Global Economic Crisis Accelerating

US Stocks Slide in Dow Average’s Worst Inauguration Day Drop (Bloomberg)

Pound Tumbles as UK Bank Plan Fuels Concern Crisis Deepening (Bloomberg)

Hundreds of billions of taxpayer money to bail out the banks again (Times Online)

We’re a nation on the brink of going bankrupt (Daily Mail)

Bank bail-out part two: a shot in the dark (Telegraph):
The terrifying truth is that because no one knows precisely what losses the banks are exposed to, if the new scheme goes ahead, no one knows exactly how much risk taxpayers will soon be carrying. And because the scheme cannot bring complete certainty to the financial sector, doubts and suspicions will linger, potentially clogging the credit lines again.

A desperate attempt to revive a corpse (Times Online)

‘This is like giving the kiss of life to a corpse’ (Independent)

European commission predicts UK economy will shrink by 2.8% (Guardian)

Roubini Predicts US Losses May Reach $3.6 Trillion (Bloomberg):
“I’ve found that credit losses could peak at a level of $3.6 trillion for U.S. institutions, half of them by banks and broker dealers,” Roubini said at a conference in Dubai today. “If that’s true, it means the U.S. banking system is effectively insolvent because it starts with a capital of $1.4 trillion. This is a systemic banking crisis.”

FINANCE-US: Treasury Nominee Failed to Halt Bond Scam (IPS)

Preventing the Greatest Heist in History (Seeking Alpha):
The new Obama administration needs to understand that the greatest heist in history is underway – at least $1 trillion is being transferred from taxpayers to debt holders of failed financial institutions – and take steps to stop it before taxpayers suffer further unnecessary losses. (Looting taxpayers until there is nothing left is the ‘job’ of Obama , the new puppet of the elite. The elite has staged the entire financial and economic crisis.)

Henry Kissinger: The world must forge a new order or retreat to chaos (Independent):

Canada Cuts Rate to Record 1%, Signals More Easing (Bloomberg)

European car industry ‘faces collapse’ (Guardian)

Volkswagen, BMW Scale Back Hours for 86000 Workers (Bloomberg)

Credit card fraud spikes (Australian IT)

Options Trader: Inauguration Day Outlook (Seeking Alpha)

State Street Net Falls 71% on Costs to Support Funds (Bloomberg)

Jaguar halts work at Birmingham as global car-makers wait for bailouts (Independent)

Analysts Cut Estimates as S&P 500 Has 2nd-Worst Start (Bloomberg)

Lloyds slumps 47% as investors bail out (Guardian)

‘Time to Sell’ Treasuries, Biggest Korean Fund Says (Bloomberg)

The price investors pay to insure themselves against the U.S. government defaulting on its debt jumped to a record high on Monday (Reuters)

Warning that UK is on brink of depression (Scotsman)

Misguided Spending Will Only Take Us Deeper Into Depression (The International Forecaster)

Carlos Slim taking $250m stake in New York Times (Guardian)

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