Thursday, November 3, 2011

Bad news from Ben Bernanke for the G20

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Bad news for the international community from everyone. Ben Bernanke of the US Federal Reserve "You are on your on own" until 2014 high unemployment and lower growth in the GNP. The European Union is waiting for the details on the Greek referendum "The if you want your money, you will have to wait.". Emerging markets from Thailand to BRIC's more bad news for growth.

The picture everyone is painting is.."you are on your own"... from the international community...The future of the G20 France Summit ,,,Young Entrepreneur Summit...

"The two-day Group of 20 summit officially starts Thursday. But German Chancellor Angela Merkel and French President Nicolas Sarkozy called for an emergency session Wednesday night with other European officials after their Greek counterpart announced the day before that he would put a European rescue plan for his indebted nation before voters in a January referendum.
It was unclear what Merkel and Sarkozy would seek from Greek Prime Minister George Papandreou, who flew to Cannes for the session. The pair spent considerable political capital to push through a comprehensive bailout plan just a week ago, but it includes some measures that likely would prove unpopular with Greek voters."

"cash-strapped states relentlessly slash spending on relief for people who fall outside the federal social safety net, a new group of “untouchables” is fast emerging, experts warn.
For years, hundreds of thousands of people in dire straits – mentally or physically disabled, homeless and unemployed, ineligible for federal welfare, disability, or food subsidies – could generally count on state or local government largesse for modest handouts of cash to help scrape by. Under the rubric of “General Assistance,” these down-and-out Americans received modest payments – often no more than a few hundred dollars a month – to help defray the cost of necessities including rent, food, clothing, toilet paper, aspirin, phone cards, and bus tickets.
But in the midst of the worst recession of modern times and changing attitudes about the poor, many states have been gradually chipping away at general assistance programs or eliminating them altogether. Only 30 of 50 states currently offer any form of general assistance – down from 38 in 1989. And just this week, Washington State formally ended its “Disability Lifeline” program for an estimated 18,000 to 22,000 economically desperate residents."

Based on the G1 Economic Data others to follow...
Billionaire philanthropist Bill Gates is to address the G20 summit on Thursday as part of a continuing campaign for a Robin Hood tax on finance. Photograph: Paul Hackett/Reuters
"The publication of the Gates report comes at a time when the issue of a financial transaction tax has been moving up the political agenda in the UK. The archbishop of Canterbury, Rowan Williams, supported the idea earlier this week but David Cameron told MPs on Wednesday that Britain would only back an FTT if it was introduced globally. Andrew Tyrie, the chairman of the Treasury select committee, wrote to the chancellor, George Osborne, asking whether Britain would veto an attempt by the European commission to implement an FTT in Europe.

The City has been lobbying the government hard to resist an FTT but Gates said he hoped the prime minister would allow other members of the G20 to press ahead even if Britain remained opposed. "It doesn't seem that the UK should have an objection when it has a settlement tax of its own," Gates said, referring to stamp duty levied on share deals. He added: "Hong Kong and the UK, which are both big financial centres, have settlement taxes. At the same rate levels it could be adopted by more countries and raise a fair amount of revenue."

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