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IMF CHIEF: WORLD IN “GREAT RECESSION”     STRAUSS-KAHN

March 11/09.  The global economy will shrink this year as the world enters "a Great Recession," the head of the International Monetary Fund said Tuesday.

Speaking in a taped interview with French television channel France 24, Dominique Strauss-Kahn said economic data has worsened since January, when the IMF forecast a global growth in gross domestic product of 0.5 percent this year.

"Since then, the news hasn't been good," Mr. Strauss-Kahn said. "I think that we can now say that we've entered a Great Recession."

"This recession can last a long time," Mr. Strauss-Kahn added, "unless the policies we're expecting are put in place, in which case 2010 can be a year of return to growth."

The World Bank said Sunday that the global economy will shrink this year for the first time since World War II and that the global financial crisis will make it tougher for poor and developing nations to access needed financing.

Washington Times, PARIS (AP)

http://www.worthynews.com/top/washingtontimes-com-news-2009-mar-11-imf-chief-world-is-in-a-great-recession-/  

 
WORLD NEEDS SINGLE CURRENCY: KAZAKHSTAN

March 10/09. Kazakh President Nursultan Nazarbayev has called for the creation of a single world currency called the "acmetal" as a means of combating the worsening global financial crisis.

"In our view, we must create a single world currency under the aegis of the United Nations," Nazarbayev said on Tuesday, a day before a major economic conference opens in his Central Asian country. We must make a transition to an absolutely new global currency system based on legitimacy and, in view of all countries, one single monetary system," he told a meeting of the Eurasian Association of Universities.

This is the first time Nazarbayev has spoken publicly about the need for a single world currency although he has previously written about it. He first called for the creation of a worldwide currency, to be called "acmetal" - a combination of "acme," a Greek word meaning the peak or the best, and "capital" - in an article published last month.

Kazakhstan, an energy-rich Central Asian state, has enjoyed growth rates of up to 10 per cent over the last years but it has been hit, like its ex-Soviet neighbours, by the credit crunch as well as the dramatic fall in oil prices. -

www.sbs.com.au

 

RUSSIA TO PROPOSE NEW GLOBAL COMMON CURRENCY  …

By JOEL C ROSENBERG

March 18/09. Amidst the global economic crisis in which upwards of 45% of the world’s wealth has been lost in the last 18 months, talk of radically restructuring the global economic system is growing. In recent weeks, leaders in Europe, Africa and the Middle East have proposed scrapping the current economic order and going to a single common currency.

A story in this morning’s Moscow Times – and featured prominently on the Drudge Report — is creating quite a stir in particular. At the April 2nd meeting of world leaders in London (the G20), the Kremlin is reportedly set to propose a new global common currency system that will replace the U.S. dollar as the international currency of choice.

The Kremlin document also called for national banks and international financial institutions to diversify their foreign currency reserves. It said the global financial system should be restructured to prevent future crises and proposed holding an international conference after the G20 summit to adopt conventions on a new global financial structure.” 

FULL STORY>  http://bible-prophecy-today.blogspot.com/2009/03/russia-to-propose-new-global-common.html

 

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