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Worldwide Depression is a Matter of Attitudes

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Recession will last until next year

Alistair Darling, the Chancellor, has admitted that the recession will be more severe and longer-lasting than the Treasury predicted. He said: "It's worse than we thought." In his Budget later this month, Darling will predict that the UK economy will slide by three per cent this year - three times the rate of decline he predicted in November - with no sign of an upswing until at least the end of 2009. It had been hoped that optimism over the G20 might boost growth. (Sunday Times)

Gordon Brown, in danger of going out on a limb with a plan to blow more money on getting Britain out of recession, has suddenly backed away from advocating any further 'fiscal stimulus' after pressure from two quarters.

First there was the Bank of England Governor Mervyn King's very public, and controversial, warning on Tuesday that the Government simply could not afford a further spending spree, and that the upcoming Budget on April 22 should not include tax cuts and public spending increases.

Second, clearly alarmed by King's warning, City investors, for the first time since 1995, declined yesterday to buy the full compliment of gilts offered for sale at one of the Treasury's official auctions. The message was clear: there are growing fears that Britain may not be able to repay the billions of pounds in debt it has been amassing in its bid to rescue the banks and revive the economy. If things go too far, Britain could end up going begging to the IMF. - Jack Bremer, FirstPost.co.uk

In the buildup to the Iraq war, I was telling everyone I knew that it was obvious that Iraq had no WMD. I've been telling people for months that it was obvious that the UK government lacked the financial resources to bail out the banks, let alone prevent or lessen a recession. Rather, all this government--essentially with the support of Tories and LibDems--would do was to exacerbate the debt crisis by pilling on even more debt. If, or when, the global economy began to recover, the massive debt incurred by the government would prevent us from a similar recovery. The media, political establishment and business sector are in denial of the cataclysm about to hit the UK economy. You aint seen nothing yet.   - Harlan Leyside, FirstPost.co.uk

Bread in Kyrgyzstan by Maksud

Food inflation used to be a problem for poor countries. The recent prices for bread which grew from 5 som to 10 soms (1 USD is 42 soms now) in 2007, have made life difficult for Osh.  But from the beginning of 2009 the cost for bread began to go down.

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The dropping prices for food relieved Osh, first because people here spend so much of its income on eating.  Mostly, people in Osh live by bread alone. Bread iis considered an essential nutrition for Oshizens.

Addition certainty came when the president of Kyrgyzstan Kurmanbek Bakiev lately declared that Kyrgyzstan has enough reserve of wheat for this year. He also added that Kyrgyzstan will not face a shortage of flour until the autumn.

In this global economic crisis it is important to decrease life costs in the developing countries like Kyrgyzstan, namely in the southern cities where many families live for moneys transferred from Russian Federation.

Although prices are decreasing, another problem is rising. That is Russian moneys stopped coming this year. According to Amanbank, usually, until the world economic crisis, from Russia to Osh via Amanbank there were transforming 50-60 thousand$ per month. And in 2009, this number fall back to 4-5 thousand$ per month--whereas, the worse is in front.

PS. I hope that because of crisis, citizens of Kyrgyzstan will return and realize business here. Just you need to be alittle creative and every thing will be O'K.

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Bolivia Football World Cup

Today I was there in (Stadium Hernando) Siles along with 40,000 people, many came from Trinidad, Oruro, Cochabamba, Santa Cruz, Sucre, and many other parts of the country, the tickets were expensive... of course, the majority came to see (Argentine players) Messi, Tevez, Mascherano, Zanetti and the rest of the stars.. but... all the Bolivians around the country knew that it could be done, that we could win...

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Born a month before Pearl Harbor, I attended world events from an early age. My first words included Mussolini, Patton, Sahara and Patton. At age three I was a regular listener to Lowell Thomas. My mom was an industrial nurse a member of the (more...)
 

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