Global Economic Crisis Accelerating

Icelandic government becomes first to be brought down by the credit crunch (Daily Mail)

Iceland’s prime minister resigns (Financial Times)

Obama Presses Lawmakers on Stimulus, Accountability (Bloomberg):
Jan. 23 (Bloomberg) — President Barack Obama pressed congressional leaders to reach a consensus on an $825 billion stimulus plan, warning the country may be facing an “unprecedented” economic crisis.

Obama team accuses China of manipulating its currency (Guardian)

Geithner Hints at Harder Line on China Trade (New York Times):
WASHINGTON — Timothy F. Geithner, who moved closer to confirmation as Treasury secretary on Thursday, told senators that President Obama believed China was “manipulating” its currency, suggesting a more confrontational stance toward that country than under the Bush administration. (More change!)

Good bank, bad bank all adds up to nationalization (Reuters)

China prepares for the Year of the Slump (Guardian)

Sterling plunges to record lows (Financial Times – 23 Jan 2009)

Recession figures heighten the gloom (Independent)

Financial crisis: It’s impossible to get any hard facts and figures from British banks (Telegraph)

Just The Early Stages of Economic and Financial Collapse (The International Forecaster)

Boston Scientific Founders Bash Baby on Lehman Bets (Bloomberg):
Jan. 23 (Bloomberg) — The men who built Boston Scientific Corp. into the world’s biggest seller of heart stents have dumped $484 million in shares to repay loans after other assets were frozen by the Lehman Brothers Holdings Inc. bankruptcy.

Bank deposits at ECB drop sharply (Financial Times):
Deposits have now fallen by €171.5bn over the past two days and are almost two-thirds down from the record €315.3bn reached less than a fortnight ago.

Where You Won’t Shop In 2009 (Forbes)

Microsoft’s days as an unstoppable force are over (Telegraph)

Samsung suffers its first quarterly loss (Financial Times)

GE profit falls 43% to $3.9bn (Financial Times)

Australian wine exports collapse (Telegraph)

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