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13:52:56 02/01/12
Davos 2012: crisis and consequences
[LESS INFO] 0 VIEWS | ADDED 13:52:56 02/01/12
Davos 2012: crisis and consequences
The shockwave sent out by the eurozone crisis is now hurting emerging economies like Brazil, Russia, and China. These were the very economies that came to the rescue in 2008, preventing the financial crisis from blowing up into a full-scale global recession. In the poorest countries more and more people every day are grappling with hunger. Industry is struggling, for better or worse, to deal with these new conditions, but in Davos this year pessimism hung heavy in the air. From: Euronews Views: 22 0 ratings Time: 07:42 More in News & Politics
0 Views
13:52:56 02/01/12
Davos 2012: crisis and consequences
[LESS INFO] 0 VIEWS | ADDED 13:52:56 02/01/12
Davos 2012: crisis and consequences
The shockwave sent out by the eurozone crisis is now hurting emerging economies like Brazil, Russia, and China. These were the very economies that came to the rescue in 2008, preventing the financial crisis from blowing up into a full-scale global recession. In the poorest countries more and more people every day are grappling with hunger. Industry is struggling, for better or worse, to deal with these new conditions, but in Davos this year pessimism hung heavy in the air. From: Euronews Views: 85 1 ratings Time: 07:42 More in News & Politics
0 Views
16:35:46 01/31/12
Davos: crisis and consequences
[LESS INFO] 0 VIEWS | ADDED 16:35:46 01/31/12
Davos: crisis and consequences
The shockwave sent out by the eurozone crisis is now hurting emerging economies like Brazil, Russia, and China. These were the very economies that came to the rescue in 2008, preventing the financial crisis from blowing up into a full-scale global recession. In the poorest countries more and more people every day are grappling with hunger. Industry is struggling, for better or worse, to deal with these new conditions, but in Davos this year pessimism hung heavy in the air. From: Euronews Views: 85 3 ratings Time: 07:55 More in News & Politics
0 Views
16:35:46 01/31/12
Davos: crisis and consequences
[LESS INFO] 0 VIEWS | ADDED 16:35:46 01/31/12
Davos: crisis and consequences
The shockwave sent out by the eurozone crisis is now hurting emerging economies like Brazil, Russia, and China. These were the very economies that came to the rescue in 2008, preventing the financial crisis from blowing up into a full-scale global recession. In the poorest countries more and more people every day are grappling with hunger. Industry is struggling, for better or worse, to deal with these new conditions, but in Davos this year pessimism hung heavy in the air. From: Euronews Views: 85 3 ratings Time: 07:55 More in News & Politics
0 Views
03:52:46 12/04/11
Prophets of Doom
[LESS INFO] 0 VIEWS | ADDED 03:52:46 12/04/11
Today?s world has troubles unique to its time in history, from the global financial crisis to technological meltdowns to full scale, computerized global war. Observing the convergence of such events, contemporary prophets have begun to emerge from obscurity to suggest that these conditions might be signs of the demise of the modern world. These men are historians as well, using all manner of information and patterns from the past to provide context for where we are going. Their predictions interpret the current state of affairs in our world as evidence that the America we know may come to an end. The men proposing these ideas are not crackpots living on the streets of New York; they are intelligent, learned men who come armed with the evidence to back up their claims.
