World Economy
US bank bailout could cost $23.7 trillion
By Andre Damon, July 22, 2009
The federal government’s bailout of Wall Street may cost $23.7 trillion, according to a statement given to Congress Monday by the lead overseer of the Treasury's bailout program.
Michigan officials slash public services
By Jack Cody, July 22, 2009
The economic crisis has hit Michigan with full force. Every level of government is dealing with massive budget shortfalls by cutting wages, benefits and social services for workers.
Central bankers warn: No sustained growth from stimulus spending
By Alex Messenger, July 21, 2009
The latest Bank of International Settlements report is a sober warning that the gargantuan bailouts and stimulus packages of the last year will not produce lasting growth.
Britain: Labour’s banking regulation means business as usual
By Jean Shaoul, July 18, 2009
The Labour government has rejected regulation of bank activity, the break up of the large banks, the separation of the banks’ retail and investment activities and any cap on bonuses.
Figures on US jobs, wages, benefits
A rising tide of social misery
By David Walsh, July 16, 2009
Contrary to Obama administration and media claims about the recession “easing,” millions of working people in America face losing jobs, earnings and health care benefits at an accelerating pace.
G8 leaders fail to reach agreement on global crisis
China, France, Russia challenge supremacy of US dollar
By Stefan Steinberg, July 11, 2009
This year’s G8 summit in Italy reflected the inability of the world’s leading capitalist nations to achieve any consensus to deal with the worst economic crisis since the 1930s.
Criminal charges dropped against former German bank chief
By Justus Leicht, July 11, 2009
Criminal proceedings against IKB bank’s board have been dropped. The German judicial system is evidently intent on ensuring that no one is held to account for the criminal practices of German banker...
India’s government rushes to address business criticisms of budget
By Deepal Jayasekera and Keith Jones, July 10, 2009
India’s Congress Party-led government has rushed to address big business criticism of the 2009-10 national budget. But concerns remain about the government’s increasingly perilous fiscal situation...
G8 summit in Italy dominated by deepening financial crisis
By Stefan Steinberg, July 9, 2009
The G8 summit taking place this week in Italy mirrors the growing political discord and rivalry between the major powers.
Britain: Civil service plans 20 percent “doomsday” cuts in public spending
By Chris Marsden, July 9, 2009
The July 5 Sunday Times reported what it described as “Secret ‘doomsday’ plans for 20% cuts in public spending” being prepared by senior civil servants.
Unemployment skyrockets throughout Europe
By Robert Stevens, July 8, 2009
Joblessness and social misery are rapidly on the rise in Europe under conditions of the worldwide economic crisis.
Turkish economy in freefall
By Sinan Ikinci, July 7, 2009
The latest statistics reveal the devastating impact of the economic crisis on Turkey.
