Economic crisis again


Economic crisis, cartoonThe International Monetary Fund’s updated World Economic Outlook, released Wednesday, predicts world economic growth of negative 1.3 percent this year, marking “by far the deepest global recession since the Great Depression”: here.

The recession is fuelling a rapid growth in hundreds of millions of pounds’ worth of share frauds run by financially astute conmen, who target pensioners seeking a better return on their dwindling savings and the newly jobless with redundancy cheques to invest: here.

The US Treasury Department is preparing a Chapter 11 bankruptcy filing for Chrysler LLC that could come as soon as next week. Meanwhile, GM is slashing production at its US plants in anticipation of its own bankruptcy filing: here.

Top executives at Chrysler Financial turned away a government loan because they did not want to abide by new federal limits on pay, according to findings by a federal watchdog agency reported by the Washington Post: here.

The World Socialist Web Site spoke to students at SUNY Albany, the first university created in the state system, about the tuition hikes and budget cuts that have provoked anger throughout the state: here.

Former “Young Manager of the Year” takes over as new head of Hungarian government in a coup organized by the outgoing prime minister: here.

STATE-OWNED Royal Bank of Scotland was condemned on Friday as it attempted to recoup the entire cost of damage to a branch during the G20 protests from a single unemployed teenage activist: here.

Tim Sanders cartoon

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