of the dark days of Asia's financial crisis in 1997. Long lines of panicked savers waited outside branches of Hong Kong's Bank of East Asia on Sept. 24 after rumors had started circulating the day before by cell-phone message that the bank was in peril because of its exposure to Wall Street's meltdown. Shares fell 6.9%. The run only lasted 24 hours, ending after the bank issued denials and threatened to take legal action against those spreading the rumors. BEA also won support from Hong Kong tycoons such as Li Ka-shing, who snapped up... Businessweek http://www.freerepublic.com/focus/f-news/2091906/posts#comment Sat, 27 Sep 2008 19:05:41 GMT http://www.freerepublic.com/focus/f-news/2091904/posts Top Chinese Bankers Show Support to US Bailout Plan September 28,2008 by CSC staff  As the world turns to China for the confidence of economic growth, China is hoping the US congress to pass the $700 billion bailout plan decisively since it has been anxious on the security of its hundreds of billions of dollar-dominated assets. As drastic disputes over the bailout plan were taking place in the US congress, on the summer session of Davos World Economic Forum held in Tianjin, a port city 100 miles east of Beijing, Chinese top bankers showed their support to the plan. “The rescue... ChinaStakes.com http://www.freerepublic.com/focus/f-news/2091904/posts#comment Sat, 27 Sep 2008 19:03:35 GMT http://www.freerepublic.com/focus/f-news/2091888/posts I've received phone calls in the last hour from two economists I respect, one of them Larry Lindsey, the other in a position where he'd prefer not to be named. Both have government experience, neither is alarmist by nature, and they say this: The huge European bank Fortis is apparently about to fail. The ripple effect on the American banking system could be disastrous, with bank runs, liquidity crises, and stock sell offs possible Monday. Wachovia may well fail next week. As Larry put it, this really will be 1933 soon if we don't move rapidly to stabilize the banking... The Weekly Standard http://www.freerepublic.com/focus/f-news/2091888/posts#comment Sat, 27 Sep 2008 18:32:07 GMT http://www.freerepublic.com/focus/f-news/2091770/posts Comparing International Corporate Tax Rates: U.S. Corporate Tax Rate Increasingly Out of Line by Various Measures by Robert Carroll Fiscal Fact No.143 The U.S. has left the major features of its business tax system unchanged over the past fifteen years. Meanwhile, other countries have been changing theirs, potentially hurting the competitiveness of the United States. Perhaps most emblematic of the trend abroad is lower corporate tax rates in virtually all developed nations. As a result, the United States now has the second-highest statutory tax rate among OECD member nations. Figure 1 below tells this story: The U.S. became a low-tax... Tax Foundation http://www.freerepublic.com/focus/f-news/2091770/posts#comment Sat, 27 Sep 2008 15:19:23 GMT http://www.freerepublic.com/focus/f-news/2091753/posts BBC News world economy debate BBC News held a debate on the current global financial crisis: World economy on the brink? The discussion was chaired by Andrew Neil and featured leading members of the financial world including: George Magnus, senior economic adviser, UBS Ken Courtis, former vice chairman of Goldman Sachs, Asia Terry Smith, chairman Collins Stewart investment banking group Jim Chanos, founder and president of Kynikos Associates, a dedicated short-selling hedge fund and BBC business editor Robert Peston. BBC News -- UK http://www.freerepublic.com/focus/f-news/2091753/posts#comment Sat, 27 Sep 2008 14:43:25 GMT http://www.freerepublic.com/focus/f-news/2091359/posts Even if Congress backs the Paulson bail-out, the $700 billion blast cannot save the US, Britain or the world from the deepest economic slump since the Thirties. If Congress balks, God help us. The credit system is suffering a heart attack. Inter-bank lending is paralysed. Funds are accepting zero interest on US Treasury notes for the first time since Pearl Harbour, because no bank account is safe. Wherever you look – dollar, euro, sterling Libor (the rate at which banks lend to each other), or spreads on credit derivatives – the stress has reached breaking point. If borrowers cannot roll... Telegraph.co.uk http://www.freerepublic.com/focus/f-news/2091359/posts#comment Fri, 26 Sep 2008 21:34:58 GMT http://www.freerepublic.com/focus/f-news/2090903/posts AMERICAN political leaders last night agreed in principle an extraordinary $700 billion (£367 billion) deal that financiers hope will save the economies of the western world from collapse. Democrat and Republican chiefs accepted the general outline of an agreement on the controversial multi-billion-dollar bail-out of United States financial institutions – equivalent to $2,333 (£1,270) for every US taxpayer – although there is still work to be done on the detail. And doubts emerged late last night over the deal as a senior senator, Richard Shelby, emerged from a White House meeting that included President George Bush, both presidential candidates and... The Scotsman http://www.freerepublic.com/focus/f-news/2090903/posts#comment Fri, 26 Sep 2008 09:25:15 GMT http://www.freerepublic.com/focus/f-news/2090722/posts The $700bn (€475bn) rescue package for US banks proposed by Treasury Secretary Henry Paulson