Europe's crisis risks 'deep depression' : EUROPE reeled today from warnings it faces "deep depression" if the euro zone collapses and that every EU nation's credit rating could be hit without firm action to stop the debt crisis.
An updated growth report from the OECD said the euro zone debt crisis was now just one step away from plunging advanced economies into an abyss of recession and could trigger waves of bankruptcies and wealth destruction.
The Organization for Economic Cooperation and Development said the euro crisis remained “a key risk to the world economy.” The Paris-based research group sharply cut its forecasts for wealthy Western countries and cautioned that growth in Europe could come to a standstill. The credit agency warning that the problems may lead multiple countries to default on their debts or exit the euro, which would threaten the credit standing of all 17 countries in the currency union.
Gov't: US not responsible for Europe's debt woes: Obama and European leaders are huddling in Washington amid growing fears over the future of the euro. Obama offered no specifics about how the U.S. could help. Experts say that without drastic action, the euro could be days away from collapsing, a scenario that could cause more financial damage to the American economy. Obama says Europe's economy is very important to the U.S. and if Europe's economy contracts, it would be more difficult to create jobs at home.
Europe's debt crisis echoed in Washington: Europe's deepening debt crisis is echoed in the United States by the inability of President Obama and Congress to strike a bipartisan deficit deal. On both sides of the Atlantic, leaders are having a hard time making tough, unpopular decisions. And things come together only at the very last minute, if at all, while the global economy hangs in the balance.
What happens in Europe is important to Americans. It has already taken an economic toll on U.S. exporters — from reduced consumer demand in Europe for their products and from a rising dollar against the euro. U.S. stock markets have been battered for months as the crisis spread from Greece to other more-solvent economies, including Italy and Spain, and even taking a toll on Germany's ability to sell its bonds.
China’s economy has a reputation for being strong and prosperous, but according to a well-known Chinese television personality the country’s Gross Domestic Product is going in reverse.Larry Lang, chair professor of Finance at the Chinese University of Hong Kong, said in a lecture that he didn’t think was being recorded that the Chinese regime is in a serious economic crisis—on the brink of bankruptcy. In his memorable formulation: every province in China is Greece.
The restrictions Lang placed on the Oct. 22 speech in Shenyang City, in northern China’s Liaoning Province, included no audio or video recording, and no media. He can be heard saying that people should not post his speech online, or “everyone will look bad,” in the audio that is now on Youtube.
Global leaders gather in SKorea amid financial jitters for world’s premier aid forum: The rich countries that traditionally give aid are questioning how much they should spend amid tough domestic budget fights and fears that a European financial crisis could spread. Taxpayers are suspicious that money is being wasted on corrupt foreign governments. Aid groups, meanwhile, worry that donors will retreat from crucial programs for those living in crushing poverty.
There is enough here to write a book but I will try to be as brief as possible. I have been warning for years as to the second Greatest Depression, that it was created on purpose and its timing was no coincidence. I went back to February 2007 to find the first of dozens of attempts to wake up thee world to no avail. The Second and Greatest Depression is right around the Corner. This is sad, stunning, and true!
I have always said that we cover the truth years ahead of main stream media and by the time they make an issue of an existing or coming problem it is already too late to prevent. This is just one example: Years ago many countries wished for the economic demise of the United States. Despite what most are now witnessing some to their discredit still are.
Many around the world are finding out now that if the US goes down they go down too. I firmly believe the US created this world wide problem once again and as in the Great Depression it was the Republicans who caused it. That said,the world is finding out the hard way that today our futures are intertwined more than ever barring a third and world wide war.
I saw all attempts at staving of the recession or depression as futile and just aiding in the bankrupting of America. I understand the Fed has already secretly bailed out some European banks to the tune of$trillions and can still bail out European Nations as they see fit which is a scary thought to me.Once again the thought of who decides the bail out and why worries me.
You read the link above, even China is not exempt from the economic pain which will get much worse. The entire world will be embroiled. While I believe during the first depression FDR's measures went a long way in mending our woes, it was WW2 that fixed all. I pray that it is not going to take a WW3 to solve the problem this time. It concerns me greatly that I see that mentality and that it is coming.
James Joiner
Gardner, Ma
http://anaverageamericanpatriot.blogspot.com
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