Germany's slump risks 'explosive' mood as second banking crisis looms
A clutch of political and labour leaders in Germany have raised the spectre of civil unrest after the country's leading institutes forecast a 6pc contraction of gross domestic product this year, a slump reminiscent of 1931 and bad enough to drive unemployment to 4.7m by 2010.
Michael Sommer, leader of the DGB trade union federation, called the latest wave of sackings a "declaration of war" against Germany's workers. "Social unrest can no longer be ruled out," he said.
Gesine Swann, presidential candidate for the Social Democrats, said "the mood could turn explosive" over the next three months unless the government takes drastic action.
MOSCOW -- The ranks of Russia's jobless swelled by 400,000 in March and are likely to keep growing, according to new estimates from Russia's government statistics agency, Rosstat.
The data for March put the unemployment rate at 10%, the highest in eight years, up from a revised 9.5% rate in February.
The figures have already exceeded official estimates for the 2009 average unemployment rate of 8.2% and seem to belie official statements that the growth of joblessness is slowing. Rosstat Tuesday revised its jobless total for February to 7.1 million from the previous 6.4 million.
The U.K.'s economy took its worst dive in 30 years and Spain's jobless rate soared to nearly one in five, underscoring the pain sweeping across Europe as repercussions of the global financial crisis take hold.
We know about Japans exports being DOWN almost 50%and paying people to leave the country because of lack of jobs!!!!!!!!!!!!!!!!!!!!!!!!
......and Iceland, Bulgaria, Latvia, Lithuania, Georgia, rioting in Greece, Italy and millions protesting in France.....over 20,000,000 losing jobs in China in one quarter......
And now this is what Mr. Geithner tells us this evening??????
We meet in the context of a severe downturn in the global economy. Without underestimating the challenges we still face, there are signs that the pace of deterioration in economic activity and trade flows has eased
......but we would be wrong to conclude that we are close to emerging from the darkness that descended on the global economy early last fall.
The origins of this crisis were a long period of increased borrowing and leverage and the breakdowns in many financial markets and institutions around the world. Crises that follow credit booms and originate in the collapse of financial systems tend to be more virulent and longer lasting. We do not have much experience with them on a global scale because such crises are once-in-several-generational events.
WHAT DO YOU THINK ALSTRY HAS BEEN BLOGGING ABOUT FOR THE PAST YEAR......
Prepare....Don't Fear...............It is about to get a lot worse!!!!!!!!!