RT: Crisis Chronicle

Crisis Chronicle

The global financial crisis and NATO's commitment to Afghanistan: An analysis of the impact of the global financial crisis on NATO’s operations in Afghanistan shows that the economy is inextricably linked to security, with social conflict remaining a key issue for Alliance countries.

Americans ditch snacks as recession bites: Shops and businesses are closing down across the U.S. as the global recession deepens. Unemployment is rising and ordinary Americans are making financial sacrifices to stay afloat. This often means cutting down on life’s luxuries, like eating out and going to the coffee shop.

We triggered financial crisis – Al Qaeda: Al-Qaeda is indirectly responsible for the financial crisis, one of the terrorist group’s leaders has said in a video posted on the internet. According to Reuters, Ayman al-Zawahiri said American taxpayers were paying the price for the U.S. military campaigns in Iraq and Afghanistan.

Credit crunch stalls President’s plan: The financial crisis has hit Dmitry Medvedev’s plans as outlined in the Presidential address to the Federal Assembly. The downturn has turned out to be much deeper than first thought and the consequences are already being felt in the real economy.

Russia can escape worst effects of downturn - Roubini: The economist who most accurately forecast the global financial crisis, Nouriel Roubini - or Doctor Doom as the press calls him, says Russia will recover fast - so long as the government implements an aggressive fiscal and financial policy response.

Morgan Stanley cuts 25% of jobs in Russia: US investment bank Morgan Stanley is shedding one in four jobs at its Russian office in a bid to cut costs, Russian daily Vedemosti reports.

All bets off for insider trading: One of the few groups who benefit from economic uncertainty and stock market turbulence are those with privileged information. They can use their insider knowledge to bet against currencies or shares rising or falling. But government regulators say insider trading is making the financial crisis worse, and are bringing in tough new laws to fight it.

Don't mention the D word in Latvia: In Latvia, the government is warning journalists not to stir up panic about the financial crisis. Talk of currency devaluation is all but a criminal offence and could earn transgressors a spell behind bars.

Money back not guaranteed: Consumer confidence in Britain could be crushed by European Union plans to inaugurate a ban on the refunds of damaged items.

Angry Americans protest against U.S. monetary policy: While leaders in Peru grapple with the financial fallout, Americans angry at the multi-billion dollar bailout plans are protesting in Washington. They say the U.S. Federal Reserve, far from helping solve the financial crisis, is taking money out of their pockets.

Global plan can lift us out of recession - APEC: The leaders of some of the world’s biggest economies say globalisation and free trade can help revive the world economy. The comments were made in a statement at the APEC summit in Peru. The forum’s final declaration covered 12 main topics on how APEC member states are trying to find an acceptable solution to global problems.

President meets Oligarchs over dinner to discus financial crisis: President Dmitry Medvedev met Thursday evening with Russian oligarchs to discuss how the global financial crisis is affecting the real sector of the economy. The business leaders are looking for faster moves to keep business turning over through the crisis.

The Rouble, the Dollar and the synthetic CDO tripwire: As all the attention turns to the Rouble and whether or not it is going to be devalued, sight seems to be turning from what is actually happening with the Russian currency and what other currencies this relates to, as well as what the recent currency movements actually represent in terms of the financial chaos the world is still battling.

G20 outcomes offer hope but little detail: At the emergency summit in Washington, G20 leaders agreed to tighten regulations, clarify accounting rules and increase the transparency of the financial markets. But how to go about it remains unclear.

Belarus threatens to quit IMF: Cash-strapped Belarus has said it may turn its back on the International Monetary Fund if the organization refuses to give it a US$ 2 billion loan.

World waits for answers from G20 on financial chaos: With the Euro-zone and US in recession, the world’s leaders are meeting in Washington to discuss what to do next. Members of the Group of 20 will put their rescue plan on the table - but few expect firm agreements or complete solutions.

Japan weathers the economic storm: As the U.S. and Europe suffer the full force of the recession, things don’t seem that bad in the Far East. Residents there are optimistic and financial experts say Japan has both a geographical and political advantage in dealing with the crisis.

Market watch November 10: Russian stocks get lift from China stimulus: Russia's RTS and Micex indices moved higher on Monday as crude and most commodities firmed in the wake of China's unveiling of a $586 Billion stimulus package.

Learning crisis-speak: An Australian governmental panel says the word “drought” sounds too depressing to farmers. “Dryness” is a term with a less negative connotation and is the national alternative. RT looks into other linguistic sleights of hand that can help you cope with reality.

Rouble tipped for slide of up to 30%: Troika Dialog, one of Russia's largest investment firms, has forecast the Rouble will gradually lose up to 30% of its value. The government is trying to strike a balance between defending the currency from speculation, and stimulating the economy.

Zany ways to beat cash crisis: A growing number of Russians are searching for alternative solutions to overcome the world financial crisis. From relatively conventional ideas like sharing offices, to more unusual methods like turning to astrology or feng shui, people will try anything to survive the credit crunch.

G20 meeting looks for overhaul of global financial architecture: G20 finance ministers and the heads of central banks met in Sao Paulo, Brazil, last week. They looked at ways to stop a global slowdown that could shrink trade world wide next year for the first time since 1982.

