Countdown to Financial Armageddon
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Countdown to Financial Armageddon
Tracking the final days of the debt bubble
Curated by Nick Laight
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Bank of Englad reveals UK household incomes fall for fifth year

Bank of Englad reveals UK household incomes fall for fifth year | Countdown to Financial Armageddon | Scoop.it

Disposable incomes of UK households have fallen for the fifth year in a row, research by the Bank of England suggests. The Bank's survey found the amount the average household had to spend each month, after tax, bills and housing costs, fell by £46 over the year.

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The Danger of Systemic Collapse Is Far Greater Today Than at Almost Any Time Since the Debt Crisis Began

The Danger of Systemic Collapse Is Far Greater Today Than at Almost Any Time Since the Debt Crisis Began | Countdown to Financial Armageddon | Scoop.it

The European Union is the biggest economy in the world — close to $15 trillion in GDP. When it sinks, so does the U.S. and much of the world.

European banks are roughly THREE times larger than U.S. banks. When they’re forced to cut their lending drastically, global capital shortages hit hard.

Most frightening of all, the U.S. has committed most of the same mistakes as Europe — the same kind of massive debts, deficits, and failed bailouts.

And now the European Union is crumbling, threatening a systemic collapse far larger than the near meltdown witnessed in the wake of the Lehman Brothers collapse in 2008.

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Italy's 'shock therapy' as eurozone manufacturing buckles

Italy's 'shock therapy' as eurozone manufacturing buckles | Countdown to Financial Armageddon | Scoop.it

Europe is sliding into a full-blown industrial recession with contraction spreading to Germany and a drastic decline under way in Italy, greatly complicating efforts to contain the region’s debt crisis.

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Scary chart of historical long-term US unemployment

Scary chart of historical long-term US unemployment | Countdown to Financial Armageddon | Scoop.it

Just look at how many in the US have been out of work for a year or more. Scary!


Via kostasgeorgioy
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Why the latest eurozone bail-out is destined to fail within weeks - Telegraph

Why the latest eurozone bail-out is destined to fail within weeks  - Telegraph | Countdown to Financial Armageddon | Scoop.it

I want last week's European bail-out to work. My sincere hope is that collective and decisive action by the eurozone's large member states will stabilize global markets, at least for a while, so allowing the global economy to catch its breath.

 

By late Thursday, though, and certainly on Friday, the warning signs were there. Global bond markets, by character more sober and smarter than the excitable equity guys, were voting against the deal. This is alarming. For it is only by selling more bonds that the eurozone's deeply indebted governments can roll-over their enormous liabilities and keep the show on the road.

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Naughty schoolboy Berlusconi heads to summit with minimum reform promise

Naughty schoolboy Berlusconi heads to summit with minimum reform promise | Countdown to Financial Armageddon | Scoop.it

ROME (Reuters) - Italian Prime Minister Silvio Berlusconi is expected to give a European summit on Wednesday only vague promises of economic reform instead of the firm undertakings demanded by European...

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Doomsday hedging pushes China markets to extremes

The euro-zone debt crisis and fears of a U.S. recession have doomsayers unsurprisingly pricing in another global financial meltdown. More of a surprise is that they are taking no chances on China.

 

The world's second-biggest economy certainly has its problems. It is exposed to any global downturn. Accounting scandals at U.S.-listed Chinese firms have tainted investor perception and a mountain of local government debt has raised worries about the health of Chinese banks.

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Euro crisis will trigger UK recession in 2012 - Capital Economics

Euro crisis will trigger UK recession in 2012 - Capital Economics | Countdown to Financial Armageddon | Scoop.it

Capital Economics has said the eurozone debt crisis will have “severe adverse effects” on the UK economy, pushing it back into recession in 2012.
The forecaster said it now expects UK GDP growth to slow from around 0.8% this year to around zero in 2012, with a significant chance of a technical recession. The firm is predicting two successive quarters of negative growth next year.

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China's economic growth slows (a bit)

China's economic growth slows (a bit) | Countdown to Financial Armageddon | Scoop.it

If only Western economies could grow by a fraction of this! China's economic expansion slows during the third quarter of the year as government measures to control inflation hurt growth.

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UK economy brought to grinding halt by euro crisis

UK economy brought to grinding halt by euro crisis | Countdown to Financial Armageddon | Scoop.it

British taxpayers may be dragged into a rescue package for the eurozone after a leading forecaster warned that the crisis has brought this country’s economy “grinding to a halt”.

