silver train leaves 12 midnight dont be late, page-14

How many Banks! thisn article dates to early September!


Silver is looking as the brightest investment!


2008 > September 2008/09/03
USA exports recession as credit crunch deepens
Workers Power 328 September 2008
The credit crunch has now been going on for more than a year. This severe crisis in the banking and finance system has, as we predicted in July 2007, been the foreshock of an economic earthquake – a huge surge in inflation around the world, and a pronounced trend towards economic downturn in the UK, Europe, Japan and USA.

The overall picture continues to darken. The crisis phase of the cycle looks poised to move on to the recession phase in several countries. Already economists are asking if we are already in recession, or just moving into it. They start to argue about the definition of the word, as if it will make the growing numbers of unemployed feel better.

The overall picture is composed of numerous factors, some of which seem to conflict with the overall trend. First, the financial crisis itself is far from over and threatens to bring more chaos and perhaps further collapses to the banking sector. Inflation rages on around the world, particularly hitting foodstuffs and other essentials. Second the USA’s efforts to avoid recession – including sharp interest rate cuts and huge tax rebates to smooth the way through the pre-election period – have boosted US exports, raising economic growth, but with two negative consequences: very high inflation at home, aggravating the already severe US housing crisis, and the export of recession to America’s competitors abroad, especially Germany and the major EU states.