'Major global downturn' says IMF

[T_i_B]

Source: BBC

The world economy is entering a major downturn in the biggest financial crisis since the 1930s, said the International Monetary Fund (IMF).

In a hard-hitting report, the IMF warned the global economy was facing its most dangerous crisis for 70 years.

World economic growth will slow substantially this year, and only pick up modestly later in 2009, it said.

It warned the challenge for governments would be to stabilise economies while keeping a lid on inflation. In its latest bi-annual World Economic Outlook report, the IMF said global economic growth would slow to 3.9% this year and then to just 3% in 2009 - its lowest level since 2002.



Read more: http://news.bbc.co.uk/2/hi/business/7659086.stm

[NashVegas]

1. Yay For Global Capitalism, Huh?

Ain't it great?

[ohio2007]

10. well, "experts" say it will reduce global warming

if you believe that stuff

[earth mom]

2. Right on schedule-Just like the powers that be planned it

Wanna bet there's not gonna be an election?

[Warpy]

5. You're giving them far more credit than they're due

Nobody is more surprised by this shitstorm than the party that caused it and the class that bought the party that caused it. They honestly thought the shell game of making securities out of thin air and bidding them up to pump up their wealth on paper would last forever. They thought that sucking money away from workers who produce actual wealth and substituting easy access to credit would last forever, that there was no upper limit to the debt that proles could service and still manage to eat. They really believed in that invisible hand controlling a deregulated market and they really didn't think about all the thieves who would set up shop offshore.

They didn't think, and that's the bottom line. They never do.

[raccoon]

8. Well said! nt

[Odin2005]

9. People seem to want to see conspiracies when in reality it's simple incompetence and...

...greed. The big problem is the dominance of Monetarist thinking, which actually causes bubbles to occur. If you want a healthy economy what you need is high taxes on the rich, corporations, and capital gains and low interests rates. This forces investment into the real economy. The Monetarist regime of low taxes and high interest rates leads to the rich causing bubbles.

[muriel_volestrangler]

14. Yeah, I'll take your bet

If the US presidential election happens on schedule, you give me £5; if it doesn't, I'll give you $100. Sound good to you? Loser pays the transaction costs (via PayPal or whatever).

I'll remind you that world wars and the Great Depression, and even the Civil War, didn't stop presidential elections, before you leap in to this bet. I wouldn't want to have an unfair information advantage.

[aquart]

3. Well, aren't they quick.

[HereSince1628]

4. This happens when the worlds leading consumers lose their jobs

or are so afraid they will lose their jobs they quite spending.

The IMF needs to tell those Asian work forces to spend on credit to save the world.

[fencesitter]

6. US Set to go into deep recession, IMF says.

Source: MSNBC

WASHINGTON - The world economy will slow sharply this year and next, with the United States likely sliding into recession reflecting mounting damage from the most dangerous financial jolt in more than a half-century.

The International Monetary Fund, in a World Economic Outlook released Wednesday, slashed growth projections for the global economy and predicted the United States — the epicenter of the financial meltdown — will continue to lose traction.

"The world economy is now entering a major downturn in the face of the most dangerous shock in mature financial markets since the 1930s," the IMF said in its report.

The IMF now projects that the global economy, which grew by a hardy 5 percent last year, will lose considerable speed, slowing to 3.9 percent this year. It is forecast to weaken even more — to just 3 percent — next year, marking the worst showing since 2002. In the past, the IMF has called global growth of 3 percent or less the equivalent to a global recession.



Read more: http://www.msnbc.msn.com/id/27083134/

[bemildred]

7. Useless stooges stating the obvious.

Like they would know what to do about it. Like they saw it coming and did anything about it.
:puke::puke:

[T_i_B]

12. Oh, I dunno

Maybe the International Monetary Fund and the World Bank have a role to play in getting us out of this mess, now that we've landed where we have? :shrug:

[bemildred]

16. Then again, maybe they are part of the problem? nt

[T_i_B]

17. Then again, maybe things can change?

After all, who would have imagined nationalization of banks being such a major policy this time last year?

T'was just an innocent thought of mine. After all, the money for all these bailouts has to come from somewhere and that's when you start wondering about the IMF and World Bank.

[bemildred]

18. Things will change, you may count on that.

Actually the money doesn't have to come from anywhere, they just pull it out of the air. The real issue is credibility, we have mostly faith-based currencies nowadays, and the danger is that the public will lose faith.

As far as the IMF goes, I suggest reading "Confessions of and Economic Hitman".

[xchrom]

11. recommend

[Runcible Spoon]

13. what's wrong IMF? cook doesn't like its own soup?

boohoo FUCKERS.

[Doctor_J]

15. Wow. These guys are freakin' geniuses.

Maybe they'll tell us next week that global warming is real