Gerald Celente: Financial Review - 10/27/2011

Gerald Celente is talking with Richard de Feber and Koen Dil from GoudPortal.nl and Biflatie.nl about Gold, the coming Depression, the future of the world Reserve currency, the eurocrisis, the riots and Revolution, the currency and trade wars and peakoil.

(Reuters) - MF Global Holdings Ltd, the futures broker run by former Goldman Sachs chief Jon Corzine, has filed for Chapter 11 bankruptcy after a tentative deal with a buyer fell apart. The firm's meltdown in less than a week is a stunning setback for Corzine, who sought to turn MF Global into a mini-Goldman. Corzine became CEO last year after losing his governorship of New Jersey, and his big bets on euro-zone debt sealed the company's fate.

The bankruptcy filing came after talks to sell a variety of assets to Interactive Brokers Group Inc broke down earlier Monday, a person familiar with the matter said. Earlier, central banks and exchanges had slapped the broker with suspensions.

The bankruptcy makes MF Global the most prominent U.S. casualty yet from the euro-zone debt crisis, and harkens back to 2008 when Lehman Brothers collapsed at the height of the U.S. financial crisis.

read more at link above...

The global economy is on the verge of a new and deeper jobs recession that may ignite social unrest, the International Labour Organization (ILO) has warned.

It will take at least five years for employment in advanced economies to return to pre-crisis levels, it said.

The ILO also noted that in 45 of the 118 countries it examined, the risk of social unrest was rising.

Separately, the OECD research body said G20 leaders meeting in Cannes this week need to take "bold decisions".

The Organisation for Economic Co-operation and Development said the rescue plan announced by EU leaders on 26 October had been an important first step, but the measures must be implemented "promptly and forcefully".

The OECD's message to world leaders came as it predicted a sharp slowdown in growth in the eurozone and warned that some countries in the 17-nation bloc were likely to face negative growth.

'Moment of truth'
In its World of Work Report 2011, the ILO said a stalled global economic recovery had begun to "dramatically affect" labour markets.

It said approximately 80 million net new jobs would be needed over the next two years to get back to pre-crisis employment levels.

But it said the recent slowdown in growth suggested that only half the jobs needed would be created.

"We have reached the moment of truth. We have a brief window of opportunity to avoid a major double-dip in employment," said Raymond Torres from the ILO.
The global economy is on the verge of a new and deeper jobs recession that may ignite social unrest, the International Labour Organization (ILO) has warned.

It will take at least five years for employment in advanced economies to return to pre-crisis levels, it said.

The ILO also noted that in 45 of the 118 countries it examined, the risk of social unrest was rising.

Separately, the OECD research body said G20 leaders meeting in Cannes this week need to take "bold decisions".

The Organisation for Economic Co-operation and Development said the rescue plan announced by EU leaders on 26 October had been an important first step, but the measures must be implemented "promptly and forcefully".

The OECD's message to world leaders came as it predicted a sharp slowdown in growth in the eurozone and warned that some countries in the 17-nation bloc were likely to face negative growth.

'Moment of truth'
In its World of Work Report 2011, the ILO said a stalled global economic recovery had begun to "dramatically affect" labour markets.

It said approximately 80 million net new jobs would be needed over the next two years to get back to pre-crisis employment levels.

But it said the recent slowdown in growth suggested that only half the jobs needed would be created.

"We have reached the moment of truth. We have a brief window of opportunity to avoid a major double-dip in employment," said Raymond Torres from the ILO.

The group also measured levels of discontent over the lack of jobs and anger over perceptions that the burden of the crisis was not being fairly shared.

It said scores of countries faced the possibility of social unrest, particularly those in the EU and the Arab region.

Loss of confidence
Meanwhile, in its latest projections for G20 economies, the OECD forecast growth in the eurozone of 1.6% this year, slowing to 0.3% next year.
The group also measured levels of discontent over the lack of jobs and anger over perceptions that the burden of the crisis was not being fairly shared.

It said scores of countries faced the possibility of social unrest, particularly those in the EU and the Arab region.

read more at link http://www.bbc.co.uk/news/business-15519699