World Bank President Robert Zoellick said on Wednesday the world had entered a new economic danger zone and Europe, Japan and the United States all needed to make hard decisions to avoid dragging down the global economy....Zoellick said European countries were resisting difficult truths about their common responsibilities, Japan had held off on needed economic and social reforms, and political differences in the United States were overshadowing efforts to cut record budget deficits. (Reuters)
Carl Weinberg, the chief economist at High Frequency Economics is very worried about Europe. His central forecast is that the debt crisis will lead Europe into a depression that will mean soaring unemployment, deflation and zero interest rates for the foreseeable future....Gold will offer the safest haven, according to Weinberg, who fully expects Europeans to move cash under their mattresses in early phases of this crisis...."The beneficiaries of this flight of cash out of Euroland will be the hot economies of Asia, notably China, India and Korea." said Weinberg. (CNBC)
Food prices could rise next year because an unseasonably hot summer likely damaged much of this year's corn crop....More expensive corn drives food prices higher because corn is an ingredient in everything from animal feed to cereal to soft drinks. It takes about six months for corn prices to trickle down to products at the grocery store. (AP)
All Malaysian gasoline stations will offer bio-diesel fuel by next year, Plantation Industries and Commodities Minister Bernard Dompok told reporters. (Bloomberg)
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