All Hell About to Break Lose????
California's chief accountant on Monday will begin delaying nearly $4 billion of scheduled state payments, postponing income-tax refunds, grants to college students and welfare checks in an effort to prevent the state from running out of cash.
The delays will hurt an already wilting state economy, economists said, calling them the opposite of stimulus checks because people won't get money they expect to receive. Controller John Chiang has said the delays will last 30 days.
In an interview Friday, Mr. Chiang said further deferments are possible. "I am very concerned about the potentially devastating impact to individuals, to families, to businesses," he said. But "my principal responsibility at this time is to make sure that California does not go into default."
CHINAChina fears riots will spread as boom goes sourToday millions will leave the cities to return to their rural family homes for the new year celebrations. But this year Beijing hopes the newly jobless revellers will stay there - to prevent a fresh wave of unrest in the cities
About a million French workers staged a one-day strike yesterday and hundreds of thousands took to the streets in a show of force against President Sarkozy and his handling of the economic slump.
Jan. 30 (Bloomberg) -- Japan headed for its worst postwar recession as factory output slumped an unprecedented 9.6 percent in December, unemployment surged and households cut spending.