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GFC2: World Bank Crisis Warning - Global Economy on Edge of New Financial Crisis, Worse than GFC1; IMF says the world faces a 1930s moment of the kind that brought on the Great Depression
Topic Started: 18 Jan 2012, 02:38 PM (7,099 Views)
newjez
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audas
23 Jan 2012, 10:50 AM
Mr Wu
23 Jan 2012, 10:40 AM
Wu laugh more and say sorry you so silly
The dates come AFTER my post wu - have contacted the site administrators - I take a pretty serious view of being accused of plagiarism, have spent too much money and time on gaining my education to be ripped off and accused of plagiarism - will write another one later today to back it up and go into an even more interesting view point if need be - it just irks me a fair bit that is all.

I know its really petty, but considering the nature of the world today - SOPA etc, it is worth standing your ground.

The guy admits he plagiarised it, but he states that the person he got it off works in banking and wrote it himself - he didn't.
That could explain why I couldn't find anything on google and Frank did. Interesting.
Whenever you have an argument with someone, there comes a moment where you must ask yourself, whatever your political persuasion, 'am I the Nazi?'
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hoofarted
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I too tried to see if there was a source on the internet and could not find anything. Typical that there would be people who cannot attack the content so they attack the persons credibility.
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IMF seeks $1 trillion to stave off '1930s moment'

Peter Martin
January 25, 2012 - 5:52AM

Greece's private creditors have pleaded with European officials who rejected their bond swap offer to hammer together a deal before Athens tumbles into a chaotic default.

THE world will face a "1930s moment" of the kind that brought on the Great Depression unless money can quickly be found to support nations such as Italy and Spain, the International Monetary Fund says.

Before releasing dramatically downgraded economic forecasts early this morning Australian time the IMF chief, Christine Lagarde, told an audience in Berlin $1 trillion would be needed to support ailing governments and stave off a deeper crisis - half of which would have to come from Fund backers such as Australia.

The Treasurer, Wayne Swan, backed Ms Lagarde, saying without "larger firewalls" to protect embattled European nations the global economy was at risk. But the shadow treasurer, Joe Hockey, questioned whether such payments were in Australia's national interest.

Read more: http://www.smh.com.au/business/world-business/imf-seeks-1-trillion-to-stave-off-1930s-moment-20120125-1qg7z.html#ixzz1kPwucRAT
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Lagarde's dire warning: it's better late than never

January 25, 2012

YOU can't say she didn't warn us - and therein lies the main purpose of the dire economic prognosis of the International Monetary Fund chief, Christine Lagarde. Lagarde's warning of ''a 1930s moment'' and rejection of knee-jerk budget austerity measures are as much about protecting the Fund's own legacy as they are about spurring political leaders to solve the euro zone crisis.

As with the World Bank warnings last week, what is significant about the IMF's forecasts released overnight is not what it says, but the way it says it. The associated commentary is key. Where the World Bank warned of ''a dangerous phase'' for the world economy, the IMF's authors fret about ''a perilous new phase'' in Europe.

Read more: http://www.smh.com.au/opinion/politics/lagardes-dire-warning-its-better-late-than-never-20120124-1qfss.html#ixzz1kPxjLBUe
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Shock treatment

January 28, 2012

They say the night is often darkest just before dawn. The past two weeks have seen a dramatic rise in attempts by world economic institutions to turn out the lights on dithering European leaders trying to solve their debt crisis. The language has turned dark, with warnings from the head of the International Monetary Fund, Christine Lagarde, of a ''1930s moment'' if excessively austere budget policies kill growth.ow

These are ''perilous'' times, we are told. Fear stalks the land. There is rallying talk of the need for a ''firewall'' to protect nations. No, this is not some Harry Potter sequel, but real life.

''This is really truly one of the scariest moments in my financial life,'' the finance analyst Satyajit Das confided on National Public Radio this week. And his financial life spans 34 years working in and observing finance markets. In a paper titled The Road to Nowhere, he writes: ''Europe resembles a zombie economy, which functions in an impaired manner with periodic severe economic health crises. The risk of a sudden failure of vital organs is uncomfortably high.''