It’s a knockout! Yushchenko fires world boxing champ: Ukraine’s WBC Heavyweight Champion Vitaly Klitchko has become the latest victim of the world economic crisis – after losing his job as an adviser to the country’s president. Viktor Yushchenko fired all 17 of his aides in a move to reduce government spending.

From bust to boom: how Iceland plans to turn economy round: The International Monetary Fund, along with several European states, is collecting money to help Iceland's collapsed banking system. The country is on the verge of bankruptcy following the world financial crisis.

BRIC countries bearing brunt of downturn: The CIS states are likely to be hit by the global financial crisis more than any other developing countries according to a new report from the International Monetary Fund, which is also predicting Russia’s previously robust GDP growth could slow to 3.5%.

Market Watch November 7: Moscow's mixed bag, as the global outlook darkens further: Abating selling pressure on global markets allowed some Russian equities a slight rebound, in the absence of a clear lead from the energy sector. The RTS and Micex broke both side of the starting mark before more bad economic data from the United States pointed to further problems ahead, although global investors decided to buy in regardless – possibly with an eye on yet more rate cuts.

Market Watch 6 November: Down, down, deeper and down: Russian shares fell heavily in Thursday trade with stoppages on both the dollar denominated RTS and Ruble denominated Micex, as sliding crude prices and renewed weakness in the global prices for a range of metals combined with a renewed focus on the gloomy outlook for the global economy.

Medvedev: world needs financial overhaul: The world needs a new financial architecture to become more resilient to crises in the future, said Russian President Dmitry Medvedev. He was speaking along with Italian Prime Minister Silvio Berlusconi, who visited Moscow on Thursday.

IMF bails out Ukraine with massive loan: The International Monetary Fund has approved a $16.4 billion loan to Ukraine. The money, $4.5 billion of which will be given immediately, is intended to help restore Ukraine's economy and rebuild financial confidence.

Medvedev address highlights business support during crisis and focus on Ruble: Russian gas and oil should be paid for in Rubles, President Dmitry Medvedev told parliament in his first annual address. The President also highlighted the fight to boost the economy in the face of the global economic slowdown.

Market Watch, November 5: Russian stocks ease higher: After a three day break Russian stocks closed higher on Wednesday, in the wake of a global rally on Monday and Tuesday, as energy and resources stocks climbed aboard a rebound in commodity prices, and the pre U.S. Presidential election rally in global shares paved the way for gains in Moscow.

Medvedev calls for reform of world financial system: Until a couple of months ago, some economists argued Russia’s robust growth of recent years had effectively "decoupled" it from a direct correlation with the US economy. While the financial crisis proves the theory wrong, the Russian government is insisting on a new world order.

Russian markets rally: The Russian markets may not be out of the woods yet, but there are at least signs of the green shoots of recovery. The Russian RTS and MICEX indices have shown a stable rise this week.

Car sales crisis hits Russia: The global crisis has had a devastating impact on car sales in Russia and a huge fleet of car transporters is now stuck outside Moscow. The dealer the consignment is intended for is refusing to accept the vehicles saying there is no room to store 500 cars.

Crisis and competing currencies: Always when there is a downturn in the economy a tirade of criticism is directed against the model of market economy and competition. And yet it is the other way around: all financial crises are the result of lack of competition. A crisis is when monopolies and all other sorts of market impediments have reached a critical point causing the economy to burst. It is precisely lack of free competition that destroys a market economy and not the other way around.

New cars stuck in limbo as crisis begins to bite: As the credit crisis spreads, car dealers are turning back deliveries of new vehicles. Hundreds of unsold cars line the road to Moscow as Renault Russia claims it has nowhere to put them. Truck drivers are threatening to block the road if the situation is not resolved.

Buyers return as Russian stocks push higher: Russia’s RTS and Micex exchanges surged higher in Thursday trade, with buyer enthusiasm tempered only by trading halts brought about when both indices triggered halts because of the strength of the gains. The gains come amidst further signs of coordinated global action to minimize the possibility of a global recession, and with crude prices heading back towards to $70 BBL mark. At the close of trade the RTS was up 17.8% with the Micex adding 17.6%

Can IMF aid save Ukraine’s economy?: Ukraine is passing a series of economic reforms required by the International Monetary Fund to secure a $US 16.5 billion loan. Given the ongoing political crisis, the question is whether the country will be able to manage the aid properly to curb the financial one.

Crisis myths damn the bailout: Researchers at the one of the 12 Federal Reserve banks, Minneapolis, have challenged U.S. authorities to publish the data which justifies the multi-billion-dollar bank bailout.

Ukraine on the brink of financial collapse: Inflation in Ukraine will accelerate and the country will find itself on the brink of a default without financing from the International Monetary Fund, according to the chairman of the National Bank of Ukraine Chairman, Volodymyr Stelmakh. But the political deadlock in Ukraine now threatens the delivery of the emergency loan which the IMF promised the country.

Strong dollar, weak dollar: I got a question from a reader after my last article, suggesting the US was pursuing a strong dollar policy to refinance its economy, at huge risk to the rest of the world. The reader asked: "Isn't it the case that the only country that doesn't care about devaluation of its currency is the US? Doesn't the US actually want devaluation in order to become competitive in the export markets? They would essentially devalue their debt burden."