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The world prays for an economic miracle

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The world prays for an economic miracle

By Ben Chu, Economics Editor in Washington

After an incredibly volatile day on world markets, the head of the International Monetary Fund, Christine Lagarde, warned of a looming "collapse in global demand" which threatens to push economies around the world into a new recession.

"Dark clouds over Europe and huge uncertainty in the United States" mean that "the challenge could not be more urgent", she told politicians and leading economists in Washington, who are meeting there in an attempt to tackle the world's economic woes.

Calling for immediate action to support global growth and stabilise the international financial sector, Ms Lagarde said: "The actions I am calling for today are not for the coming years – they are for the coming months."

The stark warning followed the failure of the G20 group of leading economies to convince investors that they would avert a new global banking crisis. A communiqué from G20 finance ministers and central bank governors pledging to "take all necessary action to preserve the stability of banking systems and financial markets" failed to deliver a significant lift to investor sentiment. Stock markets in Europe and the US picked up slightly by the close of trading yesterday, but generally failed to recover the large losses experienced earlier in the week.

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and doesnt it underline again where we are in the scheme of things sian? "imminent" is how the watchtower refered to things... just about to happen... considering we know the banking system "the merchants" will still be up and running at the fall of christendom? cant be long... whats the time now?

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