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 […]

The recession is over, it’s now a depression.

While the NZ MSM are blithering on about New Zealand coming out of the recession, let’s have a bit of a reality check shall we? Fact: New Zealand’s economy relies solely on export. From dairy, meat, wood to tourism, New Zealand relies on the global economy to keep its economy from going south. Other than […]

Leaked Agenda: Bilderberg Group Plans Economic Depression

On the eve of the 2009 Bilderberg Group conference, which is due to be held May 14-17 at the 5 star Nafsika Astir Palace Hotel in Vouliagmeni, Greece, investigative reporter Daniel Estulin has uncovered shocking details of what the elitists plan to do with the economy over the course of the next year. The Bilderberg […]

China Offers No Fix for Global Slump

Just in case you were hoping that China was going to stop New Zealand from going into depression. Any prospect that China could be the growth engine to pull the world economy out of deep recession has been laid to rest by the latest World Bank forecast. At the recently completed annual National Peoples Congress […]

Morgan Stanley predicts economic collapse worse than depression

it’s a good think the assholes that brought you this can buy shares in our privatised prisons so they can wring some more profit out of us. Especially if they start imprisoning the tax dodgers and, the dole bludgers, the homeless and the unemployed for not being able to pay their debt. But don’t worry […]

Global slump ‘worse than Depression’

I rest my case. The global market downturn is worse than the Great Depression of the 1930s, according to Auckland investment consultant and superannuation expert Jonathan Eriksen, though New Zealand is well placed. After the share crash of 1929, the United States Federal Reserve pushed interest rates up and took a tough line on banks, to […]

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 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 […]

Prices of farms down by 10-15pc

The dairy boom appears at an end. Dairy farm prices have eased 10 to 15 per cent in recent weeks on the back of tumbling international product prices and concerns Fonterra may further lower this season’s payout. Some real estate companies have gone 10 weeks without completing a dairy farm sale, as vendors and purchasers […]

Prepare For Depression Level Unemployment

What does this mean for New Zealand? If the US has no industry to speak of and after the deflation inflation will rage, nobody and I mean nobody will want to spend money on luxury goods such as timber, cheese, dairy and meat that needs to be imported from halfway across the world. Well, we […]

Majority of States Now in Recession

What started out as a housing problem in a few states has now exploded into a full-fledged recession with a majority of states now in or dangerously close to recession. What started as a recession in just a few states has now spread to 27 with another 14 states near recession, according to Mark Zandi, […]

‘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 […]

ECB slammed as Europe crumbles

The economies of Germany, France and Italy all contracted in the first quarter and may now be in full recession, shattering assumptions that Europe would prove able to shrug off the effects of the credit crunch. Zapatero has called his cabinet back to Madrid The picture is darkening so fast in Spain that Prime Minister […]

Europe teeters on the brink of recession

The spectre of recession is looming over the eurozone after the economy in the 15-country region shrank for the first time since the single currency was introduced nearly a decade ago. Eurozone output contracted by 0.2 per cent in the three months to June, after a 0.7 per cent rise in the first quarter, official […]

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 […]

This recession could easily tip into a depression

The experience of the 1930s makes me think that the present downturn will be relatively long and difficult. Today I am celebrating my 80th birthday, an age that seems less formidable when one has reached it than when one can see it only from afar. I was born on July 14, 1928, about 15 months […]

Used cars indicate long road ahead

Plunging used car sales dragged retail spending for May down 1.2 per cent and more recent used car sales data suggests the pressure on total retail sales will continue. Registrations of used imports fell 25 per cent in May compared with May 2007. Figures for June, when fuel prices increased further, show a 30 per […]

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 […]

1000 jobs lost in one day

1000 jobs lost in one day Was it only last week when a man who goes by the moniker “higherstandard” and who comments on the blog site the Standard run by labour supporters who asked me where do you stand on the trade agreement with China? I responded with a comment that failed to emerge […]

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 […]