Saturday, April 14, 2012

Global Economic Woes

Continuing Chapter 2 of Spiritual Tsunami, here are a few events occurring in recent days:
Langley Intelligence Group Network (LIGNET) reported on April 11,2012,
U.S. Choice to Head World Bank Raises Eyebrows
On April 18, the World Bank will choose a new president and for the first time in history, the person picked to lead this important international organization may not be an American. The post is usually hand-picked by the White House, but President Obama’s surprise selection of a health care expert, Jim Yong Kim, has triggered unexpected opposition as well as two high-profile alternative candidates.”
Gerald Celente, a trend forecaster at the Trends Research Institute, says Americans should brace themselves for an "economic 9/11" due to policymakers' inability to solve the world's financial and economic woes. The coming meltdown, he predicts, will lead to growing social unrest and anti-government sentiment, a U.S. dollar with far less purchasing power and more people out of work.
Celente won't rule out another financial panic that could spark enough fear to cause a run on the nation's banks by depositors. That risk could cause the government to invoke "economic martial law" and call a "bank holiday" and close banks as it did during the Great Depression.
MoneyNews reported in March, “Obama to Triple Dividend Tax Rate”. Reporter Greg Brown said, “The latest proposal from the White House on dividend taxes is on a collision course with investors and corporations, raising the tax rate on dividends for the highest earners close to 45 percent — triple the current rate, warn experts who advise government on tax policy.”
Sean Hyman, reporting in MoneyNews, April 9, 2012, said in an article entitled, “Sluggish Growth Holding Back Jobs,”

U.S. job growth cut in half in just one month as reported on Good Friday when stock markets were closed. 
The government said 120,000 jobs were produced rather than an estimated 207,000 expected and much worse than last month’s revised number which was 240,000 jobs. 
This is the second monthly decline in a row now. 
Unemployment came in at 8.2 percent. But when you consider that unemployment hit its peak of 10.2 percent back in November of 2009, it’s coming down very slowly. . .
The worst case scenario of course would be that we would see the weak GDP levels to be un-sustained and turn into negative GDP growth which could lead to another recession. So let’s hope the former happens rather than the latter scenario. 

BBC News reports on the Eurozone:

Spain budget: Cuts to total 27bn euros this year

Why Greece won't go away

What's the matter with Italy?

Lots of things continue to happen in the global economy. Stay tuned.

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