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Fears of a new global crash as debts and dollar’s value rise
the guardian ^ | Saturday 28 March 2015 12.00 EDT | Heather Stewart

Posted on 03/29/2015 6:19:27 PM PDT by 9thLife

Greek ministers are spending this weekend, almost five grinding years since Athens was first bailed out, wrangling over the details of the spending cuts and economic reforms they have drawn up to appease their creditors.

As the recriminations fly between Europe’s capitals, campaigners are warning that the global community has failed to learn the lessons of the Greek debt crisis – or even of Argentina’s default in 2001, the consequences of which are still being contested furiously in courts on both sides of the Atlantic.

As Janet Yellen’s Federal Reserve prepares to raise interest rates, boosting the value of the dollar, while the plunging price of crude puts intense pressure on the finances of oil-exporting countries, there are growing fears of a new debt crisis in the making.

Ann Pettifor of Prime Economics, who foreshadowed the credit crunch in her 2003 book The Coming First World Debt Crisis, says: “We’re going to have another financial crisis. Brazil’s already in great trouble with the strength of the dollar; I dread to think what’s happening in South Africa; then there’s Malaysia. We’re back to where we were, and that for me is really frightening.”

(Excerpt) Read more at theguardian.com ...


TOPICS: Business/Economy; Culture/Society; Foreign Affairs; Government
KEYWORDS: 2001; 2003; argentina; brazil; debt; debtcrisis; dollar; globalcrisis; greece; malaysia; oil

1 posted on 03/29/2015 6:19:27 PM PDT by 9thLife
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To: 9thLife
Greek ministers are spending this weekend, almost five grinding years since Athens was first bailed out, wrangling over the details of the spending cuts and economic reforms they have drawn up to appease their creditors.

If you don't "appease your creditors," they won't loan you any more money to keep buying votes with.

2 posted on 03/29/2015 6:21:46 PM PDT by Steely Tom (Vote GOP for A Slower Handbasket)
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To: 9thLife

Just include China in any discussion of worldwide manufacturing.

Since they run a MASSIVE trade surplus with America now.

And they’re by some calculation now, the single largest manufacturer on the entire planet.

Growing quickly too, by the way.


3 posted on 03/29/2015 6:22:06 PM PDT by Cringing Negativism Network (http://www.census.gov/foreign-trade/balance/c5700.html)
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To: 9thLife
Demands for global rules for sovereign defaults akin to bankruptcies. Fair enough; the takeaway for me is the "global rules" part. The UN has to be involved.

As noted elsewhere:(circa 2009):

The latest press release from the global currency promotion home office comes from none other than the UN, as reported in Bloomberg: The dollar’s role in international trade should be reduced by establishing a new currency to protect emerging markets from the “confidence game” of financial speculation, the United Nations said.

4 posted on 03/29/2015 6:27:41 PM PDT by 9thLife ("Life is a military endeavor..." -- Pope Francis)
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To: Cringing Negativism Network

Still growing? Even with those crazy empty cities?


5 posted on 03/29/2015 6:28:14 PM PDT by Paladin2
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To: 9thLife

So, S0r0$ is against the UN?


6 posted on 03/29/2015 6:29:14 PM PDT by Paladin2
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To: 9thLife

If Obama can crash it ,he’ll do his best to crash it before he has to leave


7 posted on 03/29/2015 6:32:57 PM PDT by molson209 (Blank)
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To: 9thLife

It’s as if, as Pettifor warns, “absolutely nothing has changed since the crisis”.
Nothing has changed. TPTB addressed a debt crisis with more debt.


8 posted on 03/29/2015 6:37:31 PM PDT by griswold3 (Just another unlicensed nonconformist in am dangerous Liberal world.)
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To: 9thLife

Look for it on the 29th of Elul (aka as 13SEP2015). Possibly a couple of days earlier.


9 posted on 03/29/2015 6:52:29 PM PDT by Jack Hydrazine (Pubbies = national collectivists; Dems = international collectivists; We need a second party!)
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To: 9thLife

People are scrimping and watching pennies in this penultimate step to progressive utopia.


10 posted on 03/29/2015 6:55:41 PM PDT by deadrock (I is someone else.)
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To: 9thLife

I’m skeptical about the Fed raising interest rates any time soon. But the dollar (and the SFranc) will probably go up as safe havens, because of the problems with the euro and the yen.


11 posted on 03/29/2015 7:22:01 PM PDT by expat2
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To: 9thLife
The solution is very simple; Step one: don't allow socialists near the checkbook. Step two: If they are caught with one...execute them.

To further simplify the solution eliminate Step one.

12 posted on 03/29/2015 7:36:36 PM PDT by immadashell (The inmates are running the asylum.)
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To: immadashell

Think you missed a step:

1) Have a sound currency (like we’re supposed to have per the Constitution)

Makes the rest moot....though i agree w/ just terminating the Socialists


13 posted on 03/29/2015 8:02:45 PM PDT by i_robot73 ("A man chooses. A slave obeys." - Andrew Ryan)
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To: Jack Hydrazine

That’s right.


14 posted on 03/29/2015 8:16:55 PM PDT by laplata ( Liberals/Progressives have diseased minds.)
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