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Worst of financial crisis yet to come: IMF chief economist
AFP
Sunday, Nov 23, 2008
The IMF’s chief economist has warned that the global financial crisis is set to worsen and that the situation will not improve until 2010, a report said Saturday.
Olivier Blanchard also warned that the institution does not have the funds to solve every economic problem.
“The worst is yet to come,” Blanchard said in an interview with the Finanz und Wirtschaft newspaper, adding that “a lot of time is needed before the situation becomes normal.”
He said economic growth would not kick in until 2010 and it will take another year before the global financial situation became normal again.
(ARTICLE CONTINUES BELOW)
The International Monetary Fund on Friday promised to help Latvia deal with its economic crisis after it assisted Iceland, Hungary, Ukraine, Serbia and Pakistan.
But Blanchard said the IMF was not able to solve all financial issues, in particular problems of liquidity.
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14 Responses to “Worst of financial crisis yet to come: IMF chief economist”
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November 23rd, 2008 at 8:36 am
Wait didnt the icelanders reject the imf and did the russains give them 5billion euros
November 23rd, 2008 at 8:42 am
and just what does he think is going to kick the economy in ??????????
http://www.youtube.com/watch?v=B6ZIHbFQAzU
goldieshouse.piczo.com
November 23rd, 2008 at 8:59 am
For anybody who is interested, here is the list of attending members on Bilderbergs list, you’ll see such actors a Paulson, Bernanke, the new douche that obama is putting in, and a whole assortement of colorfull characters
http://newsworldwide.wordpress.....y-country/
November 23rd, 2008 at 12:50 pm
There were riots in Iceland this weekend about the state of the country. There are also reports that as many as a third of the population are considering emigrating, rather than paying crushing taxes and suffering the loss of social programmes required to pay for the bail-out of their country (at last count, the government has borrowed more than the country’s GDP to cover its financial obligations). If you want to understand what the greed of a few does to the lives of the many, you need look no further.
November 23rd, 2008 at 1:28 pm
IMF Chief conomist is giving it until 2010 to “improve”? I vehemently disagree with that notion. The piles of casino toilet paper out there that are moving around the planet, which is feeding the deratives monster, will ensure that an improvement by 2010 will not happen. No one has the money to cover that. Well, they do. They’ll just have to print tons more…..still being backed by nothing. Then we’ll have a Weimar-like economy where it costs 1000 bucks for a loaf of bread and then we’ll use it to heat our homes by burning that worthless paper.
November 23rd, 2008 at 1:33 pm
Interesting is the chat in here about Iceland. It’s a prime example and proof that ‘bailouts’ do not work. But you have the current administration and Mr. Hopey Changey Unicorn Man pressing for more. If Owe-bama doesn’t get them now, he’ll do it after he takes office. Then, you too will be starving, unemployed and ritoing in the streets – if the lumps can get themselves off of the sofa to join in that is.
November 23rd, 2008 at 1:37 pm
Civil unrest in Iceland
The entire country has only 300,000. 120,000 of that in the capital city of Reykjavík.
http://news.bbc.co.uk/2/hi/europe/7744429.stm
November 23rd, 2008 at 10:40 pm
~WHERES THE GOLD AT!
~A humorous yet educational anti FED video is out…can you spot the leprechaun?
http://www.youtube.com/watch?v=3_8Cc_eWpAI
November 24th, 2008 at 3:28 am
Its Zionists we’re talking about, not Jews in general. An interesting fact I learnt the other day is that Palestinians are Semites as well, so any attack on Palestinians is also Anti Semitic. Also check out Hookk as it is an interesting tool to discuss news .
November 24th, 2008 at 3:43 am
Ben Franklin once said, “When gross gov’t error is blamed on gov’t incompetence, it’s rarely true; rather, such so-called ‘incompetence’ it’s actually by design”.
In other words, the gov’t isn’t as stupid as the media would have the public believe – political elites are actually executing a well thought out plan towards their own nefarious ends.
November 24th, 2008 at 7:29 am
well said Jim Miller-the article starts out”The IMF’s chief economist”;what they should be stating is policy enforcement-there is no could,most likely,maybe,appears to be===those are words of chance-everything happening across the globe now is on paper and a work in progress-they are not forcasting nothing-<
January 12th, 2009 at 1:18 pm
It’s obvious that it’s a depression that will last many years. Here’s why:
-The savings rate has finally turned positive. But, the current administrations are pushing desparately for more consumption to stabilize the economy. You can’t squeeze any more out of the American consumer then has been done over the past decades…they are exhausted and MUST save. But if that happens, we’re over. If a country needs a negative savings rate to keep the economy going then it’s all over.
January 31st, 2009 at 2:01 am
so what are we supposed to do???
March 19th, 2009 at 4:24 pm
Wicked blog – the guys commenting here are full of it! I’ll be keeping up with your posts