Mikhail Gorbachev, the former Soviet leader, warned Russia faced “unprecedentedly difficult and dangerous circumstances” and could be “heading into a black hole”. “It is not clear what the fate of our rouble will be or if society has sufficient financial and moral resources,” he said.
GAZA CITY, Gaza Strip – Israeli aircraft struck Hamas security compounds across Gaza on Saturday in unprecedented waves of simultaneous attacks, and Hamas and medics reported dozens of people were killed.
Tensions between India and Pakistan rose again Friday as Pakistan said it was redeploying an unspecified number of troops from the fight against Islamic militants in the northwest.
Iceland is an extreme casualty of an era in which it became extremely easy to borrow money. The tiny isle became so leveraged that its collapse has rattled the world from Tokyo to California to the Middle East.
With battle lines sharpening, the German government appears determined to resist calls to spend an additional €40 billion to fight its way out of the recession, according to officials attending a meeting in the Chancellery in the past week.
Japan’s recession deepened in November as companies cut production at the fastest pace in 55 years and rising unemployment prompted households to pare spending.
China needs to devise more policies to boost consumption among the nation’s 1.3 billion people to counter the impact of falling exports on economic growth, central bank Governor Zhou Xiaochuan said.
Vietnam’s central bank devalued the dong by 3 percent to help exporters after the Southeast Asian economy expanded at the slowest pace in nine years and the trade deficit widened.
The U.K. economy shrank the most since 1990 in the third quarter and mortgage lending dropped to the lowest in 14 years as tightening credit exacerbated the slide into recession.
The governor of the Bank of Spain on Sunday issued a bleak assessment of the economic crisis, warning that the world faced a "total" financial meltdown unseen since the Great Depression.
Is it just me, or are tensions and financial crisis perculating around the world....ALL AT THE SAME TIME?????
In case some of you thought Silicon Valley was safe.....
Silicon Valley, the technology mecca once considered immune to fallout from the global financial meltdown, now faces the biggest cutbacks since the dot-com crash.