The Great Economic Recession : 50 Million Jobs Forecasted To Be Lost To The Global Crisis In 2009

The world is changing and it's all happening NOW with the Global Economic Crisis affecting the world at large. Big corporations and major financial institutions downsizing threatens to leave millions jobless by the end of 2009 ! Microsoft, the corporate giant began the year with laying off 5000 in the next 18 months, followed closely by Intel who also intend on losing 5 to 6 thousand of their employees while IBM is estimated to relieve about 16000 employees this year, a number predicted by one Wall Street analyst, the union and some IBM employees, however John Buscemi of IBM corporate media relations said that number was much too high.

The International Labour Organization recently stated that the two years of global financial and economic meltdown could leave over 50 million more people unemployed by the end of 2009 !

Texas Instruments said it will cut 3,400 jobs due to slumping demand. The Dallas-based company said Monday it will slash 1,800 jobs through layoffs and another 1,600 through voluntary retirements and departures. Nationally, Monday's toll also included cuts at Caterpillar, Sprint Nextel, Home Depot and others.

In Europe, the banking and insurance group ING said it would cut 7,000 jobs; the electronics company Philips, 6,000; and the steelmaker Corus, 3,500 worldwide.

Caterpillar, which has been hurt by falling orders for construction and mining machinery, said Monday morning that it would cull 20,000 workers through layoffs and buyouts. It said it would make "sharp declines" in overtime and eliminate scores of temporary and contract jobs.

The company said 2009 would be one of its weakest years since World War II.

Sony in Japan and Ericcson in Sweden each announced 5,000 layoffs; and the motorcycle maker Harley-Davidson said it was eliminating 1,000 jobs. Carmakers in Japan, South Korea and Europe have also cut jobs in recent months as did the cellphone maker Nokia.

"We're now into the danger zone," said Brian Bethune, chief U.S. financial economist at IHS Global Insight. "It really becomes pernicious because the uncertainty increases, corporate confidence is badly battered, and you get these severe measures being taken."

President Barack Obama cited the layoff announcements in remarks Monday morning as he urged action on an $825 billion economic stimulus package of tax cuts, emergency benefits and public spending projects.

"These are not just numbers on a page," Obama said. "As with the millions of jobs lost in 2008, these are working men and women whose families have been disrupted and whose dreams have been put on hold. We owe it to each of them and to every single American to act with a sense of urgency and common purpose. We can't afford distractions, and we cannot afford delays."

The U.S. economy has dropped 2.59 million jobs since the recession began in December 2007, and unemployment rose to 7.2 percent last month. Some analysts worry that the economy could now be losing as many as 600,000 jobs a month, and they said Monday's layoff (26th January) announcements served to underline the stricken state of the labor market.

It's time NOW to awaken from the materialistic dream we've been living and step into a new age of Peace & Oneness where all creation is seen with reverence and where corruption and greed become lessons in history from the Dark Ages ! It's the time to shift our world view ... to be the change ! Growing your own food and relying on the sun for our energy needs seems to be a good way to go this time around ...

Together we will co-create the Golden Age !

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