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Buffett said in March, US in recession; now, recession declared by Germany, Italy, 15 Eurozone nations, and Japan
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Germany has become the first of the G7 powers to declare an official recession. After Germany and Italy officially declared recession status, it was the turn of the entire 15-nation euro zone to make a similar declaration on Friday, November 14, 2008.
Gross domestic product in the Eurozone fell by 0.2 percent for a second consecutive quarter in the third quarter, according to figures from Eurostat, satisfying the technical definition for a recession. The contraction means that two of the world's three major economies, Japan and the Europe's euro zone, are now in recession.
Germany and Italy logged third quarter declines on their gross domestic products by 0.5 percent for July to September and 0.4 percent for the second quarter. France narrowly missed joining the recession club because it had a 0.1 percent GDP growth rate in the third quarter after it had a minus 0.3 percent growth in the previous quarter.
Like the UK, the group of 15 countries has been hit hard as the crisis that started in the US banking sector feeds through into the wider economy. The worst affected has been Germany, Europe's biggest economy, where GDP fell by 0.5pc in the third quarter after a 0.4pc in the second. Italy suffered falls of the same proportion in both quarters. read more »
"Every doctor will allow a colleague to decimate a whole countryside sooner than..." - Bernard Shaw
Every doctor will allow a colleague to decimate a whole countryside sooner than violate the bond of professional etiquette by giving him away.
Bailout: Decrease financial digits in stock market? Or decrease quantity of food with increasing prices?
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Food Prices skyrocketing -
The Weekend Herald finds supermarket food prices for an “average” trolley have gone up 29% in the last year.
Now this is more than the official food price index, which is weighted to what people actually buy, but both the official and the unofficial surveys show that food inflation is strong and growing.
Wealthy nations are reneging on commitments to help feed the world's hungry and may cite the banking crisis as a reason why they cannot do more, former U.N. Secretary-General Kofi Annan told an international conference on combating starvation. Annan's address emphasized that 10,000 children in the Third World would die from malnutrition on World Food Day alone - and this should be viewed as great a tragedy as the collapse of a bank. "The financial crisis deserves urgent attention and focus. But so does the question of hunger. Millions (this year) are liable to die. Is that any less urgent?" Annan told journalists at the Fighting Hunger conference attended by 200 foreign-aid experts from Europe, Africa and the United States.
"Shall I crack any of those old jokes, master, at which the audience never fail to laugh?" - Aristophanes
Shall I crack any of those old jokes, master, at which the audience never fail to laugh?
Independent US presidential candidate Nader & running mate Gonzalez banned from debates, on ballot in 45 states
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While millions of people around the world watched Barack Obama and fellow U.S. presidential candidate John McCain debate each other, another man running for the high office was ignored. Independent Ralph Nader is not allowed to debate McCain and Obama because officials say he doesn't qualify. However, Nader's influence on the tight election may be greater than he's being given credit for.
Ralph Nader and his running mate Matt Gonzalez are on the ballot in 45 states. In his fifth run for office Nader is polling roughly five percent nationwide. His move to cement a third party system can very well swing the election - each voter Nader gains is a vote McCain or Obama lose. In 2000 Nader received nearly three million votes. Some argue it cost Al Gore from beating George W. Bush. The memory is causing some supporters to abandon him on the election day. “I'm voting for Obama only because I just don't feel Nader can win. Although I like Nader, it's just more, I'd rather not McCain win,” a voter says.
Most opinion polls list him as the third most popular in the race. But you would not think so watching the mainstream U.S. news channels. As Americans are inundated daily with wall to wall coverage of the two major party candidates one may find Ralph Nader giving a press conference inside a university classroom with two television cameras and around ten reporters in attendance. read more »
"Blow, blow, thou winter wind / Thou art not so unkind / As man's ingratitude..." - William Shakespeare
Blow, blow, thou winter wind
Thou art not so unkind
As man's ingratitude;
Thy tooth is not so keen,
Because thou art not seen,
Although thy breath be rude.
Heigh-ho! sing, heigh-ho! unto the green holly:
Most friendship is feigning, most loving mere folly:
Then heigh-ho, the holly!
This life is most jolly.
Freeze, freeze thou bitter sky,
That does not bite so nigh
As benefits forgot:
Though thou the waters warp,
Thy sting is not so sharp
As a friend remembered not.
Heigh-ho! sing, heigh-ho! unto the green holly:
Most friendship is feigning, most loving mere folly:
Then heigh-ho, the holly!
This life is most jolly.
"A star you could look up to both on and off the screen": Hollywood legend, philanthropist Paul Newman 1925-2008
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Paul Newman, Oscar winner, box office mainstay, an actor's actor, a man's man on the screen and a role model on and off the screen, has succumbed to cancer. He was 83. With his engaging smile, the sardonic twinkle in his piercing blue eyes and his cool, confident air, Paul Newman was a consummate charmer, easily passing the test of superstardom. However, his aversion to the Californian lifestyle was never disguised. He preferred to stay well away from the glitzy milieu when he was not working there and dedicated himself to his charities, businesses, racing cars, family and wife, Joanne Woodward.
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