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  • Financial Cycle and the Coming Collapse

    No one really knows the future of the world’s economy. However, the Viennese investor Walter Eichelburg had an inkling during past years. In the beginning of 2007, he predicted the collapse of Fannie Mae and Freddie Mac during an interview with The Epoch Times.

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    UCLA Economists: Government Intervention Prolonged Great Depression

    In 2004, economists at the University of California, Los Angeles (UCLA), studied the policies of President Franklin Roosevelt’s New Deal and determined his policies prolonged the Depression by seven years.

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    Bank says crisis has cost estimated 1.8 trillion pounds

    The world’s battered financial system is nursing estimated losses of $2.8 trillion (1.8 trillion pounds) but global intervention should bring about stability, the Bank of England said on Tuesday.

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    The IMF Can Print Money Like a Central Bank

    In an article entitled “IMF may need to ‘print money’ as crisis spreads”, the Telegraph reveals that the IMF has the power to create money just like the Federal Reserve.

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    Stock Market Has Fallen Steadily Since Bailout Bill Signed

    The U.S. stock market has lost 1,417 points–a decline of nearly $3 trillion in value–since President Bush signed into law a $700-billion financial industry bailout bill that was supported by both the Republican and Democratic presidential candidates.

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    ?Panic’ in U.S. Futures Rattles Investors Worldwide

    U.S. stock-index futures are becoming less reliable as predictors of market moves.

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    Investors Remain on Edge Amid Recession Worries

    Markets around the world remained volatile as investors worried that a flurry of central bank moves this week would not be enough to stave off a global recession.

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    Japan markets plummet to 26-year low

    Japan’s Nikkei average slumps 6.36 percent to its lowest level in 26 years as nervous investors await the US financial crisis fallout.

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    Trichet Says ECB May Reduce Rates Again Next Week

    European Central Bank President Jean-Claude Trichet said he may cut interest rates next week, less than a month after slashing the key rate by half a point, as the financial crisis intensifies.

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    Dr. Doom forecasts depression

    Peter D. Schiff, an extreme bear who correctly foresaw the U.S. stock-market slide, the home mortgage meltdown and the credit crunch, still sees plenty of doom and gloom ahead.

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    Nouriel Roubini: I fear the worst is yet to come

    As stock markets headed off a cliff again last week, closely followed by currencies, and as meltdown threatened entire countries such as Hungary and Iceland, one voice was in demand above all others to steer us through the gloom: that of Dr Doom.

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    UK’s Brown hints at further joint rate cuts: report

    British Prime Minister Gordon Brown has hinted at the possibility that lower inflation thanks to falling oil prices could prompt central banks around the world to make more joint interest rate cuts, the BBC reported.

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    Governments May Have Caused Stocks Selloff: Dr. Doom

    The wave of stock selloffs sweeping world markets may be partially caused by the fact that many governments increased guarantees for bank deposits, making them a much safer investment, Marc Faber, author of the “Gloom, Doom and Boom Report,” told CNBC Monday.

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    Oil tumbles 3 percent to 17-month low

    Oil tumbled more than 3 percent to another 17-month low on Monday, extending deep losses amid growing doubts over whether world governments can tame a crisis that threatens to push the global economy into a deep recession.

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    Global Recession Fears Drive Sell-Off

    Stocks tumbled last week, driving the Standard & Poor’s 500-stock index toward its steepest monthly loss since 1938, as investors worried about the global economy sliding into a recession.

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    ‘Worst financial crisis in human history’: Bank boss’s warning as pound suffers biggest fall for 37 years

    Consumers face higher shop prices, dearer fuel and more expensive holidays after the pound slumped yesterday.

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    Gold rises first day in four on belief it was oversold

    Gold futures reversed losses Friday, closing up more than 2% on speculation that the precious metal, losing more than $190 in the previous 11 sessions, has been oversold. Copper and other metals, however, ended mostly lower.

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    Around the World, the Signs Of Slowdown Spiral Outward

    Pessimism about the global economy deepened yesterday as fresh evidence of a worldwide slowdown showed up in feeble corporate profit reports from Asia, sinking commodities prices, and a scramble by emerging economies to prop up their sagging currencies and avert credit defaults.

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    Dollar and Yen Soar as Other Currencies Fall and Stocks Slip

    Fear that the financial crisis is infecting once-healthy economies created another white-knuckle day for investors Friday, causing stocks to tumble from Tokyo to New York.

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    CNBC Guest: “Illuminati” Behind Stock Market Crash

    Jeffrey Saut of Sentinel Asset Management says “Illuminati” behind stock market crash and economic pain on CNBC this morning.

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    Paulson Is Said to Plan Buying Stakes in Regional U.S. Banks

    Treasury Secretary Henry Paulson is preparing to take stakes in a number of regional U.S. banks as he seeks to halt the freeze of credit to businesses and households, according to a person briefed on the matter.

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    OPEC Agrees on Sharp Output Cut, Oil Slide Goes On

    An emergency OPEC meeting on Friday reached swift agreement to chop production by 1.5 million barrels per day (bpd) in an effort to halt a deep oil price slide.

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    Britain on brink of recession as economy shrinks by 0.5% - the worst figures for 18 years

    Britain is officially on the brink of recession after new figures revealed the economy has shrunk for the first time in 16 years.

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    White House expects sharp jobless rise

    The White House braced the US public on Thursday for a sharp rise in layoffs and unemployment stemming from the global economic crisis, amid fresh warnings of a painful and lasting recession.

