And so it begins: Filipino politician says 2012 will be a very difficult year

December 17, 2011 – MANILA, Philippines — Senator Edgardo J. Angara is not optimistic about the incoming year, describing 2012 as a very difficult year due to the economic crisis gripping Europe and the US. He said that the situation on the local front could be aggravated by the impeachment trial by the Senate of Chief Justice Renato Corona come January 2012. “We should be vigilant about this because definitely we cannot escape the effect of the economic crunch being experienced now in Europe and even the USA,” Angara told newsmen who attended the Christmas party he hosted last Friday night. In the country, he said that even more fearsome is the effect of the scheduled impeachment trial of Chief Justice Renato Corona in the Senate. He said that definitely, the senators’ focus will be shifted to the impeachment trial instead of important legislative matters related to economic and development programs of the government. Angara expressed sadness that it is the “masa” or the big majority of the Filipinos who will bear the negative impact of the impeachment trial. While he adheres to political processes like an impeachment trial, what is not pleasant, he said, is that our people will be divided again due to what he described as a “painful” political process. According to him, the trial could drag on for several months, and this he said will surely slow down the economic activity while we are watching the trial like a “telenovela.” Earlier, he urged fellow senators who will serve as impeachment judges to look into the possibility of mediating between the contending parties in the trial to ease the political tension. -MB

Markets in for another beating? Most rich-world stock indexes will recoup in 2012 only a fraction of their huge losses this year, a Reuters December poll showed, with the threat of economic catastrophe in Europe hanging over developed and emerging markets alike. Trillions of dollars have been wiped from share prices in 2011 and only six out of the 19 indexes covered by the survey are expected to finish next year higher than their 2010 closing levels. The quarterly poll of around 350 equity strategists and economists was conducted before major central banks coordinated together in an unexpected move on Wednesday to provide cheaper dollar funding, which sent global stocks soaring. –Financial Express

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5 Responses to And so it begins: Filipino politician says 2012 will be a very difficult year

luisport says:

December 17, 2011 at 10:00 pm

Forget The Shanghai Composite, The Baltic Dry Index Tells The Real Story Of China’s Economy

There is a growing chorus of analyst voices calling for an economic collapse in China. This is based in part on how poorly Chinese stocks have done this year, and it sets up all sorts of worries about what an economic slowdown in China might do to prices of commodities, and to other world financial markets.

I have a different view, and it is based on the comparison we see in this week’s chart. The Baltic Dry Index (Source: bloomberg.com BDIY:IND) is an index of dry shipping lease rates. In other words, it reflects how much it costs to rent a freighter for hauling non-liquid stuff.

Read more: http://www.mcoscillator.com/learning_center/weekly_chart/baltic_dry_disputes_china_collapse/#ixzz1gpd4hAgV

RealityZone says:

December 17, 2011 at 10:10 pm

2013 will be the year of drastic change.

Philippino Bob says:

December 18, 2011 at 1:22 am

Unfortunately for the Philippino people this is business as usual. The string of corruption scandals is absolutely astounding. There is not a day without it.
It is a continuous combat style politics. Backstabbing is a way of life and impunity is the accepted norm.
Looking at it from a foreigner perspective, it is CHAOS!

Donna says:

December 18, 2011 at 3:46 am

Thanks for describing this in Layman’s terms for us noobs, Luisport ^_-

Irene C says:

December 19, 2011 at 1:46 am

Thank you Alvin and luisport. I so appreciate this being put in layman’s terms, since I am not knowledgeable concerning global economics. I’m thankful just to keep my checkbook balanced and my bills paid. However, I have learned a lot just by reading articles from this site and researching some of the links. 2012 looks to be an “interesting” year, to say the least, considering the economic upheavals and geological changes we are witnessing. My prayers go out to all of my EP family.

Maranatha