does nothing to address the root causes of the financial crisis, and could end up costing the global economy dearly in the long run, according to a former World Bank economist who has overseen similar rescues in emerging markets. Professor Sweder van Wijnbergen, who spent 12 years at the World Bank and was most recently chief economist for central and eastern Europe, said that in his experience the cost of such rescue packages was not necessarily related to the size of the initial problem - in... efinancialnews.com http://www.freerepublic.com/focus/f-news/2090722/posts#comment Fri, 26 Sep 2008 01:54:07 GMT http://www.freerepublic.com/focus/f-news/2090512/posts Germany blamed the United States on Thursday for spawning the global financial crisis with a blind drive for higher profits and said it would now have to accept greater market regulation and a loss of its financial superpower status. Reuters via CNBC http://www.freerepublic.com/focus/f-news/2090512/posts#comment Thu, 25 Sep 2008 21:13:24 GMT http://www.freerepublic.com/focus/f-news/2090602/posts Today, the whole world is being hit by a tremendous financial crisis, but Russia is facing a perfect storm. The Russian stock market is in free fall, plummeting by 60 percent since May 19, a loss of $900 billion. And the plunge is accelerating. As a result, Russia's economic growth is likely to fall sharply and suddenly. One problem is that, after a long period of fiscal prudence, Russia's government has shown extraordinary ineptitude. Russia has enjoyed average annual economic growth of 7 percent since 1999. With huge current-account and budget surpluses, it had accumulated international reserves of $600 billion... Daily Star http://www.freerepublic.com/focus/f-news/2090602/posts#comment Thu, 25 Sep 2008 23:24:00 GMT http://www.freerepublic.com/focus/f-news/2089159/posts UNITED NATIONS (AFP) - World leaders demanded urgent steps to contain the global financial crisis and a sweeping reform of multilateral institutions, including the Security Council, during the UN General Assembly's annual debate. A ministerial meeting of six major powers trying to scale down Iran's nuclear ambitions, scheduled for Thursday on the sidelines of the UN General Assembly, was meanwhile called off after Russia said it would not take part. But on the first day Tuesday of the 192-member Assembly's debate, the world's financial meltdown took center stage, with UN chief Ban Ki-moon stressing the need to "restore order to... AFP http://www.freerepublic.com/focus/f-news/2089159/posts#comment Wed, 24 Sep 2008 09:21:40 GMT http://www.freerepublic.com/focus/f-news/2089135/posts TOKYO - The Bank of Japan pumped another 1.5 trillion yen (US$14.2 billion) into money markets Wednesday, amid an effort among the world’s central banks to calm worries about a global financial crisis. The Bank of Japan during the past week has been injecting trillions of yen by the day to add liquidity into the system. The latest brings the bank’s infusion to a total of 14 trillion yen (US$132.6 billion). A widening credit crisis, which began last year in the U.S., is threatening the world’s economic health and stability. The collapse of Lehman Brothers last week is fuelling additional... AP http://www.freerepublic.com/focus/f-news/2089135/posts#comment Wed, 24 Sep 2008 07:54:44 GMT http://www.freerepublic.com/focus/f-news/2090506/posts China banks told to halt lending to US banks-SCMP Wed Sep 24, 2008 9:52pm EDT Email | Print | Share| Reprints | Single Page | Recommend (36) [-] Text [+] Market News Oil rises $2 on U.S. bailout hopes Stocks rally on bailout plan Fannie, Freddie shares jump as shorts book profits More Business & Investing News... Featured Broker sponsored link BEIJING, Sept 25 (Reuters) - Chinese regulators have told domestic banks to stop interbank lending to U.S. financial institutions to prevent possible losses during the financial crisis, the South China Morning Post reported on Thursday. The Hong Kong newspaper... http://www.reuters.com/article/marketsNews/idUSPEK16693720080925 http://www.freerepublic.com/focus/f-news/2090506/posts#comment Thu, 25 Sep 2008 21:02:00 GMT http://www.freerepublic.com/focus/f-news/2090362/posts Gordon Brown will fly to Washington on Friday for talks with George Bush about the growing global financial crisis. The American president invited him to the White House to join the frantic negotiations to salvage the world money markets. The last-minute change of plans follows reports that the Prime Minister was 'snubbed' by American Treasury Secretary Hank Paulson. Mr Brown is in New York for two days of talks at the United Nations on promoting the Millennium Development Goals for ending world poverty. UK Daily Mail http://www.freerepublic.com/focus/f-news/2090362/posts#comment Thu, 25 Sep 2008 18:08:05 GMT http://www.freerepublic.com/focus/f-news/2090229/posts The Irish Republic's economy has fallen into recession after shrinking for a second quarter in succession. The Central Statistics Office (CSO) said gross domestic product (GDP) had contracted by 0.5% in the three months to the end of June. The economy had shrunk by 0.3% in the first quarter of the year. Technically, a recession is defined as two or more successive quarters of negative growth. BBC http://www.freerepublic.com/focus/f-news/2090229/posts#comment Thu, 25 Sep 2008 15:20:48 GMT