Tuesday, October 23, 2012

Google News: World 'Close' to Recession: Stanley Fischer

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World 'Close' to Recession: Stanley Fischer STANLEY FISCHER, ISRAEL, MIDDLE EAST, IRAN, WORLD, RECESSION, ECB, QE, QUANTITATIVE EASING, CNBC.com | 23 Oct 2012 | 04:15 AM ET The global economy is "close" to a recession despite mass liquidity injections, Stanley Fischer, the head of the Bank of Israel told CNBC, though he added that it wasn't clear if the economy would actually enter one because of a small improvement in confidence recently. "Stock markets are up, possibly (because of) QE3 in the United States, the new policies of the ECB, Bank of Japan, Chinese have done something to the financial markets, so we may be seeing improvement, but it was going down before that," Fischer said in an interview in Jerusalem. The former chief economist of the World Bank and former vice chairman of Citigroup, who was tipped as a potential head of the International Monetary Fund (IMF) before Christine Lagarde's election, was cautiously optimistic about the impact of a third round of quantitative




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The global economy is "close" to a recession despite mass liquidity injections, Stanley Fischer, the head of the Bank of Israel told CNBC, though he added that it wasn't clear if the economy would actually enter one because of a small improvement in ...
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Friday, October 12, 2012

Google News: Finance leaders to address global economic threats

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Finance leaders to address global economic threats MARTIN C RUTSINGER, AP Economics Writer Updated 10:11 a.m., Thursday, October 11, 2012 WASHINGTON (AP) — When global finance ministers meet this week in Tokyo, they'll confront a triple challenge: Economic troubles in three major regions are threatening the world's economy. And political conflicts are complicating the problem. Europe is gripped by a debt crisis and stalled growth. A budget standoff in the United States is set to trigger tax increases and spending cuts and perhaps a recession. A weaker Asia is slowing worldwide growth. Mindful of those threats, the International Monetary Fund has turned gloomier about the global economy. And it's warning that even its dimmer outlook might prove too optimistic if Europe and the United States fail to resolve their crises. Developed countries are facing a heightened risk of recession, and their troubles threaten China and other emerging economies, the IMF says in its updated World Economic




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Page 1 of 1. WASHINGTON (AP) - When global finance ministers meet this week in Tokyo, they'll confront a triple challenge: Economic troubles in three major regions are threatening the world's economy. And political conflicts are complicating the problem.
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Google News: Highlights: IMF, World Bank meetings in Tokyo

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Highlights: IMF, World Bank meetings in Tokyo 9:29am EDT TOKYO (Reuters) - The following are comments on Friday from finance officials in Tokyo for the semiannual meetings of the International Monetary Fund and World Bank. BANK OF JAPAN GOVERNOR MASAAKI SHIRAKAWA: "The global economy has not yet returned to robust growth ... It is inevitable that economic growth would stagnate as debt is reduced, because economic agents will reduce spending while they reduce debt." "Inopportune and inappropriate policies driven by discontent by (the) general public ... destabilize the global economy." "No responsible policymaker could dismiss the cross-border, spillover effect of their policies. Central bankers are buying time (with their ultra-easy policies) ... and the time must be used wisely. Monetary policy cannot replace structural reforms (that must be) undertaken by government." RESERVE BANK OF AUSTRALIA GOVERNOR GLENN STEVENS: "There is a long way to go in Europe, but to give some credit where




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TOKYO (Reuters) - The following are comments on Friday from finance officials in Tokyo for the semiannual meetings of the International Monetary Fund and World Bank.
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Tuesday, October 9, 2012

Google News: Kazakh Grain Crop Plunges 47% as Drought Affects Growing Areas

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The grain crop in Kazakhstan, Central Asia's biggest wheat producer, shrank by 47 percent this season as a drought persisted in main growing regions in summer, according to the Agriculture Ministry.




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The grain crop in Kazakhstan, Central Asia's biggest wheat producer, shrank by 47 percent this season as a drought persisted in main growing regions in summer, according to the Agriculture Ministry.
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Google News: Dire prediction on global economy from IMF, pessimism about US earnings send ...

