Depending on which path the economy takes – the high growth of the mid-1990s, moderate growth or little growth – joblessness could stay high for up to 11 years, a new study for the Center for Economic Policy and Research says. The study’s results prompted Sen. Al Franken and Rep. Keith Ellison, both D-Minn., to demand again that Congress pass legislation to retain up to 900,000... 

Luc Everaert The International Monetary Fund this morning released its latest review of the eurozone economy, a collection of 16 countries that, judging from the report’s conclusions, are becoming the continent’s new Brothers Grimm. Growth is slow — and at risk of getting slower because bank credit has dried up. The banks themselves are undercapitalized and far too dependent on government... 

What are 308,367,109 Americans supposed to do? First of all, despite clamping down on immigration, our population grew by 2.6M people last year.  Unfortunately, not only did we not create jobs for those 2.6M new people but we lost about 4M jobs so what are these new people going to do? Not only that, but nobody is talking about the another major job issue.  People aren’t retiring.  They can’t... 

The EU banking system is in big trouble. Many of the Union’s largest banks are sitting on hundreds of billions of dodgy sovereign bonds and non performing real estate loans. But writing down their losses will deplete their capital and force them to restructure their debt. So the banks are concealing their losses through accounting sleight-of-hand and by borrowing money from the European... 

Grim economic warnings are being sounded from the United States today after one of their top market forecasters and social theorists named Robert Prechter advised everyone to abandon the stock markets over what he says will be one of the largest financial crashes (of “staggering proportions”) to occur in over 300 years rivaling the Great Depression, the Panic of 1873, and the collapse of the... 

Eurozone’s unemployment figure continues to linger as around 16 million Euro currency users are still out of work, official data shows. Unemployment across the 16 countries which share the Euro stuck at a record 10 percent in May for the third month running, European Union data showed on Friday. The area’s unemployment rate has remained at its highest level since the creation of Euro in... 

Greece is raising cash by selling off an area of state-owned land on Mykonos for luxury tourism. Desperate attempt to repay debts also driven by inability to find funds to develop infrastructure on islands. There’s little that shouts “seriously rich” as much as a little island in the sun to call your own. For Sir Richard Branson it is Neckar in the Caribbean, the billionaire Barclay... 

Britain's Prime Minister David Cameron speaks at the Open University in Milton Keynes, England Monday, June, 7, 2010. Cameron said the pain of cutting Britain's national deficit will be worse than previously feared and will affect everyone in the country. Laying out the reasons for squeezing spending, Cameron said the nation cannot avoid cutting a deficit which rose to 156 billion pounds ($225... 

The survey's findings underline suspicions that the new Chancellor, George Osborne, will have to firefight a full-blown crisis in Britain's biggest trading partner in his first years in office The single currency is in its death throes and may not survive in its current membership for a week, let alone the next five years, according to a selection of responses to the survey – the first major... 

Greek Riots of 2010 Europe is likely to see intermittent protests over the summer against painful economic measures, impacting markets but much tamer than the violent unrest in Greece that sent jitters through southern Europe. Long regarded as the most prone to street violence in western Europe — as well as the most financially troubled — Greece has seen several angry protests culminating... 

Markets are in turmoil as there are fears of a major downward spiral for euro. Amid a festering financial crisis in Europe, the unemployment rate across countries using the euro currency has jumped to a historic %10.1 in April. According to statistics released by the European Union, almost 16 million people living in the Eurozone countries are currently out of jobs. The figures are showing a significant... 

Obama US government will be handed the power to seize control of a failing bank and derivatives trading will be subject to new controls. Wall Street banks face their toughest clampdown since the Great Depression after the US Senate passed Barack Obama’s banking reform bill. In a historic change, the US government will be handed the power to seize control of a failing bank to avoid a collapse... 

German Chancellor Angela Merkel: "greatest test for Europe since the collapse of communism" In a dramatic appeal for Europeans to come together to address the common currency crisis, Chancellor Angela Merkel warned Thursday that if the euro collapses, so will the idea of European unity. She also described the current euro crisis as Europe’s greatest test since the collapse of communism. During... 

Death of US Economy (click on the image to enlarge) Spiraling debt is Uncle Sam’s shock collar, and its jolt may await like an invisible pet fence. “Nobody knows when you bump up against the limit, but you know when it happens it will really hurt,” said fiscal watchdog Maya MacGuineas of the Committee for a Responsible Federal Budget. The great uncertainty about how much debt is too... 

VAT and the flat tax remain unchanged, while wages in the public sector will drop 25%, President Traian Basescu announced on Thursday, after a meeting with IMF experts and politicians from the governmental coalition. Here are the main ideas put forward by the Romanian president: * There are 3 million people working the real economy and public sector spending transferred on those who work. The...