8 Views
09:06:26 12/02/11
HSBC's Mahendran Says Emerging Asia `Bond Friendly'
[LESS INFO] 8 VIEWS | ADDED 09:06:26 12/02/11
HSBC's Mahendran Says Emerging Asia `Bond Friendly'
Dec. 2 (Bloomberg) -- Arjuna Mahendran, head of Asia investment strategy at HSBC Private Bank in Singapore, talks about the European sovereign debt crisis, and its impact on global financial markets. Mahendran also discusses US and Asian economies. He speaks with John Dawson on Bloomberg Television's "On the Move Asia." (Source: Bloomberg) From: Bloomberg Views: 68 0 ratings Time: 04:46 More in Entertainment
3 Views
22:58:36 10/26/11
European Debt Crisis Hurts American Farmers
[LESS INFO] 3 VIEWS | ADDED 22:58:36 10/26/11
European Debt Crisis Hurts American Farmers
World leaders gather in Brussels at an emergency summit aimed at stemming the financial crisis gripping European countries. Those financial fears are spreading across America as well as the debt crisis hits US farms. (Oct. 26) From: AssociatedPress Views: 298 9 ratings Time: 02:15 More in News & Politics
21 Views
22:30:00 08/23/11
Studio Guest Michael Heise
[LESS INFO] 21 VIEWS | ADDED 22:30:00 08/23/11
Our studio guest is Michael Heise, Allianz Group Chief EconomistDW-TV: Michael Heise, please tell us, how much of a "Bad Bank" is the ECB in your opinion? Michael Heise: I don't think it is a Bad bank and I don't think it will become one. I think the criticism is a little bit overstated. We do have a crisis of confidence in the eurozone: there is a current lack of trust in the currency and I think it is the obligation of the ECB to do something about it and these purchases of government bonds are a means to calm down nerves on the markets. How else would the ECB do its job and keep inflation under control without the bond buying programme? I think it's something that should be temporary. The criticism is warranted in the sense that this cannot be a long-term strategy for the ECB to buy bonds in huge amounts like the US Fed did. It's a temporary relief in this crisis until we've upgraded European the financial fund which should be coping with the job of managing the debt crisis in Europe. It's not really the ECB's job. But as yet it's helpful to have the ECB. DW-TV: Critics say the ECB is no longer independent - do you agree? Michael Heise: No I don't really agree with that. It's part of the mandate of the ECB to preserve financial stability in the eurozone. This is more with a view towards transactions but nonethless, the crisis we have here is a threat to the stability of financial markets. So I think it is warranted for the ECB to intervene. DW-TV: Stability is something we haven't seen in quite a while. Reforms take time - does the Eurozone have enough time? Michael Heise: We're taking too much time. Especially given the difficult political constellation in Europe with many independent voices and differing views. It takes too much time to get clear reforms going. The countries themselves have enacted neccessary refoms so I think that has improved. But on the European level, I think we need to speed up. DW-TV: And given the daily barrage of bad news, who can blame anyone for being insecure these days? How do you cope? Have you got an emergency plan ready for when the big crash happens, or do you have nerves of steel? Michael Heise: I also try to prepare for some heavy times on the financial markets. Human beings are not rational and neither are financial markets. So you always have to expect sudden unexpected falls of the market that have great momentum. That's something we have experienced without a lot of economic indication that this is warranted, so you always have to be prepared for these times. DW-TV: How big a role do rumours and anxiety play in this scenario? Michael Heise: Rumours can have a very strong impact. Financial markets are scenarios for the future, about expectations, what might happen in the future, and rumours or small news can sometimes change the view of many market participants and then you have herding behaviour. The markets go in one direction with a lot of force. DW-TV: The markets have been volatile almost without a break since the start of the global financial crisis Shares of European Banks plummeted at the end of 2008 following the bankruptcy of Lehman Brothers. And in recent months, shares tumbled further amid fears the Eurozone debt crisis could spread and the US economy fall back into recession. How should investors deal with "bad" news? Sit and wait, or react? Michael Heise: I think the banking problems that we see presently on stock markets and other markets are different from the ones that we saw when we had Lehmann. There is more transparency. What the real problem is mainly is the sovereign debt crisis. Many banks are quite loaded with sovereign debt. There is a lot of intertwinement in the banking markets, as we know, so there is some lack of confidence in the banking market. But this is not as severe as it was with Lehmann. So I think investors should not flee out of these stocks. DW-TV: What will it take for the markets to fully recover and calm down again? Michael Heise: We need a solution for the sovereign debt issues. We need to recreate confidence that this is under control. Governments in individual countries have been enacting reforms. That is quite favourable but on the European level, things are not going as fast as they should. Interview: Marion Jones
0 Views
05:43:03 08/08/11
Finance chiefs pledge "to act" over debt crisis
[LESS INFO] 0 VIEWS | ADDED 05:43:03 08/08/11