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Indexes fell on Wall Street as investors reacted to another weak forecast on the global economy and ahead of the traditional start of earnings season: results from Alcoa, the aluminum maker and economic bellwether, which come out after the closing bell.




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Indexes fell on Wall Street as investors reacted to another weak forecast on the global economy and ahead of the traditional start of earnings season: results from Alcoa, the aluminum maker and economic bellwether, which come out after the closing bell.
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Economic News

Friends, 
    Hopefully you have been watching the news. 
You ever wake up and look at the thermometer coool  42 F. put a nice sweater on and go out side to FREEZE.  the thermometer is BRook its really 28 F 
 So when you want the local weather you get the temp. humidity, prevailing winds ( thats very important).  
If you understand scientific investigation and you want the weather in the Future you need a lot more: barometric pressure, Jet Stream flow, need to study the "whole climate system".

The truth of the matter is the World Economies are in trouble with a Capital T.    The Financial systems of the  largest Economies of the world are in Serious Trouble. 
Partly because computer are using algorythums to create profit based on buy and sell number in fractions, not what the "economic systems" were designed for. 

I dont have anything to sell you and I am not giving advice on what to do, I am just reporting what I know to be true. Scientific analysis has been my predisposition for decades. On line Blog http://www.economic-collapse.blogspot.com

Text of Blog.

The largest economy in the world is the European Union.

This is what has been happening there for years. 

Greece and Spain are experiencing economic depressions which continue to get worse.   Italy and France are headed down the same road as Greece and Spain. 

Violent protests and economic unrest dominate European newspapers. 

European leaders hold meetings, but all of the "solutions" that get announced nothing seems to get fixed. 

The Greek government said they will completely run out of cash by the end of November.

The Greek economy contracted by 4.9 percent during 2010 and by 7.1  % during 2011. The Greek economy has contracted by about 20 percent since 2008.

     Greece continues to implement wave after wave of austerity measures which have pushed the country into a deep depression. Greece is still spending more money than it is bringing in. The Prime Minister Antonis Samaras said, "Greek democracy stands before what is perhaps its greatest challenge,  Citizens know that this government is Greece's last chance." 
Samaras has repeatedly appealed for international lenders at the EU and IMF to relax the extreme conditions of the bailout.

    The solution is not sustainable, borrow more, pass the burden onto the next generation. Eventually the U.S. and much of Europe will follow the same path of financial collapse. 

Spain is the 12th largest economy in the world and said it will need no help.

When Greece first started austerity measures, Spain said it would never happen to them.  Spain is in the middle of a down slide akin to the Great Depression of the 1930's. The unemployment rate for those under the age of 25 is now above 50 percent.

True: 9.8 % of all loans Spanish banks hold are considered to be bad loans. 
Manufacturing in Spain has contracted for 17 months in a row.

The number of corporate bankruptcies in Spain is rising.
Five Spanish regions have requested financial help from the national government.  Spain's largest bank, Banco Santander SA, lost 6.3 percent of its domestic deposits in July and savings at Banco Popular Espanol SA, fell 9.5 %.
A total of 326 billion euros was removed by depositors from banks in Spain, Portugal, Ireland and Greece in the 12 months ended July 31.

Eurobank Ergasias SA, Greece's second-largest lender, lost 22 % of its customer deposits in the 12 months ended March 31.   Alpha Bank SA (ALPHA), the country's third-biggest, lost 26 % of savings.
The equivalent of 7 % of GDP was withdrawn from the Spanish banks  in the month of July.

But Greece and Spain are not alone in economic distress.

     The number of unemployed workers in Italy has risen by more than 37 percent over the past year.
The unemployment rate in France is now above 10 %, and has risen for 16 months.
The chief economist at the IMF  now says that it will take until  2018 for the global economy to recover.
Depression is sweeping much of south  Europe.
The largest economy in the world (EU)  is crashing and most persons do not recognize it.
I'll be writing more as necessary. 

