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Countdown to Financial Armageddon
Tracking the final days of the debt bubble
Curated by Nick Laight
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The Ideological Crisis of Western Capitalism - Joseph E. Stiglitz - Project Syndicate

The Ideological Crisis of Western Capitalism - Joseph E. Stiglitz - Project Syndicate | Countdown to Financial Armageddon | Scoop.it

The US economy's troubles should have taught Americans (and others) that they need greater equality,stronger regulation, and a better balance between the market and government.

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VIDEO: IMF chief: 'world economy has entered a dangerous phase... facing lost decade'

VIDEO: IMF chief: 'world economy has entered a dangerous phase... facing lost decade' | Countdown to Financial Armageddon | Scoop.it

The head of the IMF, Christine Lagarde, warns the of a dangerous and uncertain phase in the world economy and pushes for EU bailout plan to start in December.

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UK clocks up record trade deficit

UK clocks up record trade deficit | Countdown to Financial Armageddon | Scoop.it

The UK recorded its biggest trade deficit to date in September, while an August jump in exports has been revised away, new data shows.

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World faces lost decade

World faces lost decade | Countdown to Financial Armageddon | Scoop.it

IMF chief Christine Lagarde warns that the global economy faces the risk of a 'lost decade' and Asian countries need to be 'prepared for any storm', as Italian bonds hit a new euro-era high.

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UK: High inflation could eat £43bn of savings in just a year

UK: High inflation could eat £43bn of savings in just a year | Countdown to Financial Armageddon | Scoop.it

Beleaguered savers will see £43billion wiped off their nest eggs by November 2012 thanks to record low interest rates and soaring inflation.

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Five reasons why Italy’s $2.5 tn debt is scaring the world

Five reasons why Italy’s $2.5 tn debt is scaring the world | Countdown to Financial Armageddon | Scoop.it

After Greece, Italy is next on the hook with global investors. On Monday, the cost of borrowing for the Italian government hit a new record as fears mounted over political turmoil in Rome.

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Italy borrowing rate hits another record

Italy borrowing rate hits another record | Countdown to Financial Armageddon | Scoop.it

Italy's cost of borrowing rises to a new record as Prime Minister Silvio Berlusconi faces a crucial vote.

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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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The damage has already been done! Merkel admits recovery will take at least a decade

The damage has already been done! Merkel admits recovery will take at least a decade | Countdown to Financial Armageddon | Scoop.it

German Chancellor Angela Merkel says it would take at least a decade for Europe to pull itself out of the debt crisis, but sees “no reason to be pessimistic” if everyone “applies themselves and does their homework”.

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Italy's economic reforms 'lack credibility'

Italy's economic reforms 'lack credibility' | Countdown to Financial Armageddon | Scoop.it

A member of the European central bank's governing council has warned it may stop buying Italian debt if the government fails to reform.

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Greece was so last week! Italy on the brink

Greece was so last week! Italy on the brink | Countdown to Financial Armageddon | Scoop.it

The cost for the Italian government of borrowing for 10 years has risen to a new euro high of 6.6%.

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Why collapse of the euro 'will help Britain'

Why collapse of the euro 'will help Britain' | Countdown to Financial Armageddon | Scoop.it

Britain will be better off in five years’ time if the eurozone breaks up than
if the single currency survives the debt crisis, research suggests today.

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Greeks agree coalition government without George

Greeks agree coalition government without George | Countdown to Financial Armageddon | Scoop.it

Greek leaders at crisis talks in Athens agree to form a coalition government, with a new prime minister replacing beleaguered George Papandreou.

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Italy's bond spike: the austerity death spiral has begun

Italy's bond spike: the austerity death spiral has begun | Countdown to Financial Armageddon | Scoop.it

Every time I refresh my browser, Italian bond yields seem to have climb another percentage point. They breached the 7 per cent level - considered just about sustainable – about an hour ago and have been climbing rapidly ever since.

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BAILOUT ZONE! Italian debt rate hits unsustainable 7%!

BAILOUT ZONE! Italian debt rate hits unsustainable 7%! | Countdown to Financial Armageddon | Scoop.it

Italy's cost of borrowing touches a new record, a day after Prime Minister Silvio Berlusconi said he would resign once budget reforms are passed.

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CLICK HERE to see Italy Govt Bonds 10 Year Gross Yield Analysis

Analysis & trends for Italy Govt Bonds 10 Year Gross Yield (GBTPGR10) including current rate, chart, profile, news and other data.

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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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Italy PM 'loses majority' of MPs

Italy PM 'loses majority' of MPs | Countdown to Financial Armageddon | Scoop.it

Italian Prime Minister Silvio Berlusconi has lost his parliamentary majority, despite winning a vote on the budget, the opposition says...

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U.S. seeks to manage global economic shift to China

U.S. seeks to manage global economic shift to China | Countdown to Financial Armageddon | Scoop.it

WASHINGTON (Reuters) - The United States must develop new transpacific trade and investment agreements to channel China's huge economic power into a rules-based international system that benefits all.

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Printing Money to Combat a Global Depression

Printing Money to Combat a Global Depression | Countdown to Financial Armageddon | Scoop.it

Bill Bonner writes in The Daily Reckoning:


And so, the Americans fight depression. The Europeans fight hyperinflation. And what will they get? Depression AND hyperinflation!


Yes, dear reader, that was our forecast as few years ago. We stick with it. The world is entering a depression. Growth has stalled. Even the emerging markets are slowing down…suffering the consumer depression exported from Europe and America and trying to fight the inflation exported, by QE2, from the US.


This depression isn’t going away anytime soon. It will take years to work through, write off, default and foreclose on the mountain of household, business, and financial debt built up over the last 60 years. At first, we thought it would take 7-10 years. We’re in year 5 already…and, at the present rate, it looks like it might take another 15 years!


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What caused the financial crisis? The Big Lie goes viral.

What caused the financial crisis? The Big Lie goes viral. | Countdown to Financial Armageddon | Scoop.it

Rather than admit the error of their ways, those who helped cause the financial crisis are engaged in an active campaign to rewrite history.

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Demand from Asia to trigger four years of petrol price rises

Demand from Asia to trigger four years of petrol price rises | Countdown to Financial Armageddon | Scoop.it

Motorists were warned to prepare for four years of soaring costs at the petrol pumps, with the price of a full tank expected to top £100 as demand from the fast-growing economies of Asia triggers a boom in oil markets.

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UK economy at serious risk of recession as early as New Year

UK economy at serious risk of recession as early as New Year | Countdown to Financial Armageddon | Scoop.it

The economy faces a serious risk of contraction as early as the fourth quarter of this year or first three months of 2012, auditing firm BDO's latest Business Trends report said.
In a worrying economic health check, auditing firm BDO said output could be 'contracting' as the heavyweight services sector falters.

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China Credit Squeeze Prompts Suicides, Violence

China Credit Squeeze Prompts Suicides, Violence | Countdown to Financial Armageddon | Scoop.it

Hours after a creditor and his gang of tattooed thugs hustled Zhong Maojin into a coffee shop in Wenzhou, he says he wouldn’t yield to their demands.

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UNSUSTAINABLE? Italy borrowing rates hit record

UNSUSTAINABLE? Italy borrowing rates hit record | Countdown to Financial Armageddon | Scoop.it

The Italian government's borrowing cost rises as fears grow over political uncertainty in Rome, with 10-year bond yields hitting 6.66%.

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