E.L. sent us the link to this “must watch” seven minute video clip of from Fed Chairman Paul Volker [1]. It has some interesting nuggets and is a somber assessment of the unfolding global economic collapse.
Reader “Darth Paul” mentioned a video clip of an ex-IMF Chief Economist [2]. Paul’s comment: “I especially got caught up at 6:40 on the counter: “Obama’s and Geithner’s choices for administration? It’s a huge problem!”, “I’m trying to be positive but my intuition from crises is that this is gonna get a lot worste…we are going down a long, dark, blind alley”.”
Mark in Michigan flagged this: Crime spike attributed to economy [3]. Mark’s comments: “This was an interesting story that exhibited two important things. One, there is indeed a thin veneer to civilized society. Two, it’s important to have and be good neighbors.”
Items from The Economatrix:
Asia Stocks Fall Heavily on Growing US Fears [4]
ECB Faces Mutiny From Bank Governors [5]
Alarm Over Europe’s Credit Contraction [6]
Government Says “Mass Layoffs” Soared in January
UK: Savers Withdraw Record Amount From Banks [7]
Banks Face New Wave of CDS Losses, Analysts Warn [8] (Hmmm…JWR’s 2006 warnings about dervatives [9] are coming true.)
German CDS Debt Spreads Hit Record as Economy Crumbles [10]
European Banking Bailout Threatens Common Market, Finance Baron Warns [11]
Japan’s Exports Nearly Halved in One Year [12]
Japanese Carmakers Slash Production By 50%
Russian Economy Hit by 8.8% Decline
Latvian Debt is Rated Junk Status [13]
Russia: Problems Rise with Falling Oil Prices [14]
Government Digs a Deeper Hole [15]