Raymond Clough

PH 541-288-1729



Thursday, October 4, 2012

Google News: Global economy to remain fragile until 2018, according to IMF

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Global economy to remain fragile until 2018, according to IMF - The global economy will not be back in 'decent shape' until at least 2018, the International Monetary Fund's chief economist has warned.




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The global economy will not be back in 'decent shape' until at least 2018, the International Monetary Fund's chief economist has warned.
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Wednesday, October 3, 2012


At least 33 killed in wave of suicide bombings in northern Syrian city of Aleppo

Manu Brabo/Associated Press - Smoke rises over Saif Al Dawla district in Aleppo, Syria, Tuesday, Oct. 2, 2012. The U.N.’s deputy secretary-general says U.N. chief Ban Ki-moon made a strong appeal to Syria’s foreign minister to stop using heavy weapons against civilians and reduce the violence that is killing 100 to 200 people every day.

By Associated Press, Published: October 2 | Updated: Wednesday, October 3, 6:28 AM

DAMASCUS, Syria — Three suicide bombers detonated cars packed with explosives in the main square of the northern city of Aleppo on Wednesday, killing at least 33 people, leveling buildings and trapping survivors under the rubble, Syrian state TV said.
A fourth explosion a few hundred meters (yards) away also struck near the edge of the Old City, a world heritage site, where rebels and government forces have been battling in fierce street fighting.
Long free of the violence that has engulfed much of the rest of the country, Aleppo in the past two months has become a key battleground between regime forces and rebels trying to oust President Bashar Assad. The opposition launched an initial offensive on the city, Syria’s largest and commercial hub, in July, which has left large swaths of the ancient city shattered.
Rebels last week announced a new concerted push to capture Aleppo, which would be a major strategic prize, giving the victor new momentum. It would also provide the opposition with a base, with easy logistical supply lines with Turkey to the north, from which to carry out their fight against the regime in the rest of the country.
Syria’s state-run SANA news agency said the bombings early Wednesday, which targeted Saadallah al-Jabri square, were carried out by “terrorists” and killed at least 33 people and wounded dozens more. Authorities refer to rebels fighting to topple Assad as terrorists and armed gangs.
There was no immediate claim of responsibility for the attacks. Previous bombings in Aleppo and Damascus have raised concerns that the al-Qaida terror network is becoming increasingly active in Syria. Jabhat al-Nusra, or Victory Front, a Sunni extremist group in Syria, claimed responsibility for many of them.
Footage broadcast on the state-run Ikhbariya channel showed massive damage around the square, which also houses a famous hotel and a coffee shop that had been popular with regime forces. One building appeared leveled to the ground. The facade of another was heavily damaged.
The station showed video of several bodies, including one being pulled from the rubble of a collapsed building. Rescue workers stood atop piles of concrete and debris, frantically trying to pull out survivors.
“It was like a series of earthquakes,” said a shaken resident who declined to be identified for fear of reprisals. “It was terrifying, terrifying.”
Speaking to the AP by telephone, the resident said the officers’ club and the hotel were almost completely destroyed. His account could not be immediately verified, although the TV footage showed at least one building reduced to rubble.
Activists could not reach the area, which is controlled by security forces and sealed off with checkpoints.
A Syrian government official said the number of deaths would likely increase because many of the wounded were in critical condition. Regime troops killed two more would-be suicide bombers before they could detonate their explosives, he said on condition of anonymity in line with government regulations.
Syrian state TV showed the bodies of three men wearing army uniforms at the site of the explosions. One of them appeared to be wearing an explosive belt with a timer tied to his wrist.
Aleppo-based activist Mohammad Saeed said the explosions went off minutes apart at one of the city’s main squares. He said the blasts appeared to have been caused by car bombs and were followed by clashes and heavy gunfire.
“The area is heavily fortified by security and the presence of shabiha,” he said, referring to pro-regime gunmen. “It makes you wonder how car bombs could reach there.”
Activists and Syrian state media said a fourth car bomb went off in the Bab Jnein area near the Old City where the Chamber of Commerce is located. It was not immediately clear how many casualties there were from that blast.
The Britain-based Syrian Observatory for Human Rights, which relies on a network of activists on the ground, said at least 40 people were killed and around 90 wounded in the four blasts, most of them members of the regime forces.
It said mortars also targeted the nearby political security department around the same time of the bombings.
The Syrian security official, however, said most of Wednesday’s casualties were civilians.
“We condemn these crimes and this terrorist explosion and we also condemn the countries that conspire against Syria and stand behind the terrorists,” said the speaker of the Syrian parliament, Mohammad Jihad al-Lahham, told the assembly Wednesday.
During the course of the 18-month-uprising against Assad, suicide and car bombings targeting security agencies and soldiers have become common in Syria, particularly in the capital, Damascus.
But Aleppo has been spared from such bombings and from the mayhem that struck other Syrian cities, particularly in the first year of the revolt. Then, in February, two suicide car bombers hit security compounds in Aleppo’s industrial center, killing 28 people.
The uprising against Assad erupted in March 2011 and gradually morphed into a bloody civil war. The conflict has killed more than 30,000 people, activists say, and has devastated entire neighborhoods in Syria’s main cities, including Aleppo.
The city, one of the world’s oldest continuously inhabited cities, has been the site of fierce battles for more than two months between regime troops and rebels fighters that have brought relentless shelling and gun battles.
Over the weekend, a fire sparked by fighting tore through the city’s centuries-old covered market in the Old City, burning over 500 shops. At 12 kilometers (7.5 miles), it is the Middle East’s longest souk and is part of Aleppo’s old center that was added in 1986 to UNESCO’s list of World Heritage sites.