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    Fitch says gold price will hold up reasonably well over 12-18 months

    Fitch Ratings Thursday said liquidity for the mining and metals sector is generally healthy as “most companies have taken advantage of strong prices to improve their assets and capital structure.”

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    Forecast: 2 Years of Deflation, Followed by Raging Inflation

    I’m calling 1 1/2 to 2 years of deflation, followed by raging inflation.

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    House prices ‘will fall further 25% in 2009′, warn analysts

    House prices could fall by a further 25 per cent by late 2009, influential economic analysts warn today.

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    Supermarkets cut petrol prices just as oil cartel votes to CUT production by 1.5m barrels per day to boost flagging value

    Supermarkets slashed petrol prices to 94.9p per litre today as it was revealed that greedy oil producer nations planned to cut productio in a bid to prop up the value of oil.

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    Argentina To Raid Pension Funds In Desperate Search For Cash

    Things have now got so bad that the state has decided to take over $29bn of the country’s privately managed pension funds to get its hands on some cash. This is being presented as an emergency move to meet financing costs that have soared as commodity prices have tumbled.

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    Greenspan: I’m ‘Shocked’ At Breakdown in Credit

    Former Federal Reserve Chairman Alan Greenspan told Congress on Thursday he is “shocked” at the breakdown in U.S. credit markets and that he sees more layoffs and a jump in unemployment ahead.

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    The Fed’s Response to the Financial Crisis: More of the Hair of the Dog That Bit Ya

    John Riley nails in a single paragraph what the government is doing wrong in responding to the economic crisis.

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    CNBC Host: Financial Distress Caused by Government, Not Markets

    As the media continue their quest to assign blame for the present economic environment – mostly on the free market – some of the most overlooked culprits have been the major credit rating agencies.

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    U.S. mulls $40 bln plan to help forestall foreclosures: report

    The Bush administration is weighing a roughly $40 billion proposal to help forestall housing foreclosures, one of a series of ideas under consideration to address the root causes of the financial crisis, the Wall Street Journal reported.

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    Stocks Plunge On Recession Fears

    Shares have plunged in Asia on growing fears of a global recession.

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    Recession Will Last At Least Two Years: Roubini

    The US economy is entering a two-year recession that will be longer and deeper than previously feared, said Nouriel Roubini, a well-known economist and professor at New York University.

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    Global Stocks Decline on Recession Concern; Euro, Oil Retreat

    Stocks fell around the world, the euro sank to an almost two-year low against the dollar and commodities retreated as the economic slump deepened and corporate profits declined.

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    The Government Has Given Banks YOUR MONEY, and You Won’t Get Anything For It

    The government has given banks handfuls of YOUR MONEY and you won’t get anything for it.

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    Pound plunges after Mervyn King warns of recession

    The value of the pound has plunged, suffering its sharpest drop in 16 years, after the Governor of the Bank of England warned that Britain is entering a recession.

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    House prices ‘to plummet by 35%’ - the biggest ever fall in Britain

    House prices will fall a record-breaking 35 per cent by next autumn, a leading firm of economists warned yesterday.

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    Britain to loan Iceland three bln pounds to repay savers: report

    Britain is planning to lend about three billion pounds to Iceland to repay Britons with savings in a stricken Icelandic bank, a newspaper reported on Wednesday.

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    Global stocks slide anew, dollar sets 2-year high

    Stock markets around the world fell sharply again on Wednesday after concerns about economic recession and falling commodity prices were fueled by a fresh spate of gloomy corporate earnings.

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    Next in the Financial Crisis: Possible Criminal Charges

    Investors and taxpayers angry about the government bailout of seemingly mismanaged financial firms can probably count on a wave of criminal indictments in the months ahead, say white collar crime experts.

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    Majority of States Now in Recession

    What started out as a housing problem in a few states has now exploded into a full-fledged recession with a majority of states now in or dangerously close to recession.

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    Homeless numbers ‘alarming’

    More families with children are becoming homeless as they face mounting economic pressures, including mortgage foreclosures, according to a USA TODAY survey of a dozen of the largest cities in the nation.

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    National City to cut 4,000 jobs

    National City Corp, a U.S. Midwest regional bank hard hit by the credit crisis, on Tuesday announced plans to slash 4,000 jobs and said rising reserves for soured mortgage and real estate construction loans led to its fifth straight quarterly loss.

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    Perino Denies Recession: Only A Few Regions Of The Country ?Are Hurting Right Now’

    Yesterday on CNN’s late edition, Chairman of the President’s Council of Economic Advisers Edward Lazear told host Wolf Blitzer, “We are seeing what I think anyone would characterize as a recession in certain parts of the country.”

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    U.S. Moves Toward Stimulus as Bernanke, Bush Shift

    Lawmakers and officials moved toward forging a second fiscal stimulus bill after Federal Reserve Chairman Ben S. Bernanke endorsed the idea and the Bush administration dropped its opposition.

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    World stocks climb again, euro at 1-1/2 year low

    World stocks climbed for the third day in a row on Tuesday as investors bet governments would succeed in ending the credit crisis and in controlling the global economic downturn.

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    Turmoil May Make Americans Savers, Worsening `Nasty’ Recession

    The U.S. may be on its way to becoming a nation of savers, whether Americans like it or not.

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    Top advisor says US facing recession

    A senior economic adviser says parts of the US economy are already in recession amid fears that major economies could face a severe downturn.

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