Tag Archives : credit

Dubai, born of the dream to create a Middle Eastern Shangri-la, was ‘built from nothing in just a few wild decades on credit and ecocide, suppression and slavery.’ Today, there are half-finished buildings and new establishments that look plush and posh but with ceilings that leak rainwater and tiles falling off. Some of the infrastructure pieces [...]

The Chinese government’s stimulus package has a total of 4 trillion yuan ($586 billion), but the chief auditing agency of the world’s third largest economy, China’s National Audit Office, has discovered that most funds availed of through lending and credit programs have been misused, diverted, and did not go to their actual intended investments [...]

The International Labor Organization estimates that as much as 231 million will be unemployed this year. The director general of the ILO, Juan Somavia of Chile, says that the financial crisis has become a ‘global job crisis.’ He reports, “The global unemployment could affect 231 million people in 2009, an increase of 52 million as compared to [...]