Tuesday, October 2, 2012

Google News: Students Among the Dead in Attack on Nigerian School

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At least 25 people were killed late Monday in what appears to be a systematic slaughter in Adamawa State in northern Nigeria.




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ABUJA - At least 25 people were killed late Monday in what appears to be a systematic slaughter in Adamawa State in northern Nigeria.
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World economy slides deeper into slump

By Andre Damon 
2 October 2012
A string of negative reports coinciding with the start of the fourth quarter has revealed a significant deterioration in the global economy, with world trade slowing, manufacturing contracting, and the number of unemployed workers in the euro zone hitting a record high.
Despite these disastrous figures, stock prices in Europe and the United States rose on Monday, fueled by new central bank injections of cash into the global financial system, an intensification of austerity measures against the working class and expectations of new bank bailouts.
Eurostat, the European Union statistics agency, reported Monday that the unemployment rate in the 17-member euro zone remained at record highs in August, while the ranks of the unemployed grew by 34,000, bringing the total of jobless workers to a new high of 18.2 million. The jobless rate was 11.4 percent, the same as in July. A year ago, the region’s jobless rate was 10.2 percent.
In the 27-nation European Union as a whole, 25.5 million people were out of a job in August. The EU unemployment rate was 10.5 percent.
The unemployment rates of Spain, Greece and Portugal, the countries hardest hit by the euro crisis, all rose. Spain’s unemployment rate reached 25.1 percent, that of Greece hit 24.4 percent, and Portugal’s rose to 15.9 percent.
The unemployment rate for Italy stayed at 10.7 percent and France’s remained at 10.6 percent. Last week, the French government said the number of unemployed had hit a new record of 3 million.
Youth unemployment in the euro zone likewise worsened, hitting 22.8 percent in August, up more than 2 percentage points from a year ago, according to the Eurostat report. In Spain, 52.9 percent of people under 25 were without work.
The jobs crisis in Europe is likely to get even worse. Markit Economics reported Monday that its euro zone purchasing managers’ index (PMI), a key measure of manufacturing output, was 46.1 in August. As a reading below 50 indicates contraction, the August report marked the fourteenth consecutive month of decline in the manufacturing sector.
PMI figures released last week for both Germany and France, the core countries of the euro zone, showed sustained contraction. France’s PMI showed one of the biggest one-month falls in the survey’s 14-year history.
Chris Williamson, chief economist at Markit, said that “manufacturers across the euro area suffered the worst quarter for three years in the three months to September. Output, order books and exports all continued to fall at steep rates … causing firms to cut their staffing levels once again.”
JPMorgan Chase’s global manufacturing purchasing managers’ index for September, at 48.9, remained below the 50 level.
The euro zone economy contracted by 0.2 percent in the second quarter of 2012, and economists have predicted that it will show a further decline for the third quarter. The New York Times quoted Jennifer McKeown, an economist with Capital Economics in London, as saying the euro zone economy would contract by 2.5 percent next year.
The economy of the entire European Union contracted by 0.1 percent in the second quarter.
The ongoing downturn in Europe continues to drag down the export-dependent Asian economies. China’s official manufacturing purchasing managers’ index was below 50 for a second consecutive month, coming in at 49.8 for September after a reading of 49.2 in August. The Chinese economy has already slowed for six consecutive quarters, and a seventh quarter of slowdown now looks likely.
