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Can Asia Help The U.S. Fix its Banks?

As the global financial system sinks deeper into the abyss, policymakers and economists in Asia are reflecting on their own past financial meltdowns in search of lessons that could help the U.S. and Europe. As ministers for the G-7 group of industrialized nations meet in Washington today to discuss the crisis, Japanese officials in particular are expected to offer up guidance to their Western colleagues. "Japan can be of help by letting them know our experience of struggling" with economic turmoil, Japan's Finance Minister Shoichi Nakagawa told reporters Tuesday.

Privacy group seeks social network probe

US-- Privacy group the Center for Digital Democracy (CDD) has called on policymakers in the US and Europe to examine how social networking websites track and analyse their users in order to target advertising.

Fed signals it's hanging tough

Despite pressure from the financial markets to cut interest rates, Fed Chairman Ben Bernanke and the board’s policymakers sent a strong signal that they are hanging tough by leaving rates just where they are.

Global Recession Likely, Wachovia Says

(RTTNews) - Global real GDP growth averaged nearly 5 percent per annum between 2004 and 2007, the strongest four-year period of growth in decades. However, real GDP growth rates have slowed in most countries this year, and we look for further deceleration in 2009, say the analysts at Wachovia. Indeed, we project that global GDP will grow only 2 percent in 2009, the slowest year for global growth since 1993. If credit markets remain frozen for a prolonged period of time, global growth next year could be even slower than our official projection. Indeed, it is very difficult to forecast with any reasonable degree of certainty during the middle of a global financial crisis. Underlying all of our projections is our assumption that policymakers will take the necessary steps to prevent the global financial system from completely imploding.

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