Let the ‘New World Order’ begin.
Splash! Could that be the sound of Lord Mandelson hitting one of the Dolce hotel’s four pools? Or Robert Zoellick of the World Bank? Paul Volcker of the US Economic Recovery Advisory Board? Or merely the euro taking another dive?
That is the thing about the Bilderberg group’s top secret meetings: you never know quite what is going on behind the police checkpoints.
WASHINGTON: In a bleaker assessment than those of most private forecasters, the World Bank predicted Sunday that the global economy would shrink in 2009 for the first time since World War II.
The bank did not provide a specific estimate, but bank officials said its economists would be publishing one in the next several weeks.
Until now, even extremely pessimistic forecasters have predicted that the global economy would eke out a tiny expansion but had warned that even a growth rate of 5 percent in China would be a disastrous slowdown, given the enormous pressure there to create jobs for the country’s rural population.
The World Bank also warned that global trade would contract for the first time since 1982, and that the decline would be the biggest since the 1930s.
In a report prepared for a meeting next week of finance ministers from the 20 industrialized and large developing countries, the World Bank said the economic crisis that started with junk mortgages in the United States was causing havoc for poorer countries around the world, not only stifling their growth but also choking off their access to credit as well.
The bank said the financial disruptions were all but certain to overwhelm the ability of institutions like it and the International Monetary Fund to provide a buffer.
The bank, which provides low-cost lending for economic development projects in poorer countries, pleaded for wealthy governments to create a “vulnerability fund” and to set aside a fraction of what they spend on stimulating their own economies for assisting other countries. Continue reading
via Financial Times
Global oil demand will collapse next year and commodities will not return to the highs they reached this summer in the foreseeable future, two authoritative reports said on Tuesday as they forecast a long and painful worldwide recession.
The stark conclusions came as the World Bank’s chief economist predicted that the world faced “the worst recession since the Great Depression”.
The US energy department said global oil demand will fall this year and next, marking the first two consecutive years’ decline in 30 years.
“The increasing likelihood of a prolonged global economic downturn continues to dominate market perceptions, putting downward pressure on oil prices,” it said, forecasting that demand would drop 50,000 barrels a day this year and a hefty 450,000 b/d in 2009. US oil demand will drop next year to the lowest level in 11 years. Continue reading
Source: Financial Times
Interesting story out of African and how doctors and the government are trying to stem the transmission of AIDS and a myriad of sexual transmitted diseases. People please let me know if you guys think is justifable due to the extreme amount of cases in Africa. Read below:
Thousands of people in Africa will be paid to avoid unsafe sex, under a groundbreaking World Bank-backed experiment aimed at halting the spread of Aids.
The designers of the Tanzanian programme believe that payments of $45 when combined with careful counselling could play an important role in reducing HIV infection, especially for vulnerable young women.
“Conditional cash transfers” have already been used in Latin America to motivate poor parents to attend health clinics, and have their children vaccinated and schooled. Michael Bloomberg, the mayor of New York, last year unveiled a project to boost school attendance.
Full story [here] :