Finance chiefs pledge "to act" over debt crisis
Finance chiefs from the world's industrial nations have pledged to steady the markets in response to the plunge on global stock exchanges last week. After emergency telephone talks, G7 members issued a joint statement. In it they committed themselves to ensuring liquidity to support financial stability and growth. The communique followed a signal from the European Central Bank that it would buy up Italian and Spanish bonds in order to prevent the eurozone debt crisis from spreading. ... www.euronews.net From: Euronews Views: 99 5 ratings Time: 01:00 More in News & Politics
1 Views
05:43:03 08/08/11
Finance chiefs pledge "to act" over debt crisis
[LESS INFO] 1 VIEWS | ADDED 05:43:03 08/08/11
Finance chiefs pledge "to act" over debt crisis
Finance chiefs from the world's industrial nations have pledged to steady the markets in response to the plunge on global stock exchanges last week. After emergency telephone talks, G7 members issued a joint statement. In it they committed themselves to ensuring liquidity to support financial stability and growth. The communique followed a signal from the European Central Bank that it would buy up Italian and Spanish bonds in order to prevent the eurozone debt crisis from spreading. ... www.euronews.net From: Euronews Views: 99 5 ratings Time: 01:00 More in News & Politics
1 Views
08:15:55 07/22/11
EU leaders come up with second Greek bailout
[LESS INFO] 1 VIEWS | ADDED 08:15:55 07/22/11
EU leaders come up with second Greek bailout
Euro zone leaders say they have struck a deal to tackle the bloc's chronic debt crisis. After a day of emergency talks in Brussels, EU heads confirmed a new bailout for Greece. That will include involvement from the private sector. Another key element was greater powers and flexibility for Europe's financial rescue fund. EU Council President Herman Van Rompuy said: "We improved the Greek debt sustainability, we took measures to stop the risk of contagion and finally we committed to improve the euro zone's crisis management" ... www.euronews.net From: Euronews Views: 125 6 ratings Time: 01:28 More in News & Politics
29 Views
22:30:00 01/25/11
Our Studio Guest is Dr. Dieter Zetsche, Daimler AG CEO
[LESS INFO] 29 VIEWS | ADDED 22:30:00 01/25/11
What was the driving force behind the development of the automobile - its symbolizing freedom and passion or a desire for high speeds? How important are the pioneering achievements of the early days today? What visions does our guest have for the car of tomorrow? What about electric-powered cars and how healthy is the German car industry?DW-TV: And here is the man who's in the driver's seat at Daimler and also he's the head of Mercedes Benz, - Daimler CEO Dieter Zetsche. Thanks for having us here and you're already standing here with the prototype. What's so revolutionary about this three-wheel?" Dieter Zetsche: Well first of all it's the first vehicle with a combustion engine being propelled by itself. On top of that Carl Benz had the intention to invent a new vehicle with the combustion engine. Whereas Gottlieb Daimler used existing vehicles like a carriage and just added an engine. He did the same with a rowing boat for instance or even something like a zeppelin. DW-TV: So both clever ideas -- a different approach. And it was a woman who made the car popular. Beate Benz we saw that in the report. Because people didn't really embrace the idea of the car. Why? Dieter Zetsche: First of all she had the courage to use it on a longer distance for the first time as women are typically more courageous. On top of it in the beginning people were just afraid. They were afraid that the engine could explode that they could crash into something else. Even the German Emperor was convinced that the horse would forever dominate. He was wrong, especially on this point. DW-TV: As we know now. A lot has changed over the last 125 years. What drives the industry? Dieter Zetsche: All the tremendous advantages automobiles offer. Starting with a higher degree of freedom -- of going to where you want to go. On top of that lots of emotion going around the car. So its a rational and an emotional product and that's probably the tremendous reason for the success. DW-TV: Is this something you can relate to personally? Dieter Zetsche: For sure. You're not surprised by that I guess. I like the idea of being able to do what I want when I want as far as location is concerned. I very much enjoy driving and I have a private place where I can behave and do what I want to do in public. That is a very nice situation. DW-TV: Freedom of course comes at a price. People have to be able to afford a car. The financial crisis was felt in the car industry worldwide. But business is picking up again. Even gas guzzlers sell well again in the United States. Why is that are people just ignoring financial reasons? Dieter Zetsche: Well they have recovered financially. Our customers just lost the mood to buy a car. They still had the money. Meanwhile they have both back. Things are looking much better going forward. And on top of that emerging markets are developing extremely fast, the automotive markets, and that's another big reason why the industry's recovering fast. DW-TV: Emotions run high when it comes to cars. Mr Zetsche that was the case with these Sliver Arrows here. Beautiful cars here. Are they silver for a certain reason? Dieter Zetsche: Just before a race was started Mr Neubauer figured that the car was too heavy. So he came to the great idea to just