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United Kingdom Leads European Nations in Coordinated Effort to Cut Off the Credit Crisis
Governments across Europe yesterday (Monday) took the first step in a new, coordinated effort to subvert the widening credit crisis and restore functionality to the markets by guaranteeing new debt and using taxpayer money to bail out troubled lenders all over the continent.
The sweeping actions followed a pact reached Sunday by members of the European Union, most notably the United Kingdom, Germany, and France.
“The steps taken in Europe are very positive,” billionaire investor George Soros told Bloomberg News. “The European governments have got religion and realized this is a serious problem they have to address.”
The British government, which last week…
14Oct2008 | Money Morning | Comments Off | ContinuedChina and U.S. Commence Trade Talks with $14 Billion in Deals, but Loose Ends Remain
The United States and China got their fourth round of economic dialogue off to a good start yesterday (Tuesday), with the announcement of $14 billion in business deals. However, several points of tension ranging from currency devaluation to investment restrictions must still be resolved.
Two delegations, one led by U.S. Treasury Secretary Henry Paulson and the other by Chinese Deputy Prime Minister Wang Qishan, met in Annapolis, Md. yesterday, kicking off a two-day summit set to ease tension and enhance cooperation between the two countries.
“The tone will be one of constructive engagement,†Paulson told the International Herald Tribune on Monday. “We’re going to…
18Jun2008 | Money Morning | Comments Off | Continued
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