noworldsystem.com

World stocks plummet after global banks take action in bid to avoid recession

Daily Mail
December 13, 2007

Stocks worldwide have plummeted in the wake of yesterday’s unprecedented decision by leading central banks to pump billions into money markets in a bid to avoid a worldwide recession.

The Bank of England has joined the U.S. Federal Reserve, the European Central Bank and their counterparts in Canada and Switzerland to pump at least £55billion into money markets.

However this morning the FTSE 100 fell more than 70 points to 6458.7 and the markets in Japan, Hong Kong and Taiwan all suffered nervous starts to the day’s trading.

Investors are worried that the shock decision by the world’s banks could mean that the credit crisis is likely to get worse.

It is hoped that the loans – £ 22.7billion of which will go to the UK – will help make lending between banks easier, avoiding any repeat of the Northern Rock crisis.

The Rock ran into trouble because the current economic climate has encouraged banks to hoard their cash, rather than lend it to each other.

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Russia to dump waning dollar

Press TV
December 14, 2007

Russian oil firm Rosneft will follow the lead of Gazprom and LUKOIL to sell crude in rubles amid the ongoing depreciation of the dollar.

“Our specialists are looking at all possibilities that could be beneficial for the company,” Rosneft Spokesman Nikolai Manvelov said. “Everything depends on economic viability.”

Russia’s largest independent oil producer, LUKOIL earlier announced that the company will switch to the ruble in its gas and crude deals within two years.

“Selling for rubles is much more attractive,” Deputy Chief Executive Officer Leonid Fedun said on December 12. “Gazprom is considering introducing ruble-denominated contracts and I think that technically Russian companies can do it by 2009 if the banks are ready.”

“We consider the idea of selling our resources for rubles to be quite possible,” Gazprom’s Vice President Alexander Medvedev said at a recent conference in New York.

Last month, Iran and Venezuela proposed to the Organization of Petroleum Exporting Countries (OPEC) to switch to a basket of currencies in its oil deals.

Iran, the world’s fourth most prolific oil exporter, has already abandoned the dollar, Iran’s Oil Minister Gholam-Hossein Nozari said on December 9, describing the currency as unreliable.

U.S. Stocks Decline as Fed Fails to Assuage Recession Concern
http://www.bloomberg.com/a…yi2xynL0&refer=us

Report Says That the Rich Are Getting Richer Faster, Much Faster
http://www.nytimes.com/2007/…ThcWg&oref=slogin

LA Times Says Gold For Conspiracy Theorists
http://www.latimes.com/wireless/avantgo/la-fi-gold16dec16,0,465745.story

Fed To Announce New Mortgage Rules
http://www.washingtonpost.co…007121401875.html

‘A financial tsunami is upon us’: Schultz sees an apocalypse now
http://www.marketwatch.com/new.34-A49..dist=TNMostRead

Mortgage Crisis Inflicts Collateral Damage
http://www.msnbc.msn.com/id/22246203

Schwarzenegger To Declare Fiscal Emergency
http://www.nbc11.com/news/14858065/detail.html

Russia may dump weakening US dollar in its energy deals
http://www.dailyti…2007%5C12%5C15%5Cstory_15-12-2007_pg5_43

Money-Market Rates Fail to Respond to Bank Measures
http://www.bloomberg.com/apps/news?…d=a9anSVhH.NOQ&refer=home

November Consumer Prices Rise More than Forecast
http://www.bloomberg.com…4BNlo&refer=home

Greenspan: Odds of recession ‘clearly rising’
http://noworldsystem.com/2007/…ession-clearly-rising/

Central Banks to Pump Billions into World Financial System
http://www.nytimes.com/200..8-8QuVU5oMlm5w8E6dIl7JlQ

GAO: “USA is living beyond its means”
http://www.youtube.com/watch?v=KjZBOCAgR64

U.S. Economic Collapse News Archive