scratch the paint from the car. And up came the aluminum which was silver obviously. And that was the birth of the Silver Arrows. DW-TV: A legendary car that was also very fast. Cars were about speed for a long time. Then safety. Now it's the environment. And actually your museum is preparing a new display dedicated to emission free mobility. Hydrogen, e-cars. What exactly have you planned? Dieter Zetsche: At the forefront of this development of reinventing the car, there is not one silver bullet but we have to pursue different technologies. Electric cars will be the main theme. But it can be energy storage in batteries or hydrogen for a fuel-cell car. DW-TV: When you say you're driving this invention now, how do you explain the criticism that comes from many sides that the German car industry, including Daimler, is lagging behind when it comes to these cars? Dieter Zetsche: Well once in a while there is criticism that is not well founded. Actually we were basically the first to have already three years ago 100 Smart electric cars in Berlin. And already producing now the third generation of electric cars for the Smart. We have the fuel cell car already in production, 200 units this year. We're at the forefront and not lagging. DW-TV: But there's competition now from other industries including utilities now when it comes to the electric car. What do you make of that? Dieter Zetsche: Well we have to work together. It's about infrastructure, it's about the energy which has to become CO2-free which is not the case in general today. So we need new co-operations different from the past and therefore it's good they join the party. DW-TV: One way forward. Each show we ask our viewers to ask or answer a question, to tell us something. This time they ask a question which we would like to ask you in return. The question comes from Rajsh Nath, Calcutta, emerging market India of course. And he wants to know Mr Zetsche many foreign and domestic car companies see India as a market mainly for smaller cars. So does Daimler plan to introduce a smaller car in India? Dieter Zetsche: Not smaller than the cars we're offering in other parts of the world. We have compact cars and the C-Class already industrlaized in India since many years. And we are very successful there so we serve the premium market. Interview: Monika Jones
2 Views
14:00:10 11/23/10
C&L Opening Bell
[LESS INFO] 2 VIEWS | ADDED 14:00:10 11/23/10
enlarge Note: I'm experimenting with a new (hopefully) daily feature that attempts to recap the day's economic news in a way that's informative and entertaining. There's a lot of insane stuff going on in the world of economics and finance and my goal will be to explain it without making your eyes glaze over. So let's get started!
C%L Opening Bell, 11-23-10
* The big news of the day was in Ireland, where the Irish government finally acknowledged that bailing out its banks has rendered it insolvent. Taoiseach Brian Cowen said that he plans to dissolve Parliament and call for new elections juuuuuust after the sure-to-have-its-ass-handed-to-it Fianna Fáil coalition passes its next budget.
And what a budget it's expected to be! In exchange for a loan of up to €90 billion from the European Union and the International Monetary Fund, Ireland will have to implement further austerity measures that involve raising taxes and cutting services. And whose services are getting cut, you're wondering? Do you even have to ask ? >
Deep cuts to the minimum wage and welfare benefits loom as part of the price the country pays for its huge emergency bailout loan as Brian Cowen insisted he was "not the bogeyman" who had led Ireland to financial crisis.
So the poorest people in the country are essentially paying to bail out the Irish banks' creditors. Pretty remarkable.
* Zero Hedge points us to the following video from Jim Rogers that lays out an alternative plan for the Irish: Just declare bankruptcy and restructure your debt already:
Here's the key part: >
This is ludicrous. This will cripple the Irish economy for years to come. In the future Ireland will be crippled because everything they earn will go to pay off old debt. There is no reason why taxpayers around Europe or in Ireland should pay for other people's mistakes. The bondholders and the stockholders of banks should lose money.
And this is what we should keep in mind when we hear about "bailing out Ireland." It's really about bailing out the Irish banks' creditors .
* It also goes without saying that this situation blows a hole in the meme that austerity is the best way to head off a recession. The Irish implemented spending cuts and tax increases long before most of the other PIIGS (Portugal, Ireland, Italy, Greece and Spain) ever did. The result was the country was still deeply in debt and in need of a rescue. More than anything, though, this crisis shows that there are structural flaws in the Eurozone single currency that are probably impossible to resolve. I can't really see anyway for countries to be able to issue their own debts but not their own currencies.
* Over in the States, meanwhile, things aren't exactly better. The banks' fraudulent foreclosure activity (which our own Susie Madrak has covered extensively ) has created a buttload of anxiety in the housing market : >
The ongoing controversy surrounding foreclosures is taking its toll as homebuyers refused to look at distressed properties in October, and foreclosure sales suffered from delays, according to the latest Campbell/Inside Mortgage Finance Monthly Survey. [...]
