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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Factories stall worldwide and U.S. jobless claims rise

Factories stall worldwide and U.S. jobless claims rise | Countdown to Financial Armageddon | Scoop.it

(Reuters) - Manufacturing activity is contracting across Europe and most of Asia, data showed on Thursday, and a Chinese official declared that the world economy faces a worse situation than in 2008 when Lehman Brothers collapsed.

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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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ECB Make Surprise Rate Cut as Risk of Greek Euro Exit Grows

ECB Make Surprise Rate Cut as Risk of Greek Euro Exit Grows | Countdown to Financial Armageddon | Scoop.it

The European Central Bank unexpectedly cut interest rates form 1.5 to 1.25 percent at Mario Draghi’s first meeting in charge as the new ECB head signaled officials have no plans to help bail out cash-strapped nations facing an escalating debt crisis that threatens to splinter the euro region.

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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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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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S&P sees downgrade blitz in EMU recession, threatening crisis strategy

S&P sees downgrade blitz in EMU recession, threatening crisis strategy | Countdown to Financial Armageddon | Scoop.it

Standard & Poor's (S&P) is to warn that a double-dip recession in Europe would imperil France's AAA rating and set off a string of downgrades across Southern Europe, undermining the EU's debt crisis strategy.

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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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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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THE BUBBLE AND SQUEAK ERA: Cash-strapped households turn to leftovers

THE BUBBLE AND SQUEAK ERA: Cash-strapped households turn to leftovers | Countdown to Financial Armageddon | Scoop.it

The number of Britons cooking with leftovers to feed their families has risen dramatically in recent months as cash-strapped shoppers try to make their household budgets stretch further.

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RECOMMENDED READING: Michael Lewis' 'Boomerang - The Meltdown Tour'

RECOMMENDED READING: Michael Lewis' 'Boomerang - The Meltdown Tour' | Countdown to Financial Armageddon | Scoop.it

"The world does seem to be falling apart," Lewis says. Even the briefest glance at the headlines would seem to confirm that opinion. As civil unrest flares in a near-bankrupt Greece and European leaders struggle to avert "contagion", it is hard not to worry that the Great Recession caused by the collapse of debt-laden banks might – horribly – be just a prelude to the even greater disaster of debt-laden countries toppling like dominoes.

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The Printing Presses Have Started Again! Bank of England Injects £75bn Into Economy

The Printing Presses Have Started Again! Bank of England Injects £75bn Into Economy | Countdown to Financial Armageddon | Scoop.it

The Bank of England says it will inject a further £75bn into the economy through quantitative easing (QE).

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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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Don't Feel Left out - Join The Party! Debt Crisis Threatens China and Emerging Markets

Don't Feel Left out - Join The Party! Debt Crisis Threatens China and Emerging Markets | Countdown to Financial Armageddon | Scoop.it

Europe's banking woes have begun to set off a funding crunch in the emerging markets of Asia, Latin America, and Eastern Europe, leaving them nakedly exposed as the rich world slides into a double-dip downturn.

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Italy economic crisis: Fears UK could be dragged into second recession

Italy economic crisis: Fears UK could be dragged into second recession | Countdown to Financial Armageddon | Scoop.it

Experts said Britain would be dragged into a second recession unless eurozone leaders get a grip on the debt crisis.

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France cuts frantically as Italy nears debt spiral

France cuts frantically as Italy nears debt spiral | Countdown to Financial Armageddon | Scoop.it

France has unveiled the toughest austerity measures since World War Two despite the looming danger of a double-dip recession, vowing to slash borrowing by €65bn over the next five years in a last-ditch effort to save the country's AAA...

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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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RECOMMENDED READING: How to Survive The Coming Global Debtquake 2011-2022

RECOMMENDED READING: How to Survive The Coming Global Debtquake 2011-2022 | Countdown to Financial Armageddon | Scoop.it

How make money trading the global debt crisis.

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US States Face Over $4 Trillion Total Debt

US States Face Over $4 Trillion Total Debt | Countdown to Financial Armageddon | Scoop.it

The total of U.S. state debt, including pension liabilities, could surpass $4 trillion, with California owing the most and Vermont owing the least, a new analysis says. The housing bust, financial crisis and economic recession caused states' tax revenue to plunge, and huge holes have emerged in their budgets over the last few years. Because all states except Vermont must end their fiscal years with balanced budgets, states have scrambled to cut spending, hike taxes, borrow and turn to the federal government for help.

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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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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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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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No Wonder Recovery Feels Like Recession For Most Americans: They're Earning Less

No Wonder Recovery Feels Like Recession For Most Americans: They're Earning Less | Countdown to Financial Armageddon | Scoop.it

It's no surprise many Americans feel as if the economy never recovered at all. A new study found median annual incomes adjusted for inflation dropped 6.7 percent between June 2009 and June 2011, more than double the 3.2 percent drop experienced during the recession.

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Basic Living Costs in Britain at 20-Year High

Basic Living Costs in Britain at 20-Year High | Countdown to Financial Armageddon | Scoop.it

Households are spending more of their post-tax income on essentials than at any time since the height of the 1990s recession when interest rates reached 14pc.

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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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