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The International Monetary Fund warns that the recession is hitting economies around the world harder than first predicted and that it will take even longer for the global economy to recover.
The IMF released its semi-annual World Economic Outlook Wednesday, calling the recession the worst since the Great Depression of the 1930s "by far."
"The United States of America, or, more precisely, the American people, are said to own 261 million ounces of gold, supposedly stored in the same Fort Knox vault that Goldfinger found so appealing. At $1,000 per ounce, the people's gold has a value of $261 billion dollars. TARP 1 alone has cost 270% of the entire value of that singular, tangible American asset. The total $13 trillion bailout cost thus far is 4,980% of the value of America's gold asset. Fort Knox has been robbed."
Bill Bonner himself does some quick figuring and finds that, put another way, "They're squandering $13 trillion...or nearly 49 times the U.S. gold supply"! Astonishing!
THE global spread of swine flu could have notable effects on the world economy, according to a senior IMF official, who's warned the financial crisis is far from over
While the stock market is up sharply since early March, the economy as well as corporate earnings continue to suffer. Today’s chart helps provide some perspective as to the magnitude of the current economic decline. Today’s chart illustrates that 12-month, as-reported S&P 500 earnings have declined over 90% over the past 20 months (with over 90% of S&P 500 companies having reported for Q1 2009), making this by far the largest decline on record (the data goes back to 1936). In fact, real earnings have dropped to a record low and if current estimates hold, Q3 2009 will see the first 12-month period during which S&P 500 earnings are negative.