Economic crisis news

This is a video of a demonstration in Amsterdam, the Netherlands against the economic crisis and bankers’ bonuses.

Stock prices fell precipitously in the US, Europe and Asia last week following President Barack Obama’s surprise announcement Thursday that he was proposing new restrictions on the operations of US banks: here.

Sales of existing US homes plunged in December, showing the fragility of the housing recovery and its dependence on government stimulus: here.

Britain: The banks are set to announce “profits” of up to £25 billion—and pay out huge bonuses to top bankers: here.

4 thoughts on “Economic crisis news


    Child poverty fight ‘slid into reverse’

    By Tom Morgan, Press Association

    Tuesday, 26 January 2010

    The fight against child poverty “slid into reverse” with more than 1.7 million British youngsters missing out on enough food and clothes, a charity warned today.

    England was worst hit by the increase in severe child poverty, with more than 1.5 million children now living in families earning 50% below the average income, evidence from Save The Children showed.

    Wales has 96,000, Scotland 95,000 and Northern Ireland 43,000 children currently living in severe poverty, the charity added.

    A spokesman for the charity said: “Measuring Severe Child Poverty in the UK reveals that 13% of the UK’s children are now living in severe poverty and shows that efforts to reduce child poverty have not only stalled but have slid into reverse.”

    Evidence showed a sharp increase in severe poverty even before the recession, with an additional 260,000 children plunged into severe poverty during four years of UK economic boom before the recession hit in 2008.

    Fergus Drake, director of UK programmes for the charity, said: “It’s shocking that at a time when the UK was experiencing unprecedented levels of wealth the number of children living in severe poverty – we’re talking about children going without a winter coat, a bed and other day-to-day essentials – actually increased.

    “Measures introduced by the Government in the last two years have managed to prevent the numbers spiralling even higher but with unemployment expected to rise there is now a danger that severe child poverty will increase even further.”

    London has the biggest proportion of children living in severe poverty accounting for around one fifth of all children living in severe poverty in the UK – over 300,000 children.

    The report also reveals that single parents and those out of work are those most likely to be living in severe poverty. Almost half of children in severe poverty were in single parent families and the same number in families claiming job seekers allowance (50%).

    The recession is likely to have increased severe poverty by a further 100,000 children but rises in tax credits and benefits are expected to have bought the numbers back down to pre-recession figures, the researchers said.

    The report, conducted by the New Policy Institute, also revealed Pakistani, Bangladeshi and black African children were around three times more likely to be in severe poverty than white children.

    Department for Work and Pensions minister Helen Goodman said: “Over the last decade we have lifted half a million children out of relative poverty and also increased help substantially for the very poorest families to make sure they are better off.

    “Families with children in the poorest fifth of the population are, on average, £5,000 better off as a result of personal tax and benefit changes.

    “Without measures such as tax credits, employment help and the Sure Start programme, it is likely around two million more children would still be in poverty today.

    “Significant investment made since Budget 2007 will lift a further 550,000 children out of poverty and we are helping to get parents into work by providing free childcare for three and four-year-olds.

    “But there is still much more to do. We are determined to meet our ambitious goals and help break the cycle of deprivation, which is why we will enshrine in law our commitment to end child poverty by 2020.”

    Shadow work and pensions secretary Theresa May said: “These figures are a damning indictment of Labour’s record.

    “Despite targeting child poverty, Labour’s approach was failing even before the recession. We can’t go on like this.

    “Labour’s one dimensional approach with its focus on shifting people from just below the poverty line to just above it has failed to tackle the long-term causes of poverty, such as children growing up in work-less households, educational failure and family breakdown.

    “We need a change to tackle these issues and address the causes of poverty.

    “A Conservative government would give specialist help to get people into work through our Work Programme to get Britain working, would bring in a pupil premium which would target more help at poorer pupils and would remove the couple penalty in the tax credit system which would lift 300,000 children out of poverty.”

    Liberal Democrat work and pensions spokesman Steve Webb said that Government policies for tackling poverty had failed while there were “gaping holes” in the Tories’ plans.

    “Labour has failed to tackle child poverty with its complicated tax and benefit tricks. Ministers have run out of ideas,” he said.

