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March 9, 2009 Weblog:

If AIG Goes Down...Yikes!

Fours days before receiving a second bailout to the tune of $30 Billion, AIG issued a confidential internal memo regarding what could happen if the insurance company failed.

Doomsday scenarios included:

  • The potential for cascading failure of US insurance companies
  • The potential that US companies in foreign companies could be permanently lost to nationalization
  • A run on the US dollar
  • Destroy US retirement savings
  • General economic meltdown similar to that of Lehman Brothers

Happy reading!

» continue reading "If AIG Goes Down...Yikes!"

November 1, 2008 Weblog:

Credit Crisis and Africa

The Rwandan New Times has an interesting article on how global economic problems are affecting African industry.

The continent’s tourism sector, remittances from abroad and Aid flows will dramatically fall as a result of the global crisis.

“African governments will have to reduce their expenditure because they are not going to get as much aid. Governments should prepare themselves by concentrating on domestic growth to sustain the economies because ultimately even the export market will be affected and there will be reduced sales,” said Betty Maina, Executive Director of the Kenya Association of Manufacturers.

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The Dominion is a monthly paper published by an incipient network of independent journalists in Canada. It aims to provide accurate, critical coverage that is accountable to its readers and the subjects it tackles. Taking its name from Canada's official status as both a colony and a colonial force, the Dominion examines politics, culture and daily life with a view to understanding the exercise of power.

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