• Sir Mervyn said the Bank had been driven by growing signs of a global economic disaster Photo: PAUL GROVER

    World Facing Worst Financial Crisis In History, Bank of England Governor Says

    The world is facing the worst financial crisis since at least the 1930s “if not ever”, the Governor of the Bank of England said last night. Sir Mervyn King was speaking after the decision by the Bank’s Monetary Policy Committee to put £75billion of newly created money into the...
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    Eurozone Crisis Could Rip EU Apart

    The eurozone crisis could wreck the European Union, top EU officials warned on Wednesday as the leaders of Germany and France held talks with Greece to avoid a default and widespread chaos. The pressure rose on all fronts with United States again expressing great concern, with Treasury Secretary Timothy...
  • Anarchy broke out in UK last night as hooded youths set fire to cars, bins and buildings as police battled to bring them under control

    The Whole World Is Falling Apart, Literally

    An air of crisis descended on the world Tuesday, Aug. 9 as markets continued to tumble steeply and in London, large parts of the city succumbed to uncontrolled violence joined by three major British cities. Far East stocks leveled out at 3 percent, Europe fell 3.5-5 percent Tuesday after...
  • Tea Party Downgrade? Hmm, I thought Obama was in charge...silly me!

    Leadership 101: Obama Administration Blames TEA PARTY for Credit Downgrade Debacle

    Tea Party Downgrade? In the wake of a bruising battle over the debt ceiling and now a first-ever credit downgrade, Democrats have launched a salvo of rhetorical attacks on the Tea Party and appear determined to blame the movement for everything from the debt crisis to the sputtering economy....
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    Update: Japan Nuke Crisis Is Not Over

    Gray smoke rose from two reactor units Monday, temporarily stalling critical work to reconnect power lines and restore cooling systems to stabilize Japan's radiation-leaking nuclear complex. Workers are racing to bring the nuclear plant under control, but the process is proceeding in fits and starts, stalled by incidents like...
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    Japan Crisis Worse Than Three Mile Island

    The nuclear accident at an earthquake-damaged nuclear plant in Japan can now be classed as level six out of an international scale of one to seven, experts said Tuesday. France's ASN nuclear safety authority's assessment came after Japanese Prime Minister Naoto Kan said radiation had spread from the...
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