Britain is experiencing ‘worse slump than during Great Depression’

Britain’s recent economic performance is the worst since records began in the pre-Victorian era, experts said today, apart from the two immediate post-war slumps. Ministers today admitted Britain is facing “very, very grave difficulties” after figures showed the economy did not grow at all in 2012. Both George Osborne, the Chancellor, and Danny Alexander, the […]

S&P Downgrades 15 Italian Financial Institutions, Says Country Faces Deeper Recession Than Previously Thought

It is Saturday here but in most of the rest of the world it’s Friday and that is when the really bad news is dumped. And this really is bad news. It is late in the afternoon on a Friday, which means one thing: it is time to dump all left over bad news under […]

IMF Says Advanced Economies Already in Depression

By Angus Whitley and Shamim Adam Feb. 7 (Bloomberg) — Advanced economies are already in a “depression” and the financial crisis may deepen unless the banking system is fixed, International Monetary Fund Managing Director Dominique Strauss-Kahn said. “The worst cannot be ruled out,” Strauss-Kahn said in Kuala Lumpur, where he was attending a gathering of […]

IMF Says Advanced Economies Already in Depression

By Angus Whitley and Shamim Adam Feb. 7 (Bloomberg) — Advanced economies are already in a “depression” and the financial crisis may deepen unless the banking system is fixed, International Monetary Fund Managing Director Dominique Strauss-Kahn said. “The worst cannot be ruled out,” Strauss-Kahn said in Kuala Lumpur, where he was attending a gathering of […]

Chief Economist: It’s A Depression

Morici one of first senior analysts to admit U.S. faces 1930’s style collapse Paul Joseph Watson Prison Planet.com Monday, January 12, 2009 Professor Peter Morici, a former chief economist at the U.S. International Trade Commission, has become one of the first senior economists to admit that the U.S. is facing a 1930’s style depression. Noting […]

The Economist: U.S. In Depression, Not Recession

Renowned financial publication The Economist reports that, based on the characteristics of the current financial crisis, the U.S. is in a depression, not a recession. The admission marks the first time that a major international financial news outlet has acknowledged that the scale of the economic mess is unlike anything seen in recent decades. Under […]

‘Tens of thousands to be laid off every week’ as UK falls into recession

Tens of thousands of people could be laid off every week in the run-up to Christmas as the UK economy falls into recession, David Blanchflower of the Bank of England’s monetary policy committee warned today. Blanchflower told MPs to expect “a large increase in unemployment”, and warned that a “horrible surprise” could be just around […]

Economy at 60-year low, says Darling. And it will get worse

News Politics Economic policy Exclusive interview Economy at 60-year low, says Darling. And it will get worse Chancellor says Labour failing to communicate with voters Nicholas Watt, chief political correspondent The Guardian, Saturday August 30 2008 Article history Photograph: Junko Kimura/Getty images Britain is facing “arguably the worst” economic downturn in 60 years which will […]

1 Out of 10 American Mortgages Are Owned by Other Countries

We are writing today from the annual Agora Financial Investment Symposium in Vancouver, British Columbia. Your editors are currently travelling from Europe to Canada and finishing the companion book to I.O.U.S.A., respectively, so today’s missive will be shorter than usual. The Telegraph warns this morning of a global financial meltdown. Although the IMF has upgraded […]

Study says 300,000 U.S. troops suffer mental problems

WASHINGTON (Reuters) – About 300,000 U.S. troops returning from Iraq and Afghanistan suffer symptoms of post-traumatic stress disorder or depression, but about half receive no care, an independent study said on Thursday. The study by the RAND Corp. also estimated that another 320,000 troops have sustained a possible traumatic brain injury during deployment. But researchers […]

UK and world facing the biggest financial shock since the Great Depression, says IMF

The world is facing the biggest financial shock since the Great Depression, warns the International Monetary Fund. And the IMF warns that Britain could be the country hit hardest by the global credit crunch as it has bigger debts than anywhere else. In its most startling report of modern times, it says the meltdown “has […]

The Worst Conditions for the U.S. Economy Since the Great Depression

Mortimer Zuckerman, co-founder of Boston Properties Inc., the largest U.S. office real estate investment trust, said the U.S. economy is in a recession and there’s no sign of a recovery. “We are looking at the worst set of macroeconomic conditions since the Great Depression,” Zuckerman said in an interview with Bloomberg Television. Yesterday, the dollar […]