Japan is in a similar state. The country’s central bank said Monday that the Tankan report, a measure of business confidence, fell to minus 3 in July from minus 1 in June. Japan’s manufacturing purchasing managers’ index reading of 48 likewise indicated contraction.
Last Friday, the Japanese government released figures showing that industrial production fell by 2.9 percent in September and 1.3 percent in August. Exports from South Korea, meanwhile, fell in September for the third consecutive month.
In the US, economic growth for the second quarter was revised downwards last week and a new report showed that durable goods orders had tumbled. The Commerce Department said Thursday that US gross domestic product grew by only 1.3 percent in the second quarter, a downward revision from its earlier estimate of 1.7 percent and significantly less than the 2.0 percent growth rate in the first quarter of the year. Orders for long-lasting manufactured goods (durable goods) fell by 13 percent in August, the largest fall since 2009.
The deepening global downturn is weighing heavily on international trade. The volume of global trade is expected to grow only 2.5 percent this year, down from a 5.0 percent in 2011 and 14.0 percent in 2010, according to a survey released Monday by the World Trade Organization. A separate report by an agency of the Dutch government estimates that world trade actually contracted in June and July.
Global stock markets responded to the dismal news by staging a rally. The German DAX rose by 1.53 percent and the British FTSE by 1.37 percent. The response of stocks in the US was more muted, but still positive, with the Dow rising 0.58 percent and the S&P 500 by 0.27 percent.
The ongoing rise of stock prices despite the marked deterioration of the real economy is a reflection of the immense attacks that are being carried out against workers in Europe, the United States and Asia, including job cuts, the slashing of wages, and austerity measures impacting social programs, pensions, health care and other benefits.
Banking and corporate profits are surging as a result of the lowering of working class living standards and intensification of the rate of exploitation of labor. At the same time, stocks and other speculative assets are being inflated by the injection of hundreds of billions of dollars into the financial markets by the central banks, particularly the US Federal Reserve, which announced last month a plan to inject $40 billion into the financial markets every month for an indefinite period.
These measures are being carried out by capitalist governments around the world, whether social democratic or conservative, to make the working population pay for the crisis of the world capitalist system.

Google News: 2 US border agents shot, 1 killed, near major drug corridor in Arizona

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Two US Border Patrol agents were shot, one fatally, Tuesday morning in an area in south Arizona known as a major drug-smuggling corridor, authorities said.




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Two US Border Patrol agents were shot, one fatally, Tuesday morning in an area in south Arizona known as a major drug-smuggling corridor, authorities said.
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Tue Oct 2, 2012 9:58am EDT

* Euro rangebound as investors await developments in Spain
    * Bids from Asian central banks cited at $1.2880
    * Aussie dollar falls after RBA rate cut

    By Gertrude Chavez-Dreyfuss

    NEW YORK, Oct 2 (Reuters) - The euro rose for a second
straight session on Tuesday, pulling further away from recent
three-week lows against the dollar on growing expectations the
euro zone's fourth-largest economy Spain is ready to seek a
bailout. 
    European officials told Reuters on Monday Spain was ready to
request a euro zone bailout for its public finances as early as
next weekend, but Germany had signaled that it should hold off.

