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The World Bank's most recent Global Economic Prospects (GEP) report, released this week, says a global economic recovery is underway, underpinned by strengthening output and demand in high-income countries. Global GDP growth in 2014 will be 2.8 percent and it is expected to rise to about 4.2 percent by 2016, according to the report, which the World Bank publishes twice a year. Average GDP growth in developing countries has reached 4.8 percent in 2014, faster than in high-income countries but slower than in the boom period before the global financial and economic crisis of 2008. Demand side stimulus or supply side reforms? The global economic slowdown that struck in 2008 was caused by a financial crisis that resulted in large part from the bursting of an enormous, fraud-ridden mortgage lending bubble in the US. The crisis led to varying responses in different countries. The GEP report's authors said that in general, developing countries privileged demand stimulus policies over structural reforms during the past several years. For example, in 2008 to 2009, China implemented a four trillion-renminbi ($586 billion) stimulus program as a direct response to the slowdown in global trade caused by the global financial crisis. Critics pointed to over-investment in China as a risk to continued fast growth. The country is now struggling to contain a real estate bubble of its own. The World Bank wants China and other emerging countries to refocus on structural reforms. "A gradual tightening of fiscal policy and structural reforms are desirable to restore fiscal space depleted by the 2008 financial crisis," the bank's chief economist, Kaushik Basu, has said. "In brief, now is the time to prepare for the next crisis."

How the Government Botched Its Effort to Hold Wall Street Accountable After the Crisis The Department of Justice (DOJ) fell down on many of its efforts to hold Wall Street accountable for mortgage fraud after the crisis, according to a new audit from the U.S. Department of Justice Office of the Inspector General (OIG). The DOJ promised the public that it would place a priority on going after mortgage fraud. But the report finds that "DOJ did not uniformly ensure that mortgage fraud was prioritized at a level commensurate with its public statements." One telling example is that the Federal Bureau of Investigation (FBI) ranked mortgage fraud as the lowest threat in its lowest crime category. The OIG also visited FBI field offices in Baltimore, Los Angeles, Miami, and New York and found that either it was a low priority or not even listed as a priority. Meanwhile, the FBI got $196 million in funding to investigate mortgage fraud between 2009 and 2011, yet the number of agents doing the investigation decreased in the same time, as did the pending investigations. More related issue from Corliss: http://corlissonlinegroup.com/ http://corlissonlinegroup.com/blog/ http://corlissonlinefinancialmag.blogspot.co.uk/ http://www.pinterest.com/geraldhussen/corliss-online-financial-mag/

MOSCOW (Reuters) - Russia's government acknowledged for the first time on Monday that the economy was in crisis, undermining earlier attempts by officials to suggest albeit weakening growth it could weather sanctions over Ukraine. Moscow markets wait to see the full scale of western measures over the seizure of Ukraine's Crimea and support of its referendum to join Russia, after losing billions of dollars in recent weeks in state and corporate money. More from Corliss: http://corlissonlinegroup.com/ http://corlissonlinegroup.com/blog/ https://www.facebook.com/corlissonlinefinancialmag https://twitter.com/CorlissGroupMag

Spain's economic crisis, the government's response to it, and pervasive corruption have inspired a flowering of the black market economy. FORTUNE -- Outside the front door of an IKEA in the Barcelona suburb of L'Hospitalet de Llobregat, a group of men -- mostly immigrants from Ecuador -- offer shoppers informal delivery services. In Spain's crisis economy, it's a competitive business -- to cut down on conflict, the drivers pick numbered balls to set a queue -- and with some negotiating, a shopper can get immediate delivery for less than what IKEA's official drivers charge.

Do you can see it coming? The return on 10-year U.S. Treasuries skyrockets, the S&P 500 remains down for 9 out of the last 11 trading days and disturbing economic reports pour in from all throughout the globe. The much expected "financial correction" approaches rapidly, and investors start heading for the exits. We have not experienced so many foreboding financial signs all converge at one time like this since just before the last major financial disaster. It appears as though a "perfect storm" is brewing, and so much "smart money" has already abandoned stocks and bonds. Could we possibly be headed toward another frightening financial crisis? Will we see a replay of 2008 or prospectively an even worse crisis? Naturally, so many people believe that we will never again experience another major financial catastrophe like the one in 2008. So many people think that this kind of "doom and gloom" talk is idiotic. Those types of people are those who did not see the last financial crash coming and who choose not to prepare for the coming one in spite of the extremely clear warning signs. Let us expect the best; but let us also get ready for the worst - and, right now, things do not look bright at all. The following 18 signs give strong support that global financial markets are headed toward a horrendous death spiral...

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By Maria Gallucci - Global economic growth is expected to dip this year, following the fiercely cold winter that plagued the United States and turbulence in Ukraine and the world's financial markets. The World Bank on Tuesday said it reduced its global growth forecast to 2.8 percent this year, down from a January projection of 3.2 percent, Bloomberg News reported. The U.S. forecast was cut to 2.1 percent from 2.8 percent, and outlooks for Brazil, Russia, India and China also fell -- a sign that emerging economies aren't moving fast enough or investing sufficiently in domestic structural reforms, which are needed to accelerate economic expansion, according to the Washington-based institution. It recommended smaller budget deficits, higher interest rates and productivity-boosting measures to stave off future financial unrest, Bloomberg said. The growth setbacks, however, might be short-lived. The 2015 projection for global economic growth held steady at 3.4 percent, Bloomberg noted, and growth is expected to regain speed this year despite earlier weaknesses, the World Bank said in its Global Economic Prospects report. "The financial health of economies has improved. ... But we are not totally out of the woods yet," Kaushik Basu, the lender's chief economist, said. "A gradual tightening of fiscal policy and structural reforms are desirable to restore fiscal space depleted by the 2008 financial crisis. In brief, now is the time to prepare for the next crisis."

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Consumers Can Avoid Financial Ruin, National Debt Relief Provide Tips On How To Do It National Debt Relief publishes an article on their website to reveal 8 tips that will help consumers avoid financial ruin. Philadelphia, PA ( PRWEB ) January 31, 2014 National Debt Relief is intent on helping consumers avoid financial ruin. On January 28, the leading debt relief company published an article titled "8 Ways You Can Remove Financial Ruin From Your Future." This article discussed various tips that will save consumers from another financial crisis.

Janet Yellen said in prepared remarks to be delivered in a confirmation hearing on Thursday that the Federal Reserve helped restart the economy after the recession, but still there's more work to be done. "We have made good progress, but we have farther to go to regain the ground lost in the crisis and the recession," reads the statement. Yellen is at present serving as vice-chair on the Federal Reserve Board, she is nominated by President Obama to succeed Ben Bernanke as head of the central bank. Bernanke's second term ends January 31, and in spite of the protests from a few Tea Party members, Yellen is mostly anticipated to be long-established for the position before then. Ten in the morning Eastern, Thursday, her hearing before the Senate Banking Committee is scheduled.