World Now in Grip of 'Great Recession' Warns IMF
THE TELEGRAPH: The world is mired in what future generations may dub the "Great Recession", the head of the International Monetary Fund has declared, in the face of a flurry of negative economic news.

The global economy faces a contraction in overall gross domestic product for the first time since the Second World War, said Dominique Strauss-Kahn. His warning came as:

• Britain's leading economic forecaster, the National Institute for Economic and Social Research, said the UK economy has given up more than two years' worth of expansion, sliding back to the same size it was in summer 2006. It added that the recession had deepened in the first quarter of the year.

• China slid into deflation for the first time in the crisis, underlining the fact that Western nations' reliance on Chinese growth in the recession may be futile.

• Evidence emerged of an industrial production collapse across Europe, while the Irish central bank chief predicted his economy would shrink by a staggering 6pc this year.

• Eastern Europe's problems intensified, with the European Union pledging its readiness to give money to Romania and experts warning that Serbia's economy will shrink by 3pc unless it is bailed out by the IMF.

Mr Strauss-Kahn said that the Fund was poised to cut its forecast for 2009 global economic growth from the paltry 0.5pc expansion it predicted in January, saying a negative figure was now more likely. >>> By Edmund Conway | Wednesday, March 11, 2009

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Melanie Phillips: Selling Us All to Saudi Arabia
THE SPECTATOR: The Islamisation of the west is proceeding according to plan, as the Times reports:

Gordon Brown claimed success yesterday in his attempt to persuade Saudi Arabia to help stricken economies by pumping more money into the International Monetary Fund... Lord Mandelson, who was also at the dinner at the Royal Palace, said Mr Brown wanted to ensure that the Saudi King was ‘on the same page’ over the causes of the financial problems and the solutions. ‘We are seeking “buy-in” from Saudi Arabia and other Gulf states to the necessary response that we all need to make to the turmoil of the international financial system. If we don’t get that money we will fail,’ Lord Mandelson said...

Lord Mandelson said that the Saudis and other Gulf states would now expect a bigger role in global institutions in return for their investment.

You bet they will. Gordon Brown and Peter Mandelson are delivering Britain and the west into dhimmitude.*

* Definition of ‘dhimmi’ from the Dhimmi Watch site:
Dhimmis, ‘protected people,’ are free to practice their religion in a Sharia regime, but are made subject to a number of humiliating regulations designed to enforce the Qur’an’s command that they ‘feel themselves subdued’ (Sura 9:29). This denial of equality of rights and dignity remains part of the Sharia, and, as such, is part of the law that global jihadists are laboring to impose everywhere, ultimately on the entire human race.

The dhimmi attitude of chastened subservience has entered into Western academic study of Islam, and from there into journalism, textbooks, and the popular discourse. One must not point out the depredations of jihad and dhimmitude; to do so would offend the multiculturalist ethos that prevails everywhere today. [Source: The Spectator] Melanie Philips | November 3, 2008

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Brown Seeks IMF Cash from Saudis
Gordon Brown at King Saud University, Saudi Arabia, accompanied by Saudi officials. Photo courtesy of Reuters
REUTERS: RIYADH (Reuters) - British Prime Minister Gordon Brown said on Sunday he expected Saudi Arabia to pump money into the International Monetary Fund, part of moves to ensure the lender can bail out economies hit by a global financial crisis.

The worst financial crisis in 80 years, which started when a U.S. housing market boom turned sour, has raised fears of recession which one bank official said would spread across the globe hurting even fast-growing economies in Asia and South America.

China was the latest country to fear it might be hit by the downturn, saying it must maintain a fast pace of growth or risk heightening "factors damaging social stability."

Governments have cut interest rates, propped up banks and stepped up state spending to try to spur their economies, but some countries have been forced to turn to the International Monetary Fund (IMF) and other global lenders for help.

Brown urged countries with large financial resources, such as oil-producing Gulf states, to contribute to a new IMF facility and said he expected Saudi Arabia to contribute -- after some time.

"The Saudis, I think, will contribute so we can have a bigger fund worldwide," Brown told reporters in the Saudi capital, Riyadh, on a tour of the Gulf to also seek investment and help on oil prices.

"The oil producing countries, who have generated over $1 trillion from higher oil prices in recent years, are in a position to contribute."

He next heads to the gas and oil-producing Gulf Arab state of Qatar. Earlier in Kuwait, the finance minister said the government would base any decision to support international markets on potential returns and investment opportunities. >>> By Matt Falloon | November 2, 2008

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’Major Global Downturn’ Says IMF
BBC: The world economy is entering a major downturn in the biggest financial crisis since the 1930s, said the International Monetary Fund (IMF).

In a hard-hitting report, the IMF warned the global economy was facing its most dangerous crisis for 70 years.

World economic growth will slow substantially this year, and only pick up modestly later in 2009, it said.

It warned the challenge for governments would be to stabilise economies while keeping a lid on inflation.

In its latest bi-annual World Economic Outlook report, the IMF said global economic growth would slow to 3.9% this year and then to just 3% in 2009 - its lowest level since 2002.

Growth slows

The IMF said the global financial crisis, which started with the collapse in US sub-prime mortgages in August 2007, had worsened in the past six months - and had entered a "tumultuous new phase" in September.

In its report, the IMF said that after four years of strong global growth led by emerging and developed economies, the world's economy was now heading into a major downturn led by leading industrialised nations.

Overall growth in the US, Europe, Japan and Canada would drop to 1.5% this year - and was set to fall even lower to just 0.5% next year, it said. ’Major Global Downturn’ Says IMF >>> | October 8, 2008-10-08

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IMF Urges Rapid, Coordianted International Response to Financial Crisis
THE GUARDIAN: US banking losses estimated at $1.4 trillion / Strauss-Kahn: 'Time for piecemeal solutions is over'

The International Monetary Fund today added its weight to the growing calls for a comprehensive and coordinated international response to the global financial crisis, which it says has become disorderly and more damaging than it previously thought.

In its latest twice-yearly Global Financial Stability Review, the Washington-based institution dramatically raised its estimate of losses to the US banking system to around $1.4 trillion (£800bn), 45% up from the $945bn it estimated in April and reaffirmed just two months ago.

It also estimated that the major global banks need to raise some $675bn in new capital in the next few years.

The IMF report was released as shares in Britain's banks plunged once again, following emergency talks with the government last night over a possible injection of billions of pounds of taxpayers' money into the banking sector.

The IMF's managing director, Dominique Strauss-Kahn, said the report "shows how serious a crisis we currently face".

"The time for piecemeal solutions is over. I therefore call on policymakers to urgently address the crisis at a national level with comprehensive measures to restore confidence in the financial sector. At the same time, national governments must closely coordinate these efforts to bring about a return to stability in the international financial system."

He spoke as European finance ministers were meeting in Luxembourg to try to thrash out some sort of response to the growing financial emergency, and looked likely to raise depositor protection to €100,000 (£78,000). IMF Urges Rapid, Coordianted International Response to Financial Crisis >>> Ashley Seager | October 7, 2008

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