Whereas previously we had heard extensive horror stories about banks being told to prepare for the end of the world in case the European summit (the latest and greatest one from last Friday which was supposed to find a cure for cancer among other things) failed, and even went so far as to read about preparations for trading in the drachma on a when issued basis, once the summit passed (and it was... 

Demonstrators hold a banner reading "We don't pay your bill, change the menu" as they march during a general strike in Italy. Tens of thousands of Italian workers plan a general strike against the imposition of the government’s harsh austerity measures aimed at saving the country from financial ruin. Leaders of Italy’s three biggest unions have called for a three hour strike... 

Many experts believe that the sold out EU leaders’ failure to address the Block’s deepening financial recession may possibly end in collapse of an EU dream. In the meantime, professionals believe that the EU leaders’ failure to deal with the core issue, which, they say, is the endless rise of unrepeatable debt, is considered the same as, digging the hole still deeper, which may,... 

US Chairman of the Joint Chiefs of Staff General Martin Dempsey Chairman of the US Joint Chiefs of Staff General Martin Dempsey says the European Union faces potential breakup and civil unrest. “The eurozone is at great risk,” the top US officer told reporters on Friday, expressing doubt about the practicality of the measures taken by European leaders. Dempsey said it was not clear if the measures... 

Protesters in Belgium on Friday, December 2, 2011 Tens of thousands of people have taken to the streets in the Belgian capital, Brussels, in protest to austerity measures proposed by the country’s incoming government. On Friday, Belgians marched in central Brussels to voice their opposition to cuts the incoming government says are necessary to help the country’s troubled financial sector,... 

Soldiers stand guard as an armored truck containing gold reserves arrives to the Central Bank in Caracas, Venezuela, Friday Nov. 25, 2011. Venezuela has begun to repatriate the South American nation’s gold treasures held in Western banks in a move to protect the country against economic crises in the United States and Europe, a report says. The shipment of gold arrived in Venezuela on Friday... 

America’s middle class is disappearing as growing income inequality creates more families in areas either mostly rich or poor, a report says. Around 44 per cent of families live in middle-income neighbourhoods – down from 65 per cent in 1970, the Stanford University study shows. Meanwhile a third of families in the U.S. now live in either rich or poor areas, which has more than doubled on... 

Late night calls: Barack Obama made contact with several European leaders to demand faster action Barack Obama has read the riot act to the leaders of several European countries – saying more dramatic action is needed to avert a eurozone meltdown. The U.S. President made telephone calls to German Chancellor Angela Merkel, French President Nicolas Sarkozy and Italian President Giorgio Napolitano... 

Debt crisis sets markets in turmoil amid reports of talks about the break up of the eurozone. Reports that Germany and France have begun talks to break up the eurozone amid fears that Italy will be too big to rescue. Fears that Europe’s sovereign debt crisis was spiralling out of control have intensified as political chaos in Athens and Rome, and looming recession, created panic on world markets. Reports... 

French Prime Minister Francois Fillon delivers a speech during a press conference at Matignon, in Paris, Monday, Nov. 7, 2011. The French Prime Minister announces the country’s second austerity package in less than three months with the aim of protecting France from the widening eurozone crisis and avoiding credit rating downgrade. “The time has come to adjust France’s efforts. With... 

Announcement: Federal Reserve Chairman Ben Bernanke attends a news conference following a two-day policy session in Washington D.C. on Wednesday Europe’s debt crisis poses huge risks to America – while improvements in growth and unemployment are going to be much slower than first thought. Those were today’s dire warnings from the U.S. central bank, although it did note the strengthening in... 

People shop at a fish and meat market in central Athens faces a meltdown following as a 7.06 percent fall in stocks, November 1, 2011. Greek stocks have plunged more than seven percent as Athens finds itself between mounting anti-austerity protests at home and a furious eurozone. Greece witnessed a meltdown on Tuesday with stocks 7.06 percent down at close, AFP reported. The government called an emergency... 

US Senator Jim Webb China is one of the biggest economies in the world and grew at more than 9 percent over the last year. It also has loaned more than $1 trillion to the U.S. to fund its deficit-spending. But at the same time, the U.S. sends foreign aid to China, which lawmakers of all stripes say is just plain nuts. “Why in the world would we be borrowing money and then turn around and giving... 

Only three months after Standard & Poor’s downgraded America’s credit rating, the other two top agencies — Moody’s and Fitch — could be considering a downgrade of their own in the very near future. This news comes from a report out of one of the biggest names in the banking industry, Bank of America Merrill Lynch, issued on Friday. “The credit rating agencies have strongly suggested... 

The building of the US Treasury Department in Washington DC The US Department of the Treasury has announced that the government’s budget deficit has climbed to USD1.3 trillion in the current fiscal year, fueling concerns about the country’s economic crisis. Washington’s 2011 budget deficit shows an increase of USD 0.01 trillion dollars from the US deficit in the fiscal year 2010,...