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Countdown to Financial Armageddon
Tracking the final days of the debt bubble
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UK 'loses five years of growth' to New Depression

UK 'loses five years of growth' to New Depression | Countdown to Financial Armageddon | Scoop.it

Economic growth in the UK "remains subdued" and output will not reach 2008 levels until 2013, the National Institute for Economic and Social Research says.

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GRINDING TO A HALT: CBI cuts forecast for UK growth

GRINDING TO A HALT: CBI cuts forecast for UK growth | Countdown to Financial Armageddon | Scoop.it

Business organisation the CBI slashes its forecast for UK economic growth, but calls for government austerity plans to continue.

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Belarus central bank sells off its office furniture for $10,000 (they need $7 billion bailout, but at least it's a start)

Belarus central bank sells off its office furniture for $10,000 (they need $7 billion bailout, but at least it's a start) | Countdown to Financial Armageddon | Scoop.it

As an exercise in monetary policy, it's probably not the sort of thing that would be advocated by John Maynard Keynes or Milton Friedman. Amid a disastrous economic crisis, the Belarus central bank has attempted to raise capital by selling off used office equipment and furniture. Five hundred items were put up for sale in an auction that it was hoped would raise around £10,000.

 

Amid a crippling financial crisis, Belarus is seeking a $7bn (£4.4bn) emergency bailout from the International Monetary Fund. The value of its currency has fallen sharply in recent months, while inflation has skyrocketed to over 40%, fuelling discontent with the regime of authoritarian President Alexander Lukashenko.

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Is the €2 trillion rescue bid enough to save Europe?

Is the €2 trillion rescue bid enough to save Europe? | Countdown to Financial Armageddon | Scoop.it

George Osborne has admitted for the first time that Britain may have to provide billions of pounds more to bail out the eurozone as part of €2 trillion international efforts to shore up the single currency bloc and revitalise the flagging...

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‘Occupy Wall Street’ Evokes Vietnam-Era Protests Says NY Mayor Bloomberg

‘Occupy Wall Street’ Evokes Vietnam-Era Protests Says NY Mayor Bloomberg | Countdown to Financial Armageddon | Scoop.it

The simmering discontent that has provoked the Occupy Wall Street protests has prompted numerous historical comparisons. Some are calling the movement a liberal version of the Tea Party. Others see a repeat of the 1930s populism that accompanied the New Deal.

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Eurozone manufacturing contracts (again)

Eurozone manufacturing contracts (again) | Countdown to Financial Armageddon | Scoop.it

Manufacturing in the eurozone shrank at its fastest pace in two years last month, a business survey shows.

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The World Prays For an Economic Miracle

The World Prays For an Economic Miracle | Countdown to Financial Armageddon | Scoop.it

After an incredibly volatile day on world markets, the head of the International Monetary Fund, Christine Lagarde, warned of a looming "collapse in global demand" which threatens to push economies around the world into a new recession.

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German and French economies grow

German and French economies grow | Countdown to Financial Armageddon | Scoop.it

Both the German and French economies recorded growth in the third quarter of the year, according to official data.

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The Dragon's long tail risk: the cost of a 'what if China crashed' doomday scenario

The Dragon's long tail risk: the cost of a 'what if China crashed' doomday scenario | Countdown to Financial Armageddon | Scoop.it

(Reuters) - The China hard-landing debate is a classic tail risk story -- an unlikely scenario, but if it materializes the consequences could be catastrophic.Because of their close trade links, Malaysia,...

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UK unemployment could top 3million for first time since 1980s as inflation rises

UK unemployment could top 3million for first time since 1980s as inflation rises | Countdown to Financial Armageddon | Scoop.it

Employers who hung on to workers during the 2008-2009 recession will want to swing the axe should the economic weakness continue.

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G20 Tells Euro Zone to Fix Debt Crisis In Weeks

G20 Tells Euro Zone to Fix Debt Crisis In Weeks | Countdown to Financial Armageddon | Scoop.it

The world's leading economies kept pressure firmly on Europe to sort out its debt crisis on Saturday with the sense of urgency to be reflected in a communique at the end of a G20 finance chiefs' meeting.

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Greece Gets Sucked Into 'Death Spiral' of Rising Debt and Negative Growth

Greece Gets Sucked Into 'Death Spiral' of Rising Debt and Negative Growth | Countdown to Financial Armageddon | Scoop.it

Drowning in red ink, Greece has nowhere to turn to revive the economic growth that might put its debt on a sustainable trajectory, reassure angry foreign creditors and offer hope to its recession-weary citizens.

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Forecast says US double-dip recession is imminent

Forecast says US double-dip recession is imminent | Countdown to Financial Armageddon | Scoop.it

Double dip recession either has already started or is about to begin according to widely-followed Economic Cycle Research Institute's Achuthan.

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