ILO meeting to discuss employment crunch in the financial sector

Published at ILO, 23 February 2009

Keywords also in Wikipedia:  Globalisation, Credit Crunch, Financial Crisis, Economy, Employment, Trade Unions, Social Movement, ILO

GENEVA (ILO News) – More than 100 senior representatives of governments, workers’ and employers’ organizations, gather here on 24-25 February to discuss the impact of the economic crisis on the more than 20 million people employed in the financial sector worldwide.

A new ILO report prepared for the meeting says jobs in financial services around the world have been strongly affected, with announced layoffs exceeding 325,000 between August 2007 and 12 February 2009.

With close to 40 per cent of the above losses, or 130,000 lost jobs, announced from October 2008 to 12 February 2009, the report also sees a rapid acceleration in financial services job cuts over recent months.

“These figures almost certainly understate the real situation in a sector which has been at the epicentre of the financial and economic crisis”, said Elizabeth Tinoco, Chief of the ILO’s Sectoral Activities Branch. “As the global economy sinks further into recession, and financial institutions’ assets experience even greater impairment, the industry’s job losses can be expected to rise even faster.”

The report defines the financial sector as being comprised of employees in the banking industry (retail banking and wholesale banking acting on national, regional or global financial markets); the insurance industry and re-insurance; and other financial intermediaries (e.g. hedge funds, mutual funds, wealth management firms, insurance agents and financial advisors, etc.).

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Royal Bank of Scotland – GIVE US OUR MONEY BACK!

Video by dontpanicmedia

If you go to work everyday, 9-5 and then hand over about a quarter of your income to the government every month and you’re not angry about the current banking F-up, then youre either one of the financial or political elite that have been ripping off the world since time immemorial, or youre a snivelling, subservient little slave and you deserve all the subjugation you get. Our government is bailing the banks out to the tune of £500 billion! Yes, that’s £500 billion! To put that in perspective, we give roughly £5.4 billion a year to international aid. Continue reading

William Engdahl on the prossibility of a 3th World War on The Real News Network

From the Real News Network
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Frederick William Engdahl (born 1944) is a writer for the Asia Times Online. He has contributed to a number of publications, including Japan’s Nihon Keizai Shimbun, Foresight magazine, Grant’s, European Banker and Business Banker International. He has also spoken at conferences on geopolitical, economic and energy subjects, and is active as a consulting economist. Continue reading

Aan GM is reeds lang een vies reukje – GM stinks since a long time

General Motors killed the Electric Streetcar in the US by buying lines and then closing them down
General Motors schakelde de Electrische tram uit in de VS door tramlijnen op te kopen en ze dan te sluiten.

Maar nu staan de parkings in de VS vol met energieverslindende wagens die niet verkocht geraken. Zie fotoserie.

But now the carparks in the US qre filled with cars that consume too mutch gasoline and find no sellers. See photo gallery

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Chomsky: Current crisis demonstrates anti-democratic nature of financial system

[originally posted on Dandelion Salad on

Sent to DS from Joel from The Real News Network

Chomsky on the economy

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