Economic crisis

Banking crisis, cartoon

US credit card companies are raising rates for borrowers behind on their payments, as default rates have hit a record high: here.

Job Losses Rise in June; Unemployment Reaches 9.5%: here.

The 150-year sentence handed down to Ponzi scheme operator Bernard Madoff was accompanied by efforts to separate his case from that of Wall Street counterparts whose financial manipulations were even more destructive: here.

Governor of the Bank of England Mervyn King has publicly warned the Brown Labour government that “the truly extraordinary” level of UK public debt must be brought down rapidly: here.

Parents, children, their friends and supporters have blockaded two Glasgow primary schools scheduled for closure: here.

Britain: Rising numbers of graduates failed to find a job last summer – before the recession took hold, according to figures published on Thursday: here.

Warning of continuing “weak” and “fragile” conditions in the Australian and world economy, global financial institutions have insisted that the Rudd government must make deep spending cuts in coming years to pay off mounting debts: here.

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