Saturday, March 14, 2009

Some great news from around the world

Australia's second largest investment bank, Babcock & Brown, has gone into administration after it was unable to deal with its massive debt levels.

German factory output fell by a record 7.5% in January, its biggest drop since reunification in 1990.

US Federal Reserve chief Ben Bernanke says the world is suffering from the worst financial crisis since the 1930s.

Brazil suffered its biggest quarterly decline in economic output for more than a decade in the final three months of last year, official figures show

China is ready to introduce new economic stimulus measures "at any time", Premier Wen Jiabao has said. He also said there was enough "ammunition" to add to the 4tn yuan ($586bn; £421bn) package already announced.

China is also worried over the US being able to repay their huge loans taking by Obama going on a little spending spree.

The world economy is likely to shrink for the first time in decades this year, the head of the International Monetary Fund (IMF) has warned.

And what do people do? They organize demonstrations and complain to governments. Not over the using the printing machine to make money and then spending it together with massive loans. No. And they are not complaining over governments imposing an ever increasing bunch of laws and getting countries more and more socialistic. No. They don’t even protest over subsidiaries to banks that loans money to people so they can buy things they really cannot afford. No. People want more of the same! They want more governmental programs, more money printed and more loans taken. Idiots.

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