    “The Liberal Democrats will invest more in education to give every child a fair start and break the link between poverty and low grades.”


  2. Suicides in Japan above 30,000 for 12th year in 2009+

    Jan 25 09:39 PM US/Eastern

    TOKYO, Jan. 26 (AP) – (Kyodo)—The number of suicides in Japan increased again in 2009, staying above 30,000 for the 12th straight year, the National Police Agency said Tuesday in a preliminary report.

    The tally totaled 32,753 in the reporting year, the fifth largest on record and up 504 from 2008 when it fell by 844 from the year before. It has remained over 30,000 since 1998.

    Men accounted for 23,406 of the total and women 9,347.

    The rise apparently reflected the economic slump as the number of monthly suicides topped 3,000 from March to May in line with the tendency of people with economic problems to commit suicide around the time a business year ends. Most Japanese companies close books on March 31.


  3. Support Michigan Moratorium campaign! Help stop Foreclosures, Evictions & Utility Shutoffs!

    If you’re in Michigan, demonstrate in Lansing at Governor’s State of State speech Feb. 3

    Demand that the Governor use her powers to DECLARE A STATE OF EMERGENCY

    Demand a Two-Year Moratorium on Foreclosures, Evictions and Utility Shutoffs in Michigan and a State of Emergency in Detroit.

    The people of Michigan need emergency relief NOW to survive the economic catastrophe that we are in. We demand that Gov. Granholm exercise her authority under MCL 10.31 to declare a State of Economic Emergency in Michigan and place an immediate Moratorium on all Foreclosures, Evictions and Utility Shutoffs. In addition, we demand that the State Legislature pass S.B. 29 which calls for a two-year moratorium on foreclosures.

    Furthermore, emergency relief is needed in the City of Detroit, the hardest hit major city with 45% unemployed, families losing their lives due to DTE Energy shutoffs, neighborhoods destroyed by foreclosures and evictions, Detroit schools continuing to fail, and City services diminished due to lay-offs.

    We must demand that the Governor apply to President Obama for money to bail out Michigan cities and towns, especially those with the highest unemployment. This should also happen in every state. We need funds for jobs for youth to rebuild the houses that have been stripped and destroyed, and money to stop the destruction of public education and services in our cities. The money for the bankers, corporations and military must go to Bailout the People!

    We demand that Governor Granholm:

    ® Declare a State of Economic Emergency in the State of Michigan!

    ® Order a Moratorium NOW to Stop all Foreclosures, Evictions and Utility Shutoffs in Michigan

    ® Request President Obama declare Michigan a Disaster Area and Fund a Public Works Program to Provide Jobs Now

    We are taking to the streets with our demands. Join our demonstration at the State of the State address Wednesday, February 3, 2010, 5:30 PM in Lansing.

    For more information and to volunteer to help, Call 313-887-4344 or Email or see

    To endorse the Campaign for a Two-year Moratorium on Foreclosures and Evictions:

    To Sign the Petition to let the Michigan Governor, State Legislature, Congressional Delegation, President Obama, Congressional leaders, Secretary of Housing and Urban Development, Federal Reserve Chairman and members of the media know you want the legislature to PASS THE TWO-YEAR MORATORIUM ON FORECLOSURES BILL NOW:

    Donations are urgently needed. To donate to support our campaign:

    To find out about the April 10, 2010, Washington, D.C. National March for Jobs on the 75th Anniversary of the WPA, go to To be an endorser of this important national demonstration, go to!

    Moratorium Michigan

    5920 Second Avenue, Detroit, MI 48202


    National Office of Bail Out People Movement:
    Solidarity Center
    55 W. 17th St. #5C
    New York, NY 10011


  4. Indonesia: Thousands protest Yudhoyono’s 100th day in office

    Photos by Ulfa Ilyas and PRP International
    Jakarta, Indonesia — January 28, 2010 — Thousands of Indonesians
    staged a mass protest in front of the presidential palace. The
    protesters criticised the government of President Susilo Bambang
    Yudhoyono’s neoliberal policies and corruption on its 100th day in office.

    * Read more


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