Don't worry about missing the bottom!

The Wealth Gap across the West

Further suggested reading is linked here.

The Depressed World after the Lindsey Strike.

The strikers have settled at Immingham's Lindsey Refinery and the pickets are en route to Staythorpe where the same problem pre-existed! Nothing now will ever be the same. Mandelson and Monks trotting out the tired xenophobia slur now appear nothing but tired and fearful. Gordon Brown has uttered the truth we all knew in our hearts, this is a worldwide DEPRESSION, the likliehood is for decades of distress. The world's leaders are thoroughly corrupted and bereft of solutions. Salvation will only be found in the exact reverse of globalisation where acting locally we can deal in goods and methods of exchange only with those we trust and shun like the plague the despoiled international currency units. On yesterday's The Politics Show Frederick Forsyth, the author, led a call for consequences for the bankers, it will not end there is my guess as was clearly feared by his fellow guests!

Earlier bailouts to need more billions

The following disturbing quotes are from "Gold News"linked here: Today's Telegraph newspaper reports that UK banks – now part-nationalized by the socialist Labour government – will need fresh tax-payer funds if they are to deliver both greater lending to households and business as well as improved "core capital" ratios, as demanded by discredited City watchdog the Financial Services Authority (FSA). The Financial Times says UK chancellor Alistair Darling may extend tax-funded guarantees to business loans and credit in a bid to revive corporate lending. But "banks are being asked to lend significantly more without fully pricing in the risks," says Simon Ward, economist at the ailing New Star investment group. "That puts their capital positions in jeopardy and may mean they need a further capital injection in a year or two." Across the Atlantic in Washington, a Congressional vote is now widely expected on a $15 billion rescue of the "Big Three" US car makers. Global auto sales are predicted to end 2009 more than 8% below last year's levels according to new research from the Global Insight consultancy. A report in the Wall Street Journal says insurance giant American International Group (AIG) owes $10 billion on failed trades that are not covered by the US government's $150bn bail-out. The German Finance Minister makes some sensible comments on Britain's totally out of control and completely mindless government, link here.

EU Crisis may not end next year!

An EU Commissioner is reported in the Wall Street Journal this morning as follows:

Also Thursday, European Commissioner for Economic and Monetary Affairs Joaquin Almunia said growth forecasts for next year will have to be cut because the financial crisis appears likely to last longer than expected.

"The crisis may not end next year," Mr. Almunia said. Earlier this month, the commission forecast that the euro-zone economy will grow 0.1% in 2009, having previously forecast it would grow by 1.6%.

Strange that Britain, judged by the OECD to be worst placed in the credit crunch, is positioned by A****** Darling and his deranged boss Gordon Brown to emerge in July next year, see Brown's recession counter in this blog's sidebar.