    A request for a bailout is viewed as positive for Spain and
therefore the euro because it would trigger purchases of Spanish
debt by the European Central Bank that could lower the country's
borrowing costs. It also removes another layer of uncertainty in
the region's three-year old debt crisis.
    "(Spain's) recent budget proposal...seemed intentionally
designed with a bailout request in mind and the market is
assuming it's just a question of when," said Brad Bechtel,
managing director at Faros Trading in Stamford, Connecticut. 
    "The sooner the better for markets as every hint of a
looming request sends markets higher." 
    But uncertainty over the timing of the request kept
investors on edge with many selling the euro at higher levels.
Another risk factor is rating agency Moody's soon-to-be
announced review of Spain's rating, which could see it cut to
junk status.
    Joe Manimbo, senior market analyst at Western Union Business
Solutions in Washington, added that worries about euro zone
growth would keep the ECB in easing mode, suggesting any euro
upside may be modest.
    Analysts said safe-haven currencies like the U.S. dollar and
the yen would be in demand until Madrid asked for aid. 
    The euro was 0.4 percent higher on the day at
$1.2937, rising from Monday's low near $1.2802, its lowest in
three weeks. Market players reported bids from Asian central
banks at around $1.2880 with offers to sell at $1.2950,
confining the currency to a range. 
    It has eased from a four-month peak of $1.3169 hit in
mid-September after the ECB announced its bond-buying plan to
lower yields on peripheral euro zone debt and the U.S. Federal
Reserve teed up another round of monetary easing. 
    While a request for a bailout by Spain could see a
short-term rally in the euro, some money managers are wary of
the single currency in the medium to long term, given gloomy
economic prospects, tough austerity measures and rising
unemployment in the euro zone. 
    "From a macro perspective, we would look to short the euro
against the dollar into any move higher as there is no growth in
the euro zone," said Howard Jones, adviser at RMG Wealth
Management. 
    "Value in the euro lies in the crosses, especially against
the yen given Japan's own problems and against the Australian
dollar because we are seeing commodity prices coming off." 
    Against the yen, the euro was 0.5 percent higher at 101.03 
yen. The dollar rose 0.1 percent against the Japanese
currency to 78.10 yen, having hit a more than one-week
high of 78.21 after Japan's new finance chief warned of possible
action to cap the currency's rise. 
     
    RATE CUT DENTS AUSSIE 
    The growth-linked Australian dollar fell to a four-week
trough against the U.S. currency and slid against the euro after
the Reserve Bank of Australia cut interest rates by a quarter
point and left the door open for more easing. 
    The Aussie dollar fell to US$1.0291, its lowest
level since early September, also weighed down by concerns about
slowing growth in China. It was last down 0.4 percent at
US$1.0314. The euro climbed around 0.9 percent to A$1.2558

    While the cut to 3.25 percent was not a complete surprise,
some analysts had thought Australia's central bank would wait
until November to lower interest rates. 
    Western Union's Manimbo said the key to the outlook for RBA
policy is the economic situation in China, Australia's No. 1
export market.
    "Further signs of weakness (in China) would keep pressure on
the RBA to cut rates further."

Monday, October 1, 2012

Google News: Trade Slows Around World

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Trade Slows Around World - The World Trade Organization just projected the global volume of trade in goods would expand only 2.5% this year, down from 5% last year and nearly 14% growth in 2010.




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The World Trade Organization just projected the global volume of trade in goods would expand only 2.5% this year, down from 5% last year and nearly 14% growth in 2010.
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Google News: Epic 'Dust Bowl Of 2012′ Expands Again

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Epic 'Dust Bowl Of 2012′ Expands Again - The drought is the worst to strike the U.S. since the Dust Bowl era of the 1930s and lengthy droughts of the 1950s. It came on suddenly and largely without warning, and although the main trigger




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The drought is the worst to strike the U.S. since the Dust Bowl era of the 1930s and lengthy droughts of the 1950s. It came on suddenly and largely without warning, and although the main trigger was most likely the pattern of water temperatures in the ...
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