Quote of the day
“We work in the dark - we do what we can - we give what we have. Our doubt is our passion, and our passion is our task. The rest is the madness of art.
”
User login
Support openDemocracy today
This week's editor
Tahrir Square meme: Event
openAwakening in conjunction with the University of East London is organizing a three-part event series on ‘The Tahrir Square Meme’ to be held at UEL's Dockland Campus.
Our first event is Rap and the Arab Spring.
The Long Revolution
The Long and the Quick of revolution Anthony Barnett
We live in revolutionary times... but what does this mean? Anthony Barnett
The precariat: why it needs deliberative democracy Guy Standing
The Long Revolution Raymond Williams
Occupy movement
Our Authors
Jim Gabour Sunday Comics
James Warner Standing Perpendicular, as books do
Markha Valenta Inter Alia: religion, politics, culture
Paul Rogers on Global security
Li Datong on China from the inside
Mary Kaldor on Human security
Daniele Archibugi on Cosmopolitan democracy
















Worst of Crisis Ahead, More Banks May Hit Trouble: IMFThe worst of the financial crisis may still lie ahead and more major financial institutions may face trouble in coming months, IMF director general Dominique Strauss-Kahn said on Wednesday.The crisis risks weighing on the world economy, he said, though both developing and developed countries were showing signs of resilience, Strauss-Kahn told reporters after a meeting with Gulf Arab finance ministers and central bank governors."It is a very serious financial crisis," he said. "The consequences for some financial institutions are still in front of us. We have to expect that there may be in the coming weeks and coming months other financial institutions with some problems," he said.Strauss-Kahn spoke the day after U.S. authorities engineered an $85 billion rescue American International Group [AIG 3.85 1.16 (+43.12%) ], staving off bankruptcy for the insurance giant and bringing a measure of calm to shell-shocked global markets."What we are experiencing these days is an increase in the downside risk and uncertainty, but we still believe that the world economy will recover in 2009," Strauss-Kahn said. "What is important to see is that it has an influence on the real economy but that the real economy is very resilient both in developed and emerging countries."Slideshow: Biggest Chapter 11 Cases in US HistoryThe AIG bailout came just two days after U.S. authorities refused to rescue investment bank Lehman Brothers [LEH 0.2151 0.1631 (+313.65%) ], forcing it into bankruptcy protection despite pleas from Wall Street's chiefs.The Fed stepped in amid worries that a collapse of AIG could cause far-reaching damage to the global financial system, although some market players argued that the government's move brings just a short-term respite and could do long-term harm.http://www.cnbc.com/id/26752681