Girding for a Depression
By PETER MORICI
Today, the Labor Department reported the economy lost 663,000 payroll jobs in March. The economy is shifting to permanently lower levels of production and employment, as the recession nears turns into a depression. Continue
Chavez touches on G-20 summit failure: Speaking during a visit to Iran, the Venezuelan leader on Friday said the G-20 nations' plan to spend more than a trillion dollars would strengthen "one of the great guilty ones behind the crisis: the International Monetary Fund."
Iran and Venezuela open joint bank: “The values of capitalism are in crisis and capitalism has to end,” the television quoted Chavez as saying at the inauguration ceremony. “We must take a transitional path to a new model that we call socialism.”
US unemployment hits 26-year high: Unemployment in the US has jumped to its highest level since 1983 after employers cut 663,000 jobs and workers' hours to the lowest on record, government figures have shown.
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