The news relative to devaluation of our money always congers up a memory from my childhood. In the thirties there was articles and pictures of people in China going to market with wheelbarrows full of money. As prices and inflation rose the government just printed more money.
Again, on the topic of slightly panicky headlines:
Quote:WestLB expects billion euro loss
The German bank WestLB has said how much it expects to lose from its exposure to US sub-prime mortgages and unauthorised stock market trades.
It expects to make a net loss of 1bn euros ($1.45bn; £744m) and a similar amount in write-downs.
The bank is now reported to be planning to cut up to 2,000 jobs and may merge with a rival state lender
Bank of China is also reported to be about to make big write-downs from its exposure to US sub-prime mortgages.
The South China Morning Post suggested that Bank of China may make a loss for 2007 because of the debt, which is based on repackaged home loans made to people with inferior credit records or unpredictable incomes.
Record default rates on such loans because of rising interest rates meant the debt had questionable value.
German banks have been among the worst hit with IKB and SachsenLB having particularly serious problems.
WestLB's announcements followed a Sunday meeting of its owners - the state government of North Rhine-Westphalia and local banks.
And I observe this callous, careless conservative caravan capitalism.
West LB had many minus points. VW is one among the many.
Here is an article from Alternet. It is talking about what has been mentioned here (not by me).
http://www.alternet.org/story/73763/
