GEAB
excerpt - Global systemic crisis : The Impacts of the second shock
Historians
will certainly consider the 2008 crisis as a warning shot ahead of that of
2013. All the world’s regions won’t be affected in the same way but all will
suffer. According to LEAP/E2020 the stages of this second crisis can be
summarised as follows: – end 2013, financial impact: collapse of financial
markets especially in the US and Japan. Banks can no longer be saved by States
and bail-ins are put in place; – end 2013-2014, spreading to the real economy:
the financial impasse causes/reveals a major world recession and the reduction
of international trade; – 2014, social impact: the economic deterioration
causes unemployment to explode, in the United States the dollar’s decline
lowers the standard of living, riots mushroom everywhere; – 2014, political
crisis: the governments of the most affected countries are under fire for their
handling of the crisis, forced resignations and early elections are expected,
if not coups; – 2014-2015, international management of the crisis: together
Euroland and the BRICS impose a new international monetary system and lay down
the bases of a new global governance; – 2015: the least affected regions have
exited the crisis definitively; – 2018 : it will take the United States, the
United Kingdom and Japan five years to purge themselves of the crisis with,
ultimately, a greatly reduced standard of living and a considerable loss of
global influence (resulting from their refusal to participate in the re-casting
of global governance on new bases).
U.S. to hit
debt limit in mid-October, Lew says
The U.S.
government will hit the debt ceiling and be unable to borrow money to pay its
bills in the middle of October unless Congress votes to increase the federal
debt ceiling, Treasury Secretary Jacob Lew said Monday...
Cameron
backs down on urgent Syria strikes
David
Cameron backed down and agreed to delay a military attack on Syria following a
growing revolt over the UK's rushed response to the crisis on Wednesday
night...
Cette nuit
en Asie : la Chine soulage ses banques
Lors d’une réunion présidée par le Premier ministre Li
Keqiang, les autorités chinoises ont annoncé, hier soir, qu’elles allaient
étendre un programme visant à autoriser la vente de produits de dette titrisée.
Ce programme consistera donc à convertir des crédits bancaires en produits
obligataires, qui pourront ensuite s’acheter et se vendre sur le marché. Le but
: soulager les banques d’une partie de leurs crédits et améliorer ainsi la
liquidité...
Carrefour French Earnings Jump 75% on Pricing Turnaround
Carrefour SA (CA), France’s largest retailer, reported a 4.9
percent increase in first-half profit as a revival in its domestic market more
than offset the economic difficulties of southern Europe...
This muni-bond selloff looks like Lehman all over again:
Janney
Invoking comparisons to the financial event that sent
markets spiraling and helped set off the financial crisis isn’t usually
undertaken lightly. So we take notice when analysts — and analysts known for
being even-keeled, at that — call the muni market a “Lehman-like” event...
Turkey’s gold reserves climb: IMF
Turkey, Russia and Azerbaijan increased their gold reserves
in July, data from the International Monetary Fund showed on Tuesday, as
bullion prices recovered from near three-year lows...
Sales of New U.S. Homes Fell More Than Forecast in July
Purchases of new U.S. homes plunged 13.4 percent in July,
the most in more than three years, raising concern higher mortgage rates will
slow the real-estate rebound...
China's Lofty Goals for Shale Gas Development Just Pipe
Dreams, Experts Say
China wants to reap the benefits of a shale gas revolution
similar to the one in the United States, but there are many obstacles to this
happening, experts say...
Moody’s considers downgrading top US banks
Moody's has warned that it could cut the credit ratings of
the six biggest US banks, saying the federal government may be less likely to
bail them out if they got into trouble in the future...
Merkel rival demands halt of EU-US talks
Peer Steinbrueck, a candidate to be Germany's next
Chancellor, has demanded to halt EU-US trade negotiations amid revelations that
Washington is spying on its European allies...
Les banques fuient les matières premières
JP Morgan, la puissante banque américaine, cède ses
activités dans le négoce des matières premières, alors qu'elle était devenue la
première banque du secteur...
Australia unveils levy on bank deposits
Australia has unveiled a levy on some bank deposits to raise
money towards a fund aimed at safeguarding against a banking collapse...
U.S. Workers Are Grounded by Deep Cuts
Five months after gridlock in Washington triggered the deep
spending cuts known as sequestration, much of the United States government is
grounded...
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This special Press Review reviews articles from the French
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