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Give them credit (nobody panic)
”Central banks are not supposed to be tightening credit when markets are in complete disarray,” said John Richards, head of Asia-Pacific Strategy at RBS Securities.
”And this is close to a complete disarray.”
The Bank of Japan and the Reserve Bank of Australia followed the European Central Bank and the US Federal Reserve by pumping additional funds [...]
Zimbabwe launches $200,000 note
Zimbabwe is to start circulating a new 200,000 Zimbabwe dollar note, in a bid to tackle the country’s inflation, the highest in the world. The new note, issued by the Reserve Bank of Zimbabwe from Wednesday, can buy 1kg (2.2lb) of sugar. Food and fuel shortages have become common as the government relies more heavily [...]
Italy to use gold reserves to cut national debt
Part of the gold and currency reserves of the Bank of Italy will be used to attack Italy’s enormous national debt, currently the equivalent of 107 per cent of GNP, according to a resolution approved by parliament on Tuesday as part of Romano Prodi’s coalition government’s “Document of Economic and Financial Programming” for 2008-2011, the [...]
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