News reports that major servicers were pulling REOs off the market, including some already under contract, spooked would-be homebuyers. The monthly survey found that 14% of owner-occupant homebuyers and 6% of investors refused to view foreclosed properties in October. Homebuyer fear was worse for short-sale properties where 30% of owner-occupant buyers, and 20% of investors refused to view these homes.
As I told two friends who were looking to buy a home, you'd have to be N-U-T-S to think of buying a foreclosed home right now.
* On the somewhat-happier side of things, the FBI raided two hedge firms yesterday as part of its sweeping investigation into insider trading. The Wall Street Journal got the scoop on this probe over the weekend: >
Federal authorities, capping a three-year investigation, are preparing insider-trading charges that could ensnare consultants, investment bankers, hedge-fund and mutual-fund traders, and analysts across the nation, according to people familiar with the matter.
The criminal and civil probes, which authorities say could eclipse the impact on the financial industry of any previous such investigation, are examining whether multiple insider-trading rings reaped illegal profits totaling tens of millions of dollars, the people say. Some charges could be brought before year-end, they say.
The investigations, if they bear fruit, have the potential to expose a culture of pervasive insider trading in U.S. financial markets, including new ways non-public information is passed to traders through experts tied to specific industries or companies, federal authorities say.
Reading those words gave me a tingly feeling in my pants. I do hope this investigation is legit and that the government won't just take a wad of "We're Sorry!" Cash from the banks and call it a day. We have a wealthy criminal class in this country that never pays for its crimes and is often rewarded for them at taxpayer expense. If we want to keep living in a democracy, this sort of thing will have to stop.
* News of the hedge fund raid sent key financial stocks down today, as Bank of America's shares were down 3%, JP Morgan's were down 2.25% and the Vampire Squid was down nearly 3.5%.
* And finally, let's take a look at what I call the "WE'RE ALL GONNA DIE!!!11!!!" index of key measurements to see how much investors across the world are crapping themselves with fear. Basically, it goes like this: When U.S. Treasury yields go down and the price of gold goes up, that means investors are fleeing risky assets for things they consider to be safe investments. If the reverse is happening, then investors are likely feeling they can handle more risk on a given day.
Gold futures rose 0.4% to $1,357.80 yesterday.
10-year Treasury yields fell 1.41% to close at 2.80% on the day.
In other words, the chances of the world exploding just got greater. Have a happy day!
3 Views
14:00:10 11/23/10
C&L Opening Bell
[LESS INFO] 3 VIEWS | ADDED 14:00:10 11/23/10
enlarge Note: I'm experimenting with a new (hopefully) daily feature that attempts to recap the day's economic news in a way that's informative and entertaining. There's a lot of insane stuff going on in the world of economics and finance and my goal will be to explain it without making your eyes glaze over. So let's get started!
C%L Opening Bell, 11-23-10
* The big news of the day was in Ireland, where the Irish government finally acknowledged that bailing out its banks has rendered it insolvent. Taoiseach Brian Cowen said that he plans to dissolve Parliament and call for new elections juuuuuust after the sure-to-have-its-ass-handed-to-it Fianna Fáil coalition passes its next budget.
And what a budget it's expected to be! In exchange for a loan of up to €90 billion from the European Union and the International Monetary Fund, Ireland will have to implement further austerity measures that involve raising taxes and cutting services. And whose services are getting cut, you're wondering? Do you even have to ask ? >
Deep cuts to the minimum wage and welfare benefits loom as part of the price the country pays for its huge emergency bailout loan as Brian Cowen insisted he was "not the bogeyman" who had led Ireland to financial crisis.
So the poorest people in the country are essentially paying to bail out the Irish banks' creditors. Pretty remarkable.
* Zero Hedge points us to the following video from Jim Rogers that lays out an alternative plan for the Irish: Just declare bankruptcy and restructure your debt already:
Here's the key part: >
This is ludicrous. This will cripple the Irish economy for years to come. In the future Ireland will be crippled because everything they earn will go to pay off old debt. There is no reason why taxpayers around Europe or in Ireland should pay for other people's mistakes. The bondholders and the stockholders of banks should lose money.
And this is what we should keep in mind when we hear about "bailing out Ireland." It's really about bailing out the Irish banks' creditors .
