Word: euros
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...Cooke wasn't some pretty Euro-boy, indulged by Manhattan plutocrats because they could count on him fill out a dinner table or bridge game. He had the gift of intelligent gab, and a mind that swiftly synthesized all he'd read and seen into what he knew the listener would find informative and attractive. He demonstrated that when Edward VII resigned after marrying Wallis Simpson (another American swell Cooke had met), and NBC radio hired him to cover the event: 10 days, 400,000 words virtually all ad-libbed...
...further evidence was needed that the long-dreaded global economic slump is now upon us, the Eurozone - the 15-nation economic bloc that uses the common European currency - was formally declared to be in recession, for the first time since the euro was adopted nearly a decade ago. Oddly enough, Asian and European equity markets responded to the dismal news by posting gains of between 0.5% to 4% throughout...
...decline of its members' economies next year. That, the OECD forecasts, will be led by a 1% decline in growth in the U.S., a 0.5% contraction in Europe, and 0.1% downturn in Japan. Evidence to back that projection came with Friday's announcement that economic growth across the euro-zone decreased 0.2% in the third quarter of 2008 - the second consecutive contraction, which puts the region into recession by the most common benchmark...
...contention that France, Europe, or even the global economy isn't already in a recession that's likely to get worse, is a joke," says David Naudé, chief economist for the euro zone at Deutsche Bank in Paris. "The unexpected mini-advance in France notwithstanding, the news is bad, and all forecasts indicate the fourth quarter will be even worse...
...credit crisis, the currency markets favored the U.S. dollar. Since oil is traded internationally, as the dollar gained value, the price of oil in dollars had to come down. A weakening dollar played a role on the way up; a strengthening dollar on the way down. But the euro has dropped only 20%, and oil, three times that. So currency is not the whole story but certainly is a major trigger. (Read "Four Steps to Ending the Foreclosure Crisis...