Germany’s Car Industry Crashes

For years, Germany Inc.’s best promotional vehicles have been the world-class luxury cars the country produces. Shiny Audi, BMW and Mercedes-Benz cars are like mobile billboards for excellence, from New York to Moscow, Buenos Aires to Shanghai.But as the global financial crisis begins to take its toll on the real economy, Germany’s export machine has [...] continue reading world news

Only state intervention can save us now, says Merkel

BERLIN: Only the state can restore trust to financial markets now, German Chancellor Angela Merkel was quoted as saying on Sunday amid reports that Berlin was about to unveil a huge rescue package for its banks.“Only action by the state is capable of restoring the necessary trust,” Merkel was quoted as saying by the Bild [...] continue reading world news

Germans Stockpiling Gold Amid Market Panic

Gold dealers can’t keep up with the demandGerman gold dealers have stopped taking new orders for the precious metal as demand has skyrocketed. Gold is seen as a safe investment during the market turmoil.In uncertain economic times, Germans are dumping stocks and shares to take refuge in precious metal, accoring to a Wednesday article in [...] continue reading world news

States warned about impending mortgage crisis

Bush administration, financial industry thwarted efforts to curb greedMore than five years ago, in April 2003, the attorneys general of two small states traveled to Washington with a stern warning for the nation’s top bank regulator. Sitting in the spacious Office of the Comptroller of the Currency, with its panoramic view of the capital, the [...] continue reading world news

JIM ROGERS: GLOBAL BANKERS HAVE UNLEASHED INFLATIONARY HOLOCAUST

Legendary investor Jim Rogers warned during a CNBC interview this morning that global central banks are creating the environment for an inflationary holocaust by their ceaseless overprinting of currency, a measure that isn’t even successful in stabilizing the stock market.Rogers said that the only solution to the market crisis was to let failing banks and [...] continue reading world news

EU Nations Commit 1.3 Trillion Euros to Bank Bailouts

Oct. 13 (Bloomberg) — France, Germany, Spain, the Netherlands and Austria committed 1.3 trillion euros ($1.8 trillion) to guarantee bank loans and take stakes in lenders, racing to prevent the collapse of the financial system.The announcements came as Britain took majority stakes today in Royal Bank of Scotland Group Plc and HBOS Plc. The coordinated [...] continue reading world news

Europe to US: You messed up the rescue, too

The plans for a massive bank bailout by European governments differ strikingly from the U.S. approach.PARIS (Fortune) — First you mess up the world’s financial system. Then you blow the rescue of it. Now let’s show you how to do it properly.That, in a nutshell, is the less-than-flattering message European governments are sending to the [...] continue reading world news