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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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Vive La US Revolution! Bill Bonner muses on the growing Occupy Wall Street protests

Vive La US Revolution! Bill Bonner muses on the growing Occupy Wall Street protests | Countdown to Financial Armageddon | Scoop.it

The US is probably getting ready for a revolution. Back in the Cold War days, the CIA was asked to do a portrait of a country that might have a revolution. It decided that such a country would have three characteristics:

A big gap between rich and poor.

A middle class that was disappearing…or one that never existed in the first place.

A lot of people with a grudge.

The US fits each of these criteria. And then some others the spooks hadn’t thought about.

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UK recovery 'weakest in century'

UK recovery 'weakest in century' | Countdown to Financial Armageddon | Scoop.it

The NIESR think-tank says the UK's recovery from recession is likely to be the weakest of any since the end of World War I.

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China's epic hangover begins?

China's epic hangover begins? | Countdown to Financial Armageddon | Scoop.it

It is hard to obtain good data in China, but something is wrong when the country's Homelink property website can report that new home prices in Beijing fell 35pc in November from the month before. If this is remotely true, the calibrated soft-landing intended by Chinese authorities has gone badly wrong and risks spinning out of control.

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China warns over exports slowdown

China warns over exports slowdown | Countdown to Financial Armageddon | Scoop.it

It was kind of inevitable: China warns of "severe challenges" to its exports due to falling demand in the US and Europe and will target developing markets.

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'Strong chance' of UK recession

'Strong chance' of UK recession | Countdown to Financial Armageddon | Scoop.it

There is a strong chance the UK will fall back into recession even if eurozone leaders find a resolution to the debt crisis, a report says. f a quick fix is found, the chance of recession is 50%, the National Institute for Economic and Social Research said. This rises to 70% if leaders continue to "muddle through".

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On verge of new world recession! Why employment could take 5 years to return to pre-crisis levels

On verge of new world recession! Why employment could take 5 years to return to pre-crisis levels | Countdown to Financial Armageddon | Scoop.it

The global economy is on the verge of a new and deeper jobs recession that may ignite social unrest, the International Labour Organization warns. It will take at least five years for employment in advanced economies to return to pre-crisis levels, it said.

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US Debt committee: Why $1.2 trillion isn't enough to stop the accumulated debt from growing faster than the economy

US Debt committee: Why $1.2 trillion isn't enough to stop the accumulated debt from growing faster than the economy | Countdown to Financial Armageddon | Scoop.it

Sometimes less is more. But when it comes to deficit reduction, if the debt committee aims only for the bare minimum of $1.2 trillion, it won't move the needle much on the country's fiscal predicament.

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British economy may already be contracting, warns MPC's Martin Weale

British economy may already be contracting, warns MPC's Martin Weale | Countdown to Financial Armageddon | Scoop.it

The British economy may already be contracting, according to Monetary Policy
Committee (MPC) member Martin Weale.

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U.S. 'misery index' rises to highest since 1983

An unofficial gauge of humanmisery in the United States rose last month to a 28-year highas Americans struggled with rising inflation and highunemployment.  The misery index -- which is simply the sum of the country's inflation and unemployment rates -- rose to 13.0, pushed up by higher price data the government reported on Wednesday.

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UK inflation rate rises to 5.2%!

UK inflation rate rises to 5.2%! | Countdown to Financial Armageddon | Scoop.it

The rate of Consumer Prices Index inflation rose to 5.2% in September from 4.5% the month before, official figures show.

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Inflation to rise despite Bank assurances as economists downgrade growth forecasts

Inflation to rise despite Bank assurances as economists downgrade growth forecasts | Countdown to Financial Armageddon | Scoop.it

The official rate of inflation is predicted to rise even higher this week, defying assurances price rises will fall back, while two heavyweight economist groups downgraded UK growth forecasts. City economists say inflation could hit 5 per cent when figures are published Tuesday 18 Oct, putting further pressure on the incomes of cash-squeezed families, savers and pensioners.

 

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Cartoon from 1912, one year before the creation of the Federal Reserve… amazing.

Cartoon from 1912, one year before the creation of the Federal Reserve… amazing. | Countdown to Financial Armageddon | Scoop.it

Ok, so this appeared on a conspiracy site, but such an arresting image!

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Slowdown in China's trade growth

Slowdown in China's trade growth | Countdown to Financial Armageddon | Scoop.it

China's Exports rose 17.1% in September, from a year earlier, but fell from a 24.5% growth in the previous month. Meanwhile, imports rose 20.9%, down from a 30.2% jump in August.

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Nearly Half of U.S. Lives in Household Receiving Government Benefit

Nearly half, 48.5%, of the population lived in a household that received some type of government benefit in the first quarter of 2010, according to Census data.

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