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ECONOMY

Pope Francis says he is no Marxist

Pope Francis said he knew a lot of "good" Marxists but was no communist himself, following criticism of his diatribes against unfettered capitalism from conservative commentators in the United States.

German cities pile up mountain of debt

The number of German cities threatened with bankruptcy has increased over recent years, with the gap between rich and poor areas growing, a study revealed on Tuesday.

Nobel Prize-winning economist points to risk of global recession in 2014

One of the three Americans who won this year's Nobel prize for economics said bloated public deficits on both sides of the Atlantic meant that recession remained a real risk for 2014.

Eugene Fama, who shares this year's 8 million crown ($1.2 million) prize with Robert Shiller and Lars Peter Hansen, said on Saturday that highly indebted governments in the United States and Europe posed a constant threat to the global economy.

Iceland's $1.25 bln mortgage write-down to boost recovery

For a role model in Europe, Iceland is leading the way having successfully got its finaces back on track. In the latest move - it announced a major write-down of mortgages.

Forgive & Forget: Iceland's $1.25 bln mortgage write-down to boost recovery

Has internal devaluation really helped Greek exports?

The performance of Greece’s exports has been one of the main disappointments of the troika-led program. One of the pillars of Greece’s adjustment was meant to be internal devaluation, which through a number of reforms that would stimulate growth, absorb the collapse of domestic demand and re-direct production and capital to tradable goods.

Ireland - Threat of second bailout still has not gone away

Resorting to a second bailout is a real possibility. Most of the reasons that gave rise to the belief that an on-schedule exit was impossible have not gone away. There are three major foreseeable risk factors over the next two years.

Almost half of young Italians want to flee

Italy's stagnant economy is driving its best talent overseas, with almost 50 percent of young Italians wanting to work abroad, according to a new report on Monday.

Top Five Worst Paying Corporations & Wal-Mart's Wage War

Abby Martin discusses the US federal minimum wage law and names the top five corporations, such as Target, McDonalds and Yum Brands that refuse to pay their workers a living wage despite posting record profits and generously compensating their CEOs.

Top 5 Worst Paying Corporations & Wal-Mart's Wage War | Brainwash Update

Is the euro zone at risk of Japan style deflation?

As inflation in the euro zone languishes at its lowest level in four years, some analysts argue that the region is at risk of a Japan-style deflationary rut.

India's retail inflation at 10%, mostly due to increases in food prices

India's retail inflation returned to double digits in October after a gap of seven months following a surge in vegetable prices and other food items, posing fresh worry for the government facing elections in key states and national polls next year.

No rest until 2030: Energy and water bills will keep soaring for 17 years,

Gas, electricity and water bills will continue to rise by more than inflation for another 17 years, public spending watchdogs have warned.

EU paints gloomy picture of euro-area growth outlook

The European Union trimmed its forecast for euro-area growth next year as the economy struggles to gain momentum with the debt crisis dragging into a fifth year and unemployment at a record.

Venezuela fighting economic sabotage

The Venezuelan oil minister says the US-backed opposition groups are trying to create chaos and destabilization in the country.

Greece Takes Aim at Pensioners Again

Reneging on his promise there would be no further austerity measures – just a couple of days after Prime Minister Antonis Samaras reiterated the same pledge - Finance Minister Yannis Stournaras said the government will go after pensioners again and cut 500 million euros ($689 million) from the already-decimated Social Security system.

Brazil bus fares protest turn violent

Demonstrators protesting against Sao Paulo bus fares vandalised turnstiles and ATMs and set buses on fire at the city's main station, after a peaceful protest turned violent.

US government afraid of American people: Lindauer

"I think that our government is afraid of us; our government is very afraid of the people and that is a very dangerous government and I think that in the next few weeks, if there is an economic collapse, a lot of us are afraid of what is going to happen within the United States and it may be that the rest of the world will be looking back on this as the calm before the storm before our hell breaks loose and when it does, I am afraid of what will happen to the American people like me who are honest dissidents who support non violence. I am afraid of what they are going to do to us."

2014 could be shaping up as the year that the chickens come home to roost

Americans, even well-informed ones, don’t know all of the mistakes made by neoconized and corrupted Washington in the past two decades. However, enough is known to see that the US has lost economic and political power, and that the loss is irreversible.

Bank of England's Carney bids goodbye to old liquidity policy

Describing the bank as "open for business" he said the BoE would offer money for longer periods and widen the range of assets accepted as collateral.

US debt surges $328 billion in single day, surpassing $17 trillion for first time

Just one day after President Barack Obama signed into law a bipartisan deal to end the government shutdown and avoid default, the US debt surged a record $328 billion, the first day the government was able to borrow money.

Thousands protest austerity cuts in Portugal

Thousands of Portuguese took the streets of Portugal's two most populated cities to demonstrate against planned cuts of pensions and salaries.

Protests in Rome turn violent as demonstrators attack economy ministry

At least 100 protesters in hoods and motorcycle helmets attacked the Italian economy ministry in Rome on Saturday after a march against austerity turned violent.

Martial Law and the Economy: Is Homeland Security Preparing for the Next Wall Street Collapse?

Reports are that the Department of Homeland Security (DHS) is engaged in a massive, covert military buildup. An article in the Associated Press in February confirmed an open purchase order by DHS for 1.6 billion rounds of ammunition. According to an op-ed in Forbes, that’s enough to sustain an Iraq-sized war for over twenty years. DHS has also acquired heavily armored tanks, which have been seen roaming the streets. Evidently somebody in government is expecting some serious civil unrest. The question is, why?

Gaza chokes as Egypt's economic garotte tightens

With the network of underground supply tunnels rapidly being shut down, prices have soared for Palestinians in the Strip

Floored by Debt

They are architects, engineers, shop owners, taxi drivers, public sector workers, sales assistants, office workers, self-employed tradesmen and small business owners. They cover the gamut of society and they’re all struggling with arrears on mortgages, rent, ESB bills, gas bills, personal and credit union loans.

World Bank: US days away from 'disastrous event'

The president of the World Bank has issued a stern warning to the United States as the political stalemate persists over the federal government's budget and debt ceiling, calling a potential default “a disastrous event.”

Sudan’s protests pick up pace

In their third week, Sudanese protests are still going strong despite the media blackout by the regime and its desperate attempt to quell the uprising.

What will happen to global economy if BRICS announce launch of new currency - Bricso?

Imagine – it is December 31, 2013. The Presidents of the BRICS (Brazil, Russia, India, China and South Africa) plus Iran and Venezuela call an impromptu press conference – in Paris – to present a 'Sea of Change in Economics,' as they call it. The announcement was circulated throughout the international media and diplomatic offices and embassies just a day before – an indication of urgency. Despite it being the last day of the year with most people thinking of their year-end festivities, the event calls the attention of many – especially the world of finance – and of course the media. The press meeting is planned for 18:00 at the Dolce Chantilly, in Chantilly, just 40 minutes from the center of Paris.

Italy undergoing a very real deindustrialisation

Italy is experiencing a real deindustrialisation, with an industrial production index that has fallen 20 percentage points since 2007, according to a report on the competitiveness of the EU that will be presented tomorrow in Brussels.

Economic woes force Italians to commit suicide

An Italian health official says financial problems in the recession-hit country force people to commit suicide.

16 dead, scores injured as millions take to Egypt streets, demand Morsi resignation

Millions spilled out on to the streets of Egypt to demand the resignation of President Mohamed Morsi on the first anniversary of his inauguration, with sporadic outbreaks of violence leaving over a dozen dead and hundreds injured.

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