Economies Worse Off Than Predicted Just Weeks Ago
By Anthony FaiolaWashington Post Staff Writer Saturday, January 24, 2009; Page A01
The world economy is deteriorating more quickly than leading economists predicted only weeks ago, with Britain yesterday becoming the latest nation to surprise analysts with the depth of its economic pain.
Britain posted its worst quarterly contraction since 1980 on the heels of sharper than expected slowdowns reported from Germany to China to South Korea. The grim data, analysts said, underscores how the burst of the biggest credit bubble in history is seeping into the real economies around the world, silencing construction cranes, bankrupting businesses and throwing millions of people out of work.
Read on...
Usually Peacenik takes the weekends off from blogging. But given the dire situation, Peacenik is worried the Internet may not exist on Monday. Goofball optimist, Mark Carney, governor of the Bank of Canada, and a great Canadian, says the downturn will end in the second half of 2009. No worries. Meanwhile, Obama is holding emergency meetings this weekend just to nurse the world economy to last till Monday. Why would the Internet end? It is designed to withstand global thermal nuclear war. Peacenik thinks the public is one step away from grabbing their pitchforks and hitting the streets. Whoever controls the information controls the world. They will shut it down. And it will end badly. Who is "They"? What is "it"? Peacenik doesn't know.
By Anthony FaiolaWashington Post Staff Writer Saturday, January 24, 2009; Page A01
The world economy is deteriorating more quickly than leading economists predicted only weeks ago, with Britain yesterday becoming the latest nation to surprise analysts with the depth of its economic pain.
Britain posted its worst quarterly contraction since 1980 on the heels of sharper than expected slowdowns reported from Germany to China to South Korea. The grim data, analysts said, underscores how the burst of the biggest credit bubble in history is seeping into the real economies around the world, silencing construction cranes, bankrupting businesses and throwing millions of people out of work.
Read on...
Usually Peacenik takes the weekends off from blogging. But given the dire situation, Peacenik is worried the Internet may not exist on Monday. Goofball optimist, Mark Carney, governor of the Bank of Canada, and a great Canadian, says the downturn will end in the second half of 2009. No worries. Meanwhile, Obama is holding emergency meetings this weekend just to nurse the world economy to last till Monday. Why would the Internet end? It is designed to withstand global thermal nuclear war. Peacenik thinks the public is one step away from grabbing their pitchforks and hitting the streets. Whoever controls the information controls the world. They will shut it down. And it will end badly. Who is "They"? What is "it"? Peacenik doesn't know.