* It also goes without saying that this situation blows a hole in the meme that austerity is the best way to head off a recession. The Irish implemented spending cuts and tax increases long before most of the other PIIGS (Portugal, Ireland, Italy, Greece and Spain) ever did. The result was the country was still deeply in debt and in need of a rescue. More than anything, though, this crisis shows that there are structural flaws in the Eurozone single currency that are probably impossible to resolve. I can't really see anyway for countries to be able to issue their own debts but not their own currencies.
* Over in the States, meanwhile, things aren't exactly better. The banks' fraudulent foreclosure activity (which our own Susie Madrak has covered extensively ) has created a buttload of anxiety in the housing market : >
The ongoing controversy surrounding foreclosures is taking its toll as homebuyers refused to look at distressed properties in October, and foreclosure sales suffered from delays, according to the latest Campbell/Inside Mortgage Finance Monthly Survey. [...]
News reports that major servicers were pulling REOs off the market, including some already under contract, spooked would-be homebuyers. The monthly survey found that 14% of owner-occupant homebuyers and 6% of investors refused to view foreclosed properties in October. Homebuyer fear was worse for short-sale properties where 30% of owner-occupant buyers, and 20% of investors refused to view these homes.
As I told two friends who were looking to buy a home, you'd have to be N-U-T-S to think of buying a foreclosed home right now.
* On the somewhat-happier side of things, the FBI raided two hedge firms yesterday as part of its sweeping investigation into insider trading. The Wall Street Journal got the scoop on this probe over the weekend: >
Federal authorities, capping a three-year investigation, are preparing insider-trading charges that could ensnare consultants, investment bankers, hedge-fund and mutual-fund traders, and analysts across the nation, according to people familiar with the matter.
The criminal and civil probes, which authorities say could eclipse the impact on the financial industry of any previous such investigation, are examining whether multiple insider-trading rings reaped illegal profits totaling tens of millions of dollars, the people say. Some charges could be brought before year-end, they say.
The investigations, if they bear fruit, have the potential to expose a culture of pervasive insider trading in U.S. financial markets, including new ways non-public information is passed to traders through experts tied to specific industries or companies, federal authorities say.
Reading those words gave me a tingly feeling in my pants. I do hope this investigation is legit and that the government won't just take a wad of "We're Sorry!" Cash from the banks and call it a day. We have a wealthy criminal class in this country that never pays for its crimes and is often rewarded for them at taxpayer expense. If we want to keep living in a democracy, this sort of thing will have to stop.
* News of the hedge fund raid sent key financial stocks down today, as Bank of America's shares were down 3%, JP Morgan's were down 2.25% and the Vampire Squid was down nearly 3.5%.
* And finally, let's take a look at what I call the "WE'RE ALL GONNA DIE!!!11!!!" index of key measurements to see how much investors across the world are crapping themselves with fear. Basically, it goes like this: When U.S. Treasury yields go down and the price of gold goes up, that means investors are fleeing risky assets for things they consider to be safe investments. If the reverse is happening, then investors are likely feeling they can handle more risk on a given day.
Gold futures rose 0.4% to $1,357.80 yesterday.
10-year Treasury yields fell 1.41% to close at 2.80% on the day.
In other words, the chances of the world exploding just got greater. Have a happy day!
2 Views
14:30:00 07/09/10
China’s Rise: Opportunities and Pitfalls
[LESS INFO] 2 VIEWS | ADDED 14:30:00 07/09/10
China emerged from the global financial crisis with more strength than ever. Besides promising rapid growth in GDP, it aims to create a better environment for foreign investments and increased living standards for its people.
0 Views
02:19:26 10/21/09
Gunter Pauli / Chudo Govero Denver 2009
[LESS INFO] 0 VIEWS | ADDED 02:19:26 10/21/09
Pulp to Protein: The Green Job Machine / Orphan Teaching Orphans We are witness to the demise of an economy built on what we did not have. Now we have an opportunity to evolve towards an economy based on what we have. In developing countries alone, where basic needs are unmet, the financial crisis has put 50 million people out of work. Based on more than 50 pioneering projects and inspired by research on the most innovative technologies, we can see a new economy emerging that brings us health and housing, water and food never imagined. / Orphaned at age seven, Govero had to beg for work to support her brother and grandmother. At age 12, she learned how to farm mushrooms, and later, she learned to propagate mushrooms in a lab. Equipped with this knowledge, Govero simplified mushroom farming for villagers in general, and girls at risk in particular. Hear the inspirational story of a young woman from Zimbabwe who overcame personal and cultural challenges and is now empowering others to do the same.
