World Economy
Unemployment skyrockets throughout Europe
By Robert Stevens, July 8, 2009
Joblessness and social misery are rapidly on the rise in Europe under conditions of the worldwide economic crisis.
Turkish economy in freefall
By Sinan Ikinci, July 7, 2009
The latest statistics reveal the devastating impact of the economic crisis on Turkey.
Newsweek International editor’s “Capitalist Manifesto”
A desperate attempt at reassurance
By Nick Beams, July 4, 2009
Fareed Zakaria, editor of Newsweek International, has written an essay entitled “The Capitalist Manifesto: Greed is Good (To a point)”, which is intended to express relief that the panic engendere...
US unemployment rate for June at 9.5 percent
Another 467,000 jobs lost
By Andre Damon, July 3, 2009
The US economy lost far more jobs in June than had been predicted, and the official unemployment rate hit its highest level since 1983, according to data released Thursday.
Britain: Public sector jobs set to be slashed
By Barry Mason, July 3, 2009
Large-scale job losses and cuts in services are planned throughout the UK public sector.
Australia: Global institutions tell Rudd government to cut spending
By Mike Head, July 2, 2009
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 ...
US credit card companies jack up rates
By Andre Damon, July 2, 2009
US credit card companies are raising rates for borrowers behind on their payments, as default rates have hit a record high.
No economic “green shoots” in world trade and transport
By Jeff Lassahn, July 1, 2009
This massive contraction in trade is shown in the falling revenues and increasing layoffs of global transport companies. Across the world, ships, airplanes, trucks, and railroad equipment with no carg...
US state budget crises fuel massive spending cuts
Deadlines threaten government shutdowns
By Kate Randall, July 1, 2009
State legislatures across the US worked late Tuesday to push through budgets containing massive spending cuts, as five states faced the possibility of at least partial shutdowns if their legislatures ...
Dramatic decline in Turkish wages
By Sinan Ikinci, June 30, 2009
Figures recently released by the Turkish Statistical Institute reveal that in the first quarter of 2009, as Turkey was being hit hard by the global financial crisis, not only real wages but also nomin...
As the German budget deficit soars
Government parties plan drastic austerity measures
By Peter Schwarz, June 27, 2009
Following this year’s federal election, the parties in the German grand coalition are all determined to unload the consequences of the world economic crisis and the country’s huge debt burden onto...
EU summit in Brussels
European heads of government bow to banks
By Peter Schwarz, June 26, 2009
The regulations for financial markets agreed by the European heads of state and government at their conference a week ago in Brussels are even weaker than the noncommittal regulations adopted by the U...