Read more: http://www.smh.com.au/opinion/politics/shock-treatment-20120127-1qlik.html#ixzz1kpQmjhkt
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newjez
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It could be a Harry Potter sequel - 'Harry Potter and the Bucket of Poo!'
Whenever you have an argument with someone, there comes a moment where you must ask yourself, whatever your political persuasion, 'am I the Nazi?'
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Wayne Swan wants 'excessive pessimism' to stop

AAP
January 30, 2012 11:19AM

FEDERAL Treasurer Wayne Swan has blamed "excessively pessimistic'' reporting of Australian economic indicators for keeping local confidence down.

"We've got to get some balance, a reality check if you like, back into that discussion,'' he told ABC Radio today.

The government had already factored a European recession in to its forecasts, he said, and the Australian economy could withstand "the worst the world can throw at us''. The treasurer said that while there were great dangers emanating from Europe, Australia shouldn't be blind to the opportunities that flow in to the region.

"I think there has been a lot of the talking down of the economy, certainly from our political opponents,'' Mr Swan said, adding that the opposition constantly misrepresented economic fundamentals.

He also pointed to media coverage of International Monetary Fund (IMF) growth downgrades overseas and the recent jobs rate in Australia.

Read more: http://www.news.com.au/business/wayne-swan-wants-excessive-pessimism-to-stop/story-e6frfm1i-1226257104259#ixzz1kwKcVlRh
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Crisis not over yet, warns ANZ boss

March 30, 2012

THE chief executive of the ANZ, Mike Smith, has warned that Europe's economic crisis is likely to flare again.

He questioned whether it was in the best interests for some of the region's troubled economies to remain in the currency union, and said they would struggle to remain competitive while tied to the euro.

Mr Smith also cautioned that the massive cash injection into the region's banking system at the end of last year was essentially buying time, with some banks still facing the prospect of being nationalised.

The comments, in an address to the Asian and Oceanian Stock Exchanges Federation in Sydney, sounded a sober tone in the face of the positive mood through global markets on the outlook for Europe.

Read more: http://www.smh.com.au/business/crisis-not-over-yet-warns-anz-boss-20120329-1w13j.html#ixzz1qZiDawrM
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Wisebear
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THE chief executive of the ANZ, Mike Smith, has warned that Europe's economic crisis is likely to flare again.


Talk about stating the obvious. Nothing has been fixed in Europe so the real crisis is still ahead.

The real question for Australia is whether the crisis leads to a reduction is global credit, lower interest rates and deflating asset prices or a re-pricing of risk and higher interest rates. Either way it's not good news for our favorite asset bubble.

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Storm in parting of the red sea

Michael Evans
May 17, 2012

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Stockmarkets reeled as dismay swept their halls on the winds blowing from increasingly uncertain Europe and China.

SHARP falls in commodities prices, concerns about a slowdown in the Chinese economy and predictions of a break-up of the eurozone have sparked fears over risks to the strength of Australia's mining boom, leading to the biggest fall on the local sharemarket this year.

Global markets slumped yesterday, with the Australian market down more than 2 per cent, led by major miners BHP Billiton and Rio Tinto, which slumped to near three-year lows. The dollar continued its slide, falling below US99¢ and at one point to its lowest for the year at 98.95¢.

Commodities prices have fallen heavily since February with key indices such as the Thomson Reuters-Jefferies CRB index at near two-year lows, having fallen 11 per cent since February.

Jac Nasser, chairman of the world's biggest miner, BHP Billiton, said it would not proceed with all of $80 billion in new investment announced last year, raising questions about jobs creation in the sector. Chief executive Marius Kloppers said yesterday cash flows across the industry were lower than they were a year ago.

ANZ boss Mike Smith added his voice to concerns over a fallout from the ructions in Europe, saying a break-up of the eurozone was ''quite likely''. Former Treasury secretary Ken Henry argued this week that the eurozone would fail within six months.

Greece's President Karolos Papoulias has admitted almost €1 billion ($A1.2 billion) has been withdrawn from the country's banks since the May 6 elections failed to form a government.

Added to the continued uncertainty over Europe, fresh concerns have emerged from the impact of China's plans to lower economic growth to a more sustainable 7 per cent annually from 10 per cent. Lower projected demand has hit commodity prices, forcing mining companies to weigh up the profitability of projects and investors to question their pricing of stocks.

Read more: http://www.smh.com.au/business/storm-in-parting-of-the-red-sea-20120516-1yr8p.html#ixzz1v4usmEEI
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