Economic crisis in the USA

This video is called Oct 26 – Public protest in Reykjavik, Iceland crisis.

The economic crisis continues.

US bails out Citigroup and prepares to give trillions more to banks: here.

California budget in free-fall as new round of cuts is proposed: here.

Verizon cuts 2,700 jobs the day after Thanksgiving: here.

Crisis in Britain: here. And here.

2 thoughts on “Economic crisis in the USA

  1. Statement on the Global Financial Crisis

    The world is currently undergoing a harsh financial crisis whose spark was primarily sent out from the US. This crisis is an inevitable outcome of a set of unbalanced contradictions accumulated for a long period of time. Influenced by this crisis, the world stock exchanges collapsed; the financial institutions deteriorated; the gross rates declined to its lowest levels.

    Under the same scenario, the contagion of the financial crisis has spread further to Europe causing economic slump and lack of liquidity in the banking sector.

    Since we live in the age of globalization which turned the world into a small village, the economies of our developing countries have not survived the ill effects of that financial crisis.

    Realizing the gravity of this crisis, especially as to the economies of Africa, Asia and Latin America, the Afro-Asian Peoples’ Solidarity Organization (AAPSO) believes that cooperation and collective responsibility is the key to resolving that crisis. The governments, hence, should use all the available instruments to prevent the crisis from harming the global economy or at least to mitigate the effects and hazards of that crisis. AAPSO also thinks that there should be coordination and consultation with the regional governmental and nongovernmental organizations in Africa, Asia and Latin America with the objective of investigating the global financial crisis, its repercussions and the mechanisms of facing it and therefore restoring the economic and financial stability to the global markets.

    AAPSO further demands a reform in the IMF and the World Bank for achieving a better balance between the developed and the developing countries.

    Moreover, AAPSO emphasizes the necessity of deepening cooperation and increasing the amount of trade exchange among the countries of Asia, Africa and Latin America in order to decrease the negative impacts of the crisis.

    AAPSO also stresses the importance of cooperation among the countries of Asia, Africa and Latin America in the areas of investment and the need to channel the Arab and Asian capital led by China into investing in Africa, as it is a promising market that is safer than other areas that have been hit by the global financial crisis. Such cooperation will undoubtedly enable the countries of the developing world to overcome the current crisis with minimal possible losses.

    AAPSO appeals to all the national committees in the member states of the Organization to examine the global financial crisis, its repercussions and how to face it and then to introduce their proposals and recommendations to the Permanent Secretariat in order to reach a common stance on how to deal with the global crisis which has been regarded as the worst since 1929.

    Ahmad Hamroush Nouri

    Abdel Razzaq Hussein
    President of AAPSO


  2. Pingback: Economic crisis | Dear Kitty. Some blog

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