Showing posts with label George Galloway. Show all posts
Showing posts with label George Galloway. Show all posts

Monday, July 1, 2013

ECONOMIC ARMAGEDDON ~ George Galloway interviews Economist Jonathan Davis on world Economy




From BBC:

Asian stocks have fallen after fears about a global economic slowdown were fanned by weak US data.

South Korea's Kospi dropped 6.2%, Japan's Nikkei 225 fell 2.5% and Australia's ASX shed 3.5%.

Investors are worried global growth is slowing more than first thought, and are concerned that major economies are heading back into recession.

The falls follow steep losses in the US and Europe on Thursday, and mark a week of stock market declines.

Concerns over growth and debt have been building over recent weeks and financial markets have been seeing extreme volatility.

Many analysts are questioning if a bear market - one in which the long term trend is negative - has now developed and is here to stay.

"Bear markets tend to happen when sentiments are low and that comes from weakened demand and bad news flow," Chou Chong of Aberdeen Asset Management told the BBC.

"The Western regions are having to face a period of lower growth and dampened demand. That is putting pressure on market sentiment." he added.

A number of industry heavyweights such as computer firm Dell have cut their earnings outlooks in recent days. At the same time, investment banks including Morgan Stanley have been revisiting their growth forecasts for this year.

On Thursday, Morgan Stanley said that the US and Europe were "dangerously close to recession", despite efforts by policymakers to boost growth and calm markets.

"Investors fear that policymakers no longer have the tools to avoid a recession," Frederic Neumann at HSBC in Hong Kong told the BBC's Asia Business Report.

What sparked the sell-off in stocks was Thursday's release of data on the US economy.

Manufacturing activity in the US's mid-Atlantic region slumped to its lowest level since March 2009, according to data from the Philadelphia Federal Reserve Bank, which is seen as an early indicator of the state of manufacturing nationally.

At the same time, sales in the US housing market fell unexpectedly and unemployment claims rose sharply.

The numbers weighed on sentiment in both the US and Europe.

"The issue now is there is building evidence that the economies themselves are weakening," Mr Neuman said.

"We are shifting from a policy risk concern to a realisation that the economies are not as strong as we believed and that is something that the investors have only begun to wake up to right now."

Mr Chong of Aberdeen Asset Management warned that given the uncertainty surrounding the health of the developed economies, markets were likely to remain volatile.

"Until we do see the US and Europe find a long-term sustainable solution to their growth and debt problems, markets will react to any near-term noises," he said.

The Dow Jones index closed down 3.7% while European indexes lost between 4% and 6%.


George Galloway speaks to economist Jonathan Davis on the shakey world economy. A very lively conversation, Davis claims that Japan is in recession for 20 years amongst other things. He has claimed there are no savage cuts to the public sector. Davis supports hiking up the interest rates of borrowing set by the Bank of England.

Wednesday, April 3, 2013

George Galloway interviews Nigel Farage on The European Debt Crisis




All eyes are once again on the latest attempts to resolve the eurozone debt crisis, with European finance ministers gathering in Poland for a meeting. Worries about a Greek default are high on the agenda, and US Treasury Secretary Timothy Geithner is attending the meeting, underlining Washington's fears that problems in the eurozone could spread beyond Europe. UK Chancellor of the Exchequer George Osborne said on Friday that the eurozone's situation was "grave", and Austria's finance minister refused to rule out the prospect of an eventual Greek default. The BBC has learned that the UBS trader being questioned on suspicion of unauthorised trading alerted the bank himself. The BBC's business editor, Robert Peston, says UBS's internal controls did not pick up the huge loss allegedly generated by its trader Kweku Adoboli, and that Mr Adoboli told UBS that he had engaged in unauthorised trades. Shares have continued to rise following Thursday's news of emergency liquidity measures by five central banks. The central banks are trying to encourage lenders, especially in Europe, to keep lending to each other, and are to provide commercial banks with three additional tranches of loans to help ease funding pressures. India's central bank has raised interest rates for the 12th time in 18 months to try to curb inflation. The Reserve Bank of India raised the policy lending rate, called the repo rate, by 25 basis points to 8.25%. India has been struggling to contain inflation which is at a 13-month high of 9.78%. Staying in Asia, Manchester United has received approval to sell shares on the Singapore Stock Exchange. The club aims to raise $1bn (£635m) to pay off some of its debts by selling about 25% of the parent company's shares. United want to complete the process by the end of the year. The latest edition of the Business Daily programme from the BBC World Service talks to supporters of a potentially game-changing alternative source of nuclear power. George Galloway interviews UKIP leader Nigel Farage